IFC Invests $1.38 Billion in India in Fiscal 2013, Supports Low Income States

MUMBAI, India - Oct. 7, 2013 - PRLog -- Mumbai, India, October 7, 2013—IFC, a member of the World Bank Group, invested $1.38 billion in India during fiscal year 2013 to promote inclusive growth, particularly in the low income states, address climate change impact, and support inter-regional trade to boost growth of small businesses. This is 43 percent over 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, ten were in low income states totalling $273 million. Nearly a third of IFC's investments in India in FY13 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 energy access. 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 FY 13 was in India's low income states like Odisha, where IFC expanded state level partnerships to support regulatory reforms and mobilize investments. A first-of-its-kind advisory program with investee client Attero was launched to collect and responsibly recycle electronic waste while integrating informal sector through an inclusive approach. IFC and World Bank are also working together on a number of joint initiatives and the coming year will see more such programs being taken up.

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 percent from the previous year.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY13, our investments reached an all-time high of more than $25 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.

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