CreditAccess Grameen has secured a USD 100 million (₹834 crore) multi-currency syndicated social loan facility.
This is the first of its kind in India’s microfinance sector, comprising Japanese Yen (JPY) and United States Dollar (USD) currencies, raised from banks in South Asia and the Far East.
Standard Chartered Bank led this syndicated loan, building on a previous USD 200 million (₹1,668 crore) syndicated ECB in 2023.
The social loan adheres to CA Grameen’s Social Loan Framework, aligning with the Social Loan Principles 2023.
The facility was upsized to USD 100 million (₹834 crore) after being oversubscribed from an initial base size of USD 70 million (₹583.8 crore) with commitments from 7 banks.
Nilesh Dalvi, CFO, mentioned that the all-in borrowing cost is competitive, comparable to domestic rates and lower than their average cost of borrowing. They aim for 25-30% foreign borrowings by FY28.