Gujarat-based MFI Pahal receives $12-M from DFC

Ahmedabad-based Pahal, a microfinance institution (MFI), has received a USD 12 million loan from the US International Development Finance Corporation (DFC) for promoting financial inclusion in rural and semi-urban India. The loan is for eight years through External Commercial Borrowing (ECB). Pahal will use the funds to expand its microfinance loan portfolio, particularly targeting women entrepreneurs in Gujarat. Pahal, registered as a Non-Banking Financial Company (NBFC), provides microfinance to low-income households. It has over 300 branches with over 2,500 employees and claims to serve over 5,00,000 clients.