USAID and DHFL Announce Signing of $10 million Loan Guarantee to Improve Healthcare in Urban India
Financing will be used for Lending to Small and
Medium-Sized Enterprises Operating in Health Sector in India
by Shrutee K/DNS
Mumbai,
July 24, 2018: The U.S. Agency for International
Development (USAID) and the Dewan Housing Finance Corporation Limited (DHFL) officially announced the signing of a $10-million loan portfolio guarantee
in an effort to improve access to capital for healthcare providers in Tier II
& Tier III cities. Through the risk-sharing agreement signed between USAID
and DHFL, the Mumbai-based lender will be able to provide up to $10 million to
small- and medium-sized enterprises operating in the health sector in India,
prioritizing lending to women entrepreneurs.
Through this partnership, USAID and DHFL
intend to achieve the following:
Increase outreach to
de-risk and improve access to finance for the Indian healthcare sector,
especially breaking barriers for women entrepreneurs so they can establish or
expand their healthcare enterprises and services, buy equipment to improve
diagnosis and treatment in their communities, and improve the viability of
their enterprises;
Deepen collaboration with
various borrowers throughout India, especially in Rajasthan, Odisha, Madhya
Pradesh, and Chhattisgarh; and Ensure improved access to
quality, affordable healthcare and better health outcomes for underserved
communities.
Speaking at the launch of the partnership,
U.S. Consul General in Mumbai Edgard Kagan said, "The USAID-DHFL
partnership will boost women's empowerment by prioritizing them for lending,
helping women access loans and expand and improve the viability of their
businesses. I am confident this
partnership will take us one step closer to achieving the shared vision of
improving health outcomes for underserved populations."
Mr. Harshil Mehta, Joint Managing Director
and CEO, DHFL, added: “DHFL’s relationship with USAID is a culmination of joint
efforts to improve healthcare facilities across the country. It gives us an
opportunity to help develop quality healthcare across India by offering
convenient and customized financial solutions, especially for medical practitioners
through medical equipment finance and expansion of facilities. DHFL has been
undertaking extensive activities at grassroots level for the urban poor and
those at the bottom of the pyramid, touching the lives of over millions of
people through social programs and its excellent network across 349 locations.” The partnership will take off with technical
assistance provided by USAID’s flagship “Partnerships for Affordable Healthcare
Access and Longevity” (PAHAL) program, implemented by IPE Global, a leading
development sector consulting firm in South Asia.
Mr. L.M. Singh, Project Director &
Head of Impact Investments at PAHAL, said, “The PAHAL project is proud to be at
the center of this unique and powerful partnership. PAHAL, through its network
of providers, is already reaching 10 million urban poor across seven high
priority states, and we believe this partnership will ensure access to better
technology, expanded service offerings, and reach for inclusive healthcare
small and medium enterprises, thereby ensuring quality affordable care for the
underserved.”
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