IFC plans to raise investments in India to $1 billion in two years
02 May 2003
New Delhi: International Finance Corporation (IFC), the investment arm of the World Bank, says it plans to raise its investments in India to $1 billion in the next two years. Currently, its investments are in the region of $700 million.
Peter L Woicke, executive vice-president, IFC, and managing director, World Bank, says the institution is planning to fund the telecom sector, and small and medium businesses. "Infrastructure funding is another priority area besides offer micro-financing."
IFC
has decided to invest $200 million in the Housing Development
Finance Corporation (HDFC), says Woicke. "We are
also talking to other housing banks as well and we plan
to encourage micro-financing to help the poor and the
middle class. IFC is willing to take greater exposure
in the country, provided it gets quality investment proposals."
It has entered into a memorandum of understanding with the Confederation of Indian Industry (CII) to enable the two to work together, exchange views and share experiences, participate and host events to promote sustainable private sector development.