The Development Bank of Austria, Oesterreichische Entwicklungsbank AG (OeEB), has structured and organised $20 million in ECB funding through Northern Arc, the technology-enabled diversified financial services platform, for the microfinance organisation CreditAccess Grameen Limited (CA Grameen).

With the help of this long-term support, CA Grameen will offer microloans to female borrowers from low-income households so they can engage in income-generating activities.

Northern Arc Capital's chief operating officer, Bama Balakrishnan, commented on the agreement by saying, "We look forward to continuing our efforts towards enabling financial inclusion and empowering women entrepreneurs in India."

"The OeEB fundraise marks the third ESG-linked loan in our inclusive finance journey with $80 million raised so far," stated Udaya Kumar Hebbar, MD & CEO of CA Grameen.

OeEB executive board member Sabine Gaber stated, "We believe this will contribute to strengthening the financial inclusion of poor and low-income households as well as towards promoting gender equality, in the rural areas of India."