• India
Where the impacts of the investment may be experienced.
Specific Location
Bihar, Jharkhand, Gujarat and Maharashtra
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 23, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Aye Finance Pvt Ltd
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 17.67 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 1250.00 MLN
Converted using 2019-10-23 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 25, 2020

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Project Description

According to the bank website, "The FMO loan supports the expansion of Aye's loan portfolio in India. The loan is dedicated to micro entrepreneurs and therefore supports FMO's objective of reducing inequalities. Aye has expanded to the States of Bihar, Jharkhand, Gujarat and Maharashtra which have a prevalence of women entrepreneurship. The FMO loan thus supports Aye's loan expansion to women-owned enterprises and FMO also offers technical assistance targeted at increasing Aye's reach into the women market."

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

According to FMO, Aye Finance (Aye) is a non-deposit taking NBFI with a specific focus on micro and small enterprises in India. Aye finances micro enterprises in manufacturing and service clusters across 18 Indian States. Using tech-based credit underwriting Aye is able to provide loans to customers who otherwise would be locked out of the financial system.

Contact Information


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism