U.S. DFC Announces $70 Million Investment in India's Health and Housing
The U.S. International Development Finance Corporation (DFC) has announced a new investment of USD 70 million in India’s private sector, aimed at supporting key priorities of both U.S. and Indian governments. These investments are focused on strengthening health systems, expanding access to affordable housing, and empowering small businesses.
DFC Deputy CEO Nisha Biswal, while in India, emphasized the importance of this partnership. "Our collaboration with India addresses both local and global challenges. DFC is committed to delivering developmental impact for communities across India by working with the private sector", said Biswal.
As part of this initiative, Biswal signed a ceremonial commitment for a USD 20 million loan to Panacea Biotec Limited. The loan will finance the expansion of Panacea's production of its hexavalent vaccine, which protects children against six diseases: diphtheria, tetanus, polio, pertussis, hepatitis B, and Haemophilus influenzae type B. The expanded manufacturing capacity will enable the production of around 70 million doses annually.
Additionally, DFC is working to boost affordable housing and economic empowerment in India. DCEO Biswal signed a USD 50 million loan agreement with Vastu Housing Finance Corporation Limited to support the expansion of its mortgage and home lending services. The project is expected to provide affordable home loans to over 2,200 Indians, with more than 95 percent of the loans targeting women as sole or co-borrowers. Furthermore, Vastu will offer approximately 1,000 loans to small businesses, primarily owned or led by women.
India is a cornerstone of DFC’s engagement in the Indo-Pacific region, with the country being its largest market. As of FY2023, DFC has invested approximately USD 3.8 billion in India, including USD 820 million in new investments last year alone. DFC’s total investments in the Indo-Pacific region have grown to over USD 9.5 billion, underscoring its commitment to addressing global challenges in sectors such as energy, health, and small business financing.
This latest investment reflects the deepening economic collaboration between the U.S. and India, advancing shared priorities and fostering growth in critical sectors.