NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

NeoGrowth, a non-banking finance company with a focus on micro, small and medium enterprises (MSMEs), on Tuesday said it has raised $20 million from the United States International Development Finance Corporation (DFC) through the external commercial borrowing (ECB) route.

DFC is US’s development finance institution and partners with the private sector to finance solutions to the challenges facing developing countries today. The finance institution invests across sectors including energy, healthcare, critical infrastructure, and technology in primarily low- and mid-income countries.