New Delhi, India, December 1, 2011:
IFC, a member of the World Bank Group, is offering advisory services
to Ananya Finance For Inclusive Growth Private Limited, to help the company
expand its services to underserved and low income states of India. IFC
support is crucial at this time when the microfinance sector in India has
been undergoing a challenging environment.
Ananya Finance is an Indian non-banking
finance company that provides financing to small and medium sized microfinance
institutions. Penetration of microfinance in India has been low and is
geographically skewed, focused largely in India’s southern states. IFC
will help the company design new products through Ananya’s partner microfinance
institutions and support outreach to underserved communities in India.
“We will work intensively in the Indian
states of Bihar, Madhya Pradesh, Rajasthan, Uttar Pradesh, Jharkhand, Orissa
and the north-eastern states, high priority states for India’s poverty
eradication efforts,” said Vijaylakshmi Das, Managing Director, of Ananya
Finance. “With IFC’s support, we expect to expand significantly into
rural and semi-urban areas where the need for microcredit is highest.”
IFC will also provide training to Ananya
staff in risk management, responsible finance management systems, and related
areas to help the company strengthen business planning and operations.
Similar training facilities will also be extended to selected partner institutions
of Ananya to strengthen strategic business planning, operational risk management,
financial analysis, capital funding and equity valuation capabilities.
“IFC’s support to Ananya will help
make microfinance accessible in rural, semi-urban, and underserved areas,”
said Jennifer Isern, who leads IFC’s Access to Finance work in South Asia.
“IFC will work with Ananya to develop flexible and responsible financial
products needed by clients and their families. In the past year, IFC has
been working with its partners in the sector towards building good practices
on responsible finance and responding to client demand.”
Ananya Finance works in microfinance,
livelihood promotion and other sustainable solutions for underserved communities
in India through partner microfinance institutions, most of whose clients
are women borrowers. Ananya provides a window through which donors, commercial
lenders and other parties can channel funds towards the microfinance sector.
Ananya also provides capacity building services to its client institutions.
For more information, visit http://ananyafinance.com
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities - all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org