IFC to invest $40 mn in Aavas Financiers

Proceeds of proposed IFC's financing will be utilised by AFL for supporting affordable housing

Six out of 10 new small finance banks have one investor in common - IFC

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T E Narasimhan Chennai

Last Updated : May 08 2017 | 4:47 PM IST

International Finance Corporation (IFC) is planning to invest around $40 million in Aavas Financiers Limited (AFL), formerly known as Au Housing Finance Limited

IFC proposes to invest upto $40 million in AFL through Non-Convertible Debentures (NCD), said the World Bank's investment arm.

The proceeds of proposed IFC's financing will be utilised by AFL for supporting affordable housing finance for purchase / construction & extension of house to individual under low and medium income group in Rajasthan and nearby 5 states.

AFL's customers include dairy farmers, carpenters, garment traders, artisans, etc. Currently, almost 65 per cent of AFL's customers are self-employed.

Established in 2011, AFL

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