A part of World Bank Group, International Finance Corporation (IFC) has come forward offer loan to Bajaj Finance Ltd with the upper limit being $150 million.

As per to IFC, the proposed $150 million senior loan for up to five years to Bajaj Finance would allow the firm to stretch its lending to micro, small and medium enterprises (MSME) as well as women owned MSMEs.

However, Bajaj Finance would upsurge its lending to MSME segment to nearly $600 million.

Pune headquartered, Bajaj Finance a segment of the Bajaj Group stands third largest among non-banking finance company (NBFC) in India. It has an equity base $4.9 billion and $22.3 billion asset base as of December 31, 2020, according to IFC.

IFC is an international financial institution that offers investment, advisory, and asset-management services to support private-sector development in lesser developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.

Established in 1956, as the private-sector arm of the World Bank Group, IFC is to advance economic development by funding the for-profit and commercial projects for poverty reduction and promoting development