The Asian Development Bank has provided long-term financing to Shriram Finance Limited (SFL) in the amount of USD 100 million (ADB).
According to a business release, the USD 100 million External Commercial Borrowing (ECB) is a 5-year loan that falls under SFL’s Social Finance framework.
SFL will be able to offer loans for the purchase of new and used automobiles across India thanks to the money received from ADB.
In addition to the ADB loan, SFL has also been successful in raising USD 250 mn from US Development Finance Corporation and USD 475 mn through a 144A Bond from the international market in 2022, the statement said. This has allowed SFL to maintain its goal of financial inclusion while also continuing to diversify its funding profile.
Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited said, “SFL’s success in securing international funding from ADB, a regional Development Bank is an enhancement to our strength and stability. We will finance for buying of vehicles and equipments in new and untapped markets to provide business opportunities and generate employment. This would empower more communities in semiurban and rural areas to optimize their income and to have a better quality of life”.
