IFC invests $76 mn in Fullerton India’s masala bond

World Bank Group member, International Finance Corporation (IFC) has announced that it has invested USD 76 million in 5-year unrated masala bond issuances of Fullerton India Credit Company. Masala Bonds: Bonds issued outside India but denominated in Indian Rupees, rather than the local currency are referred to as Masala Bonds. IFC’s investment in Fullerton India’s masala bonds will strengthen Fullerton India’s reach in the underserved retail and micro, small, and medium enterprise segment. IFC is using masala bonds to support companies in diversifying their funding sources, and is thereby providing a new avenue to attract private investment for businesses that are facing funding gap.