United States approves over $340 million aid to Indian companies

NEW DELHI: The US has approved loans and investments worth over $340 million for Indian firms and organisations as part of its efforts to uplift underserved communities around the world against the backdrop of the Covid-19 pandemic.

Most of these loans were part of $1 billion in investments approved recently by the US International Development Finance Corporation (DFC)’s board of directors to advance development in Africa, Latin America, the Indo-Pacific, and emerging markets.

A $142-million loan will be given to ReNew Power to construct and operate a 300MW solar power plant in

Rajasthan and another $50-million loan will enable Sitara Solar Energy Private Ltd to build and operate a 100MW solar plant in Rajasthan.

A $50-million loan will help Northern Arc Capital extend loans to businesses that expand access to water, sanitation and food or advance women’s economic empowerment.

A $27.3-million loan will enable Paryapt Solar Energy Private Ltd to build and operate a 50 MW solar power plant in Gujarat. A sum of $14.6-million will be given to World Business Capital for a student loan programme and increase access to education.

Up to $20 million in equity will be provided to Freshtohome to deliver affordable fish, meat, and produce across India.