Norway's NMI supports Chennai microfinance
Norway's NMI Frontier Fund has joined existing investors International Finance Corporation (IFC), Swedfund (the Swedish Development Finance Institution), and Aavishkaar Goodwell, committing $900,000 into Belstar Investment and Finance, a Chennai microfinance business.
IFC is believed to have invested around $1.5 million into the group last year. Belstar focuses on loans to low-income families, chiefly in Tamil Nadu and Pondicherry, and is affiliated to Hand-in-Hand,...
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