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Northern Arc Capital, a debt financing platform, today announced that it has successfully concluded a $50 million external commercial borrowing (ECB) transaction with the Japanese International Cooperation Agency (JICA).
The funds will be used to cater to the credit demands of women borrowers or towards products that disproportionately benefit women, the Chennai-based non-banking finance company (NBFC) said in a press statement.
"This transaction is proof of Northern Arc’s ability to forge partnerships with and attract funding from reputed global DFIs. We are excited to partner with JICA to further our mission of catering to the diverse credit requirements of underserved households and businesses," Kshama Fernandes, MD & CEO of Northern Arc Capital was quoted in the statement.
JICA is Japan’s governmental agency that works towards promoting economic and social growth in developing countries.
"We expect more Indian women to have access to financial services through this partnership with Northern Arc," Keiichiro Nakazawa, Senior Vice President of JICA said in the release.
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