IFC, a member of the World Bank Group, has anchored an investment round of $222 million into Cholamandalam Investment & Finance Company (CIFCL) to help expand access to finance for micro and small borrowers, especially in the rural and semi-urban parts of India.

Of the total amount, $92 million is from IFC's own account and the rest syndicated from First Abu Dhabi Bank ($50 million), MUFG Bank ($50 million), National Bank of Ras AI-Khaimah PJSC ($20 million), and CTBC Bank Co.($10 million).

By bringing foreign banks as investors, IFC is helping CIFCL diversify its funding sources.

This is the company's first US dollar-syndicated deal since January 2019, when the Reserve Bank of India permitted NBFCs to tap into the offshore credit market.

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