Press Release: Caspian Impact Investments Raises $20 Million in Financing From OPIC

Wednesday, April 1, 2015

Caspian Impact Investments (CII) today announced that it closed a debt financing commitment of $20 million from the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution.

The OPIC commitment supports the growth of CII India, an impact investment fund. Launched in 2013, CII India is an Indian multi-sector social impact debt provider that provides debt to enterprises engaged in small business lending, microfinance, food & agriculture and affordable housing, with plans to diversify in to other impact sectors including healthcare and livelihoods over the next 12-18 months. The mission of CII is to provide debt capital to a wide range of fast growing institutions that serve low income or underserved communities, directly or indirectly, in a responsible, transparent and sustainable manner.

Viswanatha Prasad, Managing Director at Caspian, said “Caspian Impact Investments aims to be the leading debt provider to impact enterprises in India. We see a big opportunity to provide debt to impact enterprises where commercial debt from local financial institutions is not easily available. We are delighted to have OPIC as a long-term partner to anchor the Fund’s growth alongside our shareholders. The fund has already disbursed INR 1.4 billion to over 25 clients.”

Elizabeth Littlefield, President and CEO of OPIC, said, “The significance of Caspian’s work in India lies in their core focus on serving the underserved. When I visited India earlier this year, I saw firsthand the potential and dynamism of the business community, and I look forward to OPIC’s continued engagement there alongside compelling partners like Caspian. Amid the excitement of a quickly-expanding economy, it is crucial to maintain growth that is inclusive of all people. The high-impact SMEs Caspian seeks to finance are exactly what’s needed to catalyze this type of balanced growth.”

Ms. Littlefield traveled to India in January with U.S. President Barack Obama, who noted that OPIC financing would help to expand lending in many of India’s regions currently underserved by banks and financial services.

CII India is managed by its investment advisor, Caspian Impact Investment Adviser Private Limited.

Source: Overseas Private Investment Corporation (link opens in a new window)

Categories
Entrepreneurship
Tags
impact investing, microfinance, social enterprise