DFC to invest USD 100M in health, other projects in India

US development bank International Development Finance Corporation (DFC) has proposed to invest nearly $100 million in two health and energy projects in India.

The announcement was made during Indian Prime Minister Narendra Modi’s state visit to Washington last week.

DFC CEO Scott Nathan said the bank is providing a $49.5-million loan to Genus Power Infrastructure, which is manufacturing and deploying smart metres in India.

The loan will support Genus Power’s goal of improving the reliability of power distribution and advancing the country’s clean energy transition, Nathan said.

DealStreetAsia first reported about the proposed loan in April.

The investment in Genus is the latest in a series of important transactions in India’s energy sector. Last year, DFC provided a $500-million loan to a US-based company, First Solar, which is opening a solar panel manufacturing facility in Tamil Nadu later this year.

The facility will produce solar panels outside supply chains where strategic competitors of the US have influence.

Nathan also signed a letter of intent for a proposed $50-million loan to GeneSys Biologics, a producer of insulin biosimilars, a biological copy of an original insulin but cheaper than the original products.

DFC said the proposed investment would help increase the production of insulin biosimilars, thus increasing the availability and affordability of critical diabetes treatment in India and beyond.

DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. It invests across sectors including energy, healthcare, critical infrastructure, and technology.

“As we explore additional commitments in GeneSys Biologics, Genus, and other Indian companies, we build on a strong investment base that has driven real developmental impact and advanced the relationship between India and the US,” Nathan said.

In January, DFC Indonesia managing director Douglas Midland told DealStreetAsia that the bank will step up its engagement in Southeast Asia and India as it establishes offices in the region’s key markets of Indonesia, Vietnam, and India.

Additionally, Midland said that DFC was likely to increase support for first-time funds as they “can offer fresh perspectives” on the deployment of capital. DealStreetAsia