Northern Arc raises Rs 88 crore ECB from German coop bank
Finance/ Representational Image
Digital debt platform Northern Arc Capital has syndicated an ECB transaction worth 10 million euros or about Rs 88 crore for Fusion Microfinance from the German cooperative bank Bank Im Bistum Essen (BIB), making it the maiden debt funding in the country for the German lender.
The funding will help the Delhi-based Fusion Microfinance in furthering financial inclusion and help alleviate the economic impact of the pandemic, Northern Arc said in a statement on Monday. With this funding, we look forward to helping rural women with economic opportunities and transform the quality of their lives, Markus Christ of BIB said, adding that it took more than a year for them to conclude the transaction due to the pandemic.