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WASHINGTON, D.C., Oct. 31—The International Finance Corporation (IFC) has signed an agreement with Nicco Uco Financial Services Limited (NUFSL) to provide them with a US$10 million loan, of which US$5 million will be syndicated. The IFC financing will help the company expand its operations into small-scale infrastructure projects in power, transport, and telecommunications, as well as in commercially operated municipal infrastructure facilities. In addition, the company will continue to focus on its traditional small and medium enterprise clients.
NUFSL, a medium-sized diversified financial services company based in India, is involved in leasing, hire purchase, merchant banking, working capital, and trade finance. The company is sponsored by the Nicco Corporation, an industrial group with interests in cable manufacturing and high technology industries.
To date, IFC has approved investments of more than US$2.5 billion in 155 companies in India, including nearly US$500 million in the financial sector and over US$945 million in infrastructure projects.
IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries.