Bank Funds Water Health International's India Initiative|
Health International, Inc.
International, Inc. (WHI) announced ICICI Bank's funding
commitment for WHI's development of community water facilities
in rural India. In the initial tranche of funding, ICICI
Bank committed 40 million rupees (approximately US $865,000)
to WaterHealth India Pvt. Ltd., WHI's subsidiary, in a
commercial loan facility.
"Providing clean and safe water in underserved areas of
the world in a sustainable way is an unparalleled challenge
in the fight against waterborne diseases," said WHI CEO
Dr. Tralance Addy. "WaterHealth International offers an
affordable commercial solution to this problem, and we
are pleased that ICICI Bank embraces our business model
and has decided to support our expanding efforts in India."
"WaterHealth International has devised a business solution
for providing the poorest communities with clean water,"
said Nachiket Mor, ICICI Bank Deputy Managing Director.
"ICICI Bank is pleased to finance this initiative, which
we believe can be commercially successful while providing
clean water at affordable prices in rural India."
International, Inc. provides innovative business solutions
to one of the world's most desperate health crises, the
lack of safe, clean and affordable water for the billions
of people who have little or no access to it. WHI's award-winning
water purification and disinfection technology, combined
with creative and unique business approaches, enable the
delivery of highly affordable, clean water to even the
most remote and underserved communities. WHI invests in
health and hygiene education programs as part of its normal
business practices to combat waterborne diseases in the
communities it serves. WHI's website is http://www.waterhealth.com.
About ICICI Bank: ICICI Bank (NYSE: IBN) is India's second
largest bank and largest private sector bank with over
50 years of financial experience and with assets of USD
57 billion as on June 30, 2006. The Bank offers a wide
range of banking products and financial services to corporate
and retail customers through a variety of delivery channels
and through its specialised subsidiaries and affiliates
in the areas of investment banking, life and non- life
insurance, venture capital and asset management.