45403 - BOP Grameen

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Summary of Investment Information

Project Number

45403

Company Name

CREDITACCESS GRAMEEN LIMITED

Date SPI Disclosed

May 25, 2022

Country

India

Region

South Asia

Projected Board Date

Jun 20, 2022

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Dec 19, 2025

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Jun 13, 2022
Signed : Jun 29, 2022
Invested : Aug 17, 2022

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed investment comprises a 3-year senior loan of up to US$50 million to CreditAccess Grameen Limited (CAGL or the Company), which is Reserve Bank of India (RBI) registered, non-banking finance company microfinance institution (NBFC-MFI). It currently operates in 14 Indian states and 1 union territory through 1,635 branches and has a borrower base of 3.8 million women borrowers. On a consolidated basis, CAGL is the largest NBFC-MFI in India with a gross loan portfolio of US$2.2 billion and a net worth of US$543 million as on March 31, 2022. The proceeds of IFC loan will be utilized towards expanding the Company’s portfolio to women borrowers for income generation purposes, specifically in the low-income states (LIS)/rural areas of India.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to Microfinance
Syndications	Loans to Microfinance

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

1. Increased access to microlending: The Project will help increase access to microfinance borrowers in the low-income states of India and in rural areas. 2. Market Creation: Resilience: IFC anticipates that the Project will support resilience among microfinance institutions in the market by bringing comfort to other local and international investors and catalyzing new and longer-term funding to the sector. By investing in CAGL, IFC will demonstrate to other investors the viability of supporting the sustainability and recovery of the bottom of pyramid lenders in the market.

1. Long term partner: The proposed investment would demonstrate IFC’s continued support to its financial inclusion partner which has been impacted due to COVID led business disruptions. 2. Long tenor/diversified funding: The proposed investment aims to provide long tenor and diversified funding support to CAGL which is facing increased delinquencies & provision requirements.

E&S Category Rationale / Risks and Mitigation

Key Risks & Potential Impacts:

The project involves 3-year senior loan of up to US$50 million to Credit Access Grameen Limited (CAGL or the Company) for expanding the Company’s microfinance portfolio to women borrowers for income generation purposes, specifically in the low-income states and rural areas of India.

CAGL’s portfolio comprises collateral free microfinance loans under the joint liability group model and retail microfinance loans to individuals. This presents limited to no E&S risks and impacts, and the project is categorized as Category FI-3. The proceeds will not be used to support any coal-related activities or higher risk business activities that may include significant Occupational Health and Safety risks or impacts on the environment, community health and safety, biodiversity, cultural heritage, involuntary resettlement or risk of adverse impacts on Indigenous Peoples. CAGL has been an investment client of IFC and has a satisfactory E&S risk management system (ESMS) in place. The ESMS includes an E&S policy and detailed procedures covering risk screening mechanisms against the IFC exclusion list for microfinance activities. The Company’s HR policies are in accordance with Performance Standard - 2 requirements and follows the applicable Life and Fire Safety requirements. CAGL will continue to follow the key E&S regulations and the screening mechanism for the microfinance exclusion list.

Contacts

For Inquiries About the Project, Contact

CreditAccess Grameen Limited
Mr. Chandrakant S
AVP Finance

chandrakanth.s@cagrameen.in
No. 49, 46th Cross, 8th Block, Jayanagar, (Next to Rajalakshmi Kalayana Mantap) Bengaluru 560071, Karnataka. India
https://www.creditaccessgrameen.in

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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