The U.S. Agency for International Development (USAID) and the Dewan Housing Finance Corporation Limited (DHFL) has officially announced the signing of a $10-million loan portfolio on Tuesday to help healthcare providers in Tier II & Tier III cities gain access to capital funding.
The Mumbai-based lender (DHFL) will now be able to provide up to $10 million to small- and medium-sized enterprises in the health sector in India, with top priority to women entrepreneurs so that they can buy the necessary equipment to provide better treatment to the communities they serve.
The intent is to deepen collaboration with borrowers throughout India, especially in Rajasthan, Odisha, Madhya Pradesh, and Chhattisgarh. The partnership is expected to deliver quality and affordable health care to underserved communities.
During the launch of the partnership, U.S. Consul General in Mumbai Edgard Kagan said, “The USAID-DHFL partnership will boost women’s empowerment by prioritizing them for lending, helping women access loans and expand and improve the viability of their businesses. I am confident this partnership will take us one step closer to achieving the shared vision of improving health outcomes for underserved populations.”
Harshil Mehta, joint managing director and CEO, DHFL, added, “DHFL’s relationship with USAID is a culmination of joint efforts to improve healthcare facilities across the country. It gives us an opportunity to help develop quality healthcare across India by offering convenient and customized financial solutions, especially for medical practitioners through medical equipment finance and expansion of facilities. DHFL has been undertaking extensive activities at the grassroots level for the urban poor and those at the bottom of the pyramid, touching the lives of over millions of people through social programs and its excellent network across 349 locations.”
With technical assistance from USAID’s flagship “Partnerships for Affordable Healthcare Access and Longevity” (PAHAL) program, the partnership will have a strong foundation to take off. The PAHAL program is implemented by IPE Global, a leading development sector consulting firm in South Asia.
L.M. Singh, Project Director & Head of Impact Investments at PAHAL, said, “The PAHAL project is proud to be at the center of this unique and powerful partnership. PAHAL, through its network of providers, is already reaching 10 million urban poor across seven high priority states, and we believe this partnership will ensure access to better technology, expanded service offerings, and reach for inclusive healthcare small and medium enterprises, thereby ensuring quality affordable care for the underserved.”