Solounov applauds Annapurna’s work on financial betterment of rural livelihoods
Deutsche Investitions – und Entwicklungsgesellschaft (DEG), a Germany-based leading development finance institution, has made a US$20 million equity investment in Odisha-based MFI, Annapurna Finance, supporting the latter’s success story in rural financial inclusion and women borrowers.
“We take pride in being associated with Annapurna, which is an impressive success story in rural financial inclusion. We would be keen to provide our support, knowledge and advice to a great institution like Annapurna which is working towards financial betterment of rural livelihoods in India,” DEG Vice President Wladislaw Solounov said in a release on 25 Nov 2021.
DEG investment would be channelized to further boost the financial inclusion objectives of Annapurna, thereby getting increasing number of women borrowers in rural India, into formal financing eco-system.
Post the first wave of Covid-19, DEG would be the second capital investment raised by the Annapurna, after attracting US$30 million investment from Nuveen Global Impact Fund in March 2021.
DEG Investment not only helps in furthering Annapurna’s financial inclusion priorities, but also strengthens its capital base, added Gobinda Chandra Pattnaik, Managing Director, Annapurna Finance.
“Financial upliftment of rural population, by making available to them, easy access to formal credit continues to be our prime focus at Annapurna. DEG’s investment would only help us further, to meet our goal to provide easy credit access to unserved rural population in the country,” said Pattnaik.
With a gross loan portfolio of Rs.5,128 crores in September 2021, and its microfinance operations widespread in 336 districts across 19 states, Annapurna Finance is now the fifth largest NBFC-MFI of India.
The MFI was established with the purpose of serving the economically backward population by bringing them to mainstream, providing need-based financial services at their doorstep.
Micro Units Development & Refinance Agency Ltd, Oman India Joint Investment Fund, Belgian Investment Organization, SIDBI Venture Capital, DCB Bank, Oikocredit, Women’s World Banking, Nuveen Global Impact Fund India S.à r.l and Bamboo Capital Partners are existing investors in Annapurna. #banking #investment /fiinews.com
