BusinessIndia

IFC investments touch record high of $2.6 bln to spur India’s development

New Delhi, Nov 28 (IEBusiness) International Finance Corporation (IFC), a member of the World Bank Group, has invested a record 2.6 billion dollars in India in 2018, a rise of 136 per cent in two years, in infrastructure, logistics, inclusion and sustainability.

These investments are all long-term, 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 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, IFC South Asia Director Mengistu Alemayehu said on Wednesday.

These sectors will remain the cornerstones of IFC’s investment and advisory activities in India in the years to come, he added.

He said many milestones were crossed in the year: Investments in infrastructure crossed 1 billion dollars for the first time, and climate-related investments, too, crossed 1 billion dollars to touch a record high.

Besides, IFC’s work in the area of distressed assets has the potential to address 12 per cent to 15 per cent of India’s non-performing assets.

India is IFC’s largest country with an investment portfolio of 6.1 billion dollars, which is 11 per cent of the global committed portfolio. India is also IFC’s largest equity exposure, and the largest advisory client.

Source
Via UNI-India
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