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Northern Arc Capital raises $50 million from JICA

Non-banking finance company Northern Arc Capital raised $50 million debt from the Japanese International Cooperation Agency (JICA) in external commercial borrowing. JICA is Japan’s governmental agency that works towards promoting economic and social growth in developing countries.

Northern Arc will use the fund for onlending.

“The usage of proceeds will be towards promoting women entrepreneurship and employment, an important target area for the company,” Northern Arc managing director Kshama Fernandes said.

In the past one-and-a-half-years, the NBFC raised funds from US Development FInance Corporation, Asian Development Bank, Netherland’s FMO and Calvert Impact Capital.

“Northern Arc Capital is a unique and important financial institution that supports funding of the Indian NBFC sector, which plays a key role in promoting financial inclusion in India,” JICA’s senior vice president Keiichiro Nakazawa was quoted as saying in a statement issued by Northern Arc.

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