Home » Finance » IFC invests $1.38 billion in India in fiscal 2013, supports low-income states

IFC invests $1.38 billion in India in fiscal 2013, supports low-income states

According to reports, IFC, a member of the World Bank Group, invested $1.38 billion in India during 2012-13 to promote inclusive growth, particularly in low-income states, address climate change impact, and support inter-regional trade to boost growth of small businesses. The investment is 43% higher than the previous year.

Globally, IFC has the largest exposure in India with a committed portfolio of $4.5 billion as of June 30, 2013. Of 39 investment projects in India, 10 were in low- income states totalling $273 million. Nearly a third of IFC’s investments in India in 2012-13 were mobilized from investors like DEG, FMO, Mizuho Corporate Bank, Proparco, Rabobank, and Standard Chartered Bank.

IFC combined these investments with a range of innovative advisory programs, leveraging the power of the private sector to create jobs and tackle development challenges facing the country. In India, IFC is working on 66 advisory projects with a total value of $51 million. IFC’s advisory services help small businesses access finance, improve investment climate, facilitate public-private partnerships, and promote growth of sustainable enterprises.

“IFC’s approach in India is along the strategic priorities of promoting faster, cleaner, sustainable, and inclusive growth,” said Karin Finkleston, IFC vice-president for Asia Pacific. “Innovation and integration drive IFC’s India program through catalytic projects that improve lives and create opportunities for the under-served communities.”

IFC’s notable investments included a repeat investment in OCL India for a new cement grinding plant in West Bengal. IFC also supported Indian government-owned utility Powergrid to interconnect the national grid and transmit power in a country where nearly 300 million people do not have access to energy. To promote clean growth, IFC supported renewable energy players like Green Infra, Inox Renewables, and Azure Power.

Three quarters of IFC’s advisory program in 2012-13 was in low-income states like Odisha where it expanded state-level partnerships to support regulatory reforms and mobilise investments.

IFC’s total investments in South Asia comprising of Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka reached $2.46 billion across 73 projects during 2013, up 55% compared to the previous year.

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