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ICICI Bank Funds WaterHealth International’s India Initiative
Hyderabad, India and Lake Forest CA, US—WaterHealth International, Inc. (WHI) today 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."
WaterHealth 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 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.
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