IFC investments in India up by 136% to over $2.6 Billion in FY 2018.
International Finance Corporation (IFC), a member of the World Bank group, has invested $2.6 billion in India in FY18 as compared to $1.96 billion in 2016-17, a rise of 33 per cent over the last year. If the same is compared with FY16 numbers investments grew by 136 per cent as the World Bank’s investment arm invested $1.1 billion in 2015-16.
IFC invested in the priority areas such as infrastructure, logistics, inclusion, and sustainability. IFC said these investments are long-term, and has made over 40 engagements with partners, ranging from new-age start-ups, such as Coverfox and Bizongo, to established names such as Mahindra & Mahindra and HDFC.
This investment is an all-time high, and addresses key development gaps through select and systemic interventions in affordable housing, small and medium enterprises, distressed assets, technology start-ups, logistics, agriculture, renewable energy, and sustainable mobility. These sectors will hold key to IFC’s investment and advisory activities in India going forward.
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“As we complete six decades in India, we continue to believe in the country’s fundamentals. We want to spur growth which is inclusive, sustainable, and fast,” said Mengistu Alemayehu, director, south Asia, IFC.
He added: “We will continue to play a pioneering role in India, resolving the challenges of inclusion and access through sustainable private-sector solutions.”
Investments in infrastructure crossed $1 billion for the first time, and climate-related investments, too, crossed $1 billion to touch a record high. IFC’s work in the area of distressed assets has the potential to address 12-15 per cent of India’s non-performing assets.
Article Source : business-standard
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