IFC, the investment arm of the World Bank, has teamed up with Yes Bank to launch private equity fund aimed at north-eastern India.
The new vehicle will target SME and growing companies in sectors such as infrastructure, healthcare, tourism, education and food, LiveMint reported.
It said investments would be made through equity shares, debentures, convertible and equity-related instruments.
IFC chief executive and executive vice president Jin-Yong Cai said, “IFC’s work to increase access to capital for small entrepreneurs in northeast India will help support inclusive growth in a low-income area—one of our top priorities.”
The fund, which was initially mooted in June 2008 to raise up to $500m, received commitments from The Asian Development Bank and the International Monetary Fund.
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