Magazine : 
U.S. DFC Pledges $70 Million to Support Health and Housing in India
The U.S. International Development Finance Corporation (DFC) has committed $70 million in new investments to India's private sector. These funds will help advance key initiatives shared by both the U.S. and Indian governments, focusing on improving health systems, expanding affordable housing, and supporting small businesses.
During her visit to India, DFC Deputy CEO Nisha Biswal highlighted the significance of this collaboration, stating, "Our partnership with India addresses both local and global challenges. DFC is dedicated to creating positive developmental impacts by collaborating with the private sector in India".
One of the major components of this investment is a $20 million loan to Panacea Biotec Limited, signed ceremonially by Biswal. The funds will aid in boosting Panacea's production of the hexavalent vaccine, which immunizes children against diphtheria, tetanus, polio, pertussis, hepatitis B, and Haemophilus influenzae type B. With this support, Panacea is expected to increase its production to approximately 70 million doses annually.
In addition to healthcare, DFC is also focusing on affordable housing and economic empowerment in India. Biswal signed a $50 million loan agreement with Vastu Housing Finance Corporation Limited to help expand its home lending services. This project will provide affordable mortgages to over 2,200 Indians, with over 95% of the loans allocated to women as primary or co-borrowers. Vastu will also extend roughly 1,000 loans to small businesses, primarily run by women.
India remains a crucial part of DFC's broader strategy in the Indo-Pacific, being its largest market. As of FY2023, DFC has invested around $3.8 billion in India, including $820 million in new investments made last year. Across the Indo-Pacific, DFC's total investments have exceeded $9.5 billion, reinforcing its commitment to tackling global challenges across sectors like energy, health, and small business support.
These new investments underscore the growing economic ties between the U.S. and India, advancing mutual priorities and promoting growth in vital industries.
