IFC to double infrastructure portfolio in India

Bangalore, Jul 30 (UNI) Identifying infrastructure as priority area, IFC, a member of the World Bank Group, today reiterated its commitment to contribute to India's economy by expanding its investment in private enterprises.

India investment portfolio was the second largest after Russia for IFC and it had decided to double the infrastructure portfolio, the Corporation said in a release.

IFC Vice Presidents Farida Khambata and Declan Duff joined South Asia Director Paolo M. Martelli in India this week to discuss with government and private sector partners how to move ahead with IFC's growing focus on India's infrastructure, midsize companies, and financially underserved markets.

In the financial year ending June 30, 2007, private sector projects worth three billion dollars were supported as a result of IFC's assistance to the Indian corporate sector. IFC's annual investments in India this year surpassed one billion dollar mark for the first time since IFC's founding in 1956. It invested more in India in FY07 than in any other country, making the India investment portfolio its second largest after Russia, the release said.

This year IFC also doubled its portfolio in the infrastructure sector, to 600 million. Investments ranged from natural gas to wind power, and from port services to a fund for developing public-private projects in infrastructure sector.

Dhanendra Kumar, who represents India on IFC's Board of Directors, welcomed the development, saying, "Today, a poised and confident India has set larger goals for inclusive growth and sustainable development." UNI