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IFC, part of the World Bank group, will invest $35 million (about ₹245 crore) in Manappuram Finance Ltd to help low-income households and small enterprises get access to loans against their gold assets. This is IFC’s first investment in a gold-loan NBFC in India. The three-year, senior, secured loan from IFC to Manappuram recognises the important role that gold-loan NBFCs play in bringing first-time customers into the formal economy.
IFC may also provide advisory services to bring global best practices to Manappuram’s risk management systems ad help it build capacity in MSME lending. IFC’s investment in Manappuram is part of its efforts to enable long-term funding to under-served segments with a focus on farmers, MSMEs and rural areas.
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