IFC invests in Indian education NBFC
International Finance Corporation will back Avanse Financial Services with $2.3 million to help expand its ability to provide loans to Indian students pursuing higher education.
IFC will advise Avanse to strengthen its credit appraisal, underwriting processes, and risks management systems. "IFC's investment is an endorsement of our business plan in promoting growth in an underserved market," said Kapil Wadhawan, chairman of Avanse Financial.
With over 150 million people in the 18-23 years age group, India is one of the world's largest education markets.
Avanse is an affiliate of Dewan Housing Finance (DHFL) an existing client of IFC. In 2003, IFC provided a loan of around $12.5 million to the company. IFC has also co-invested in Aadhar Housing Finance, a company jointly promoted by DHFL Group and IFC that provides home loans for low income segments.
IFC claims to be one of the largest multilateral investors in private education in emerging markets. Its education portfolio stands at over $660 million across 42 projects in 24 countries. The total value of these projects is about $1.8 billion.
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