FM asks International Finance Corporation to increase its lending to India

20 Sept 2022 , 01:01 PM

The International Finance Corporation should increase its lending to India over the next one to two years, to $2 to 2.5 billion, and then to $3 to 3.5 billion during the next three to four years. This was asked  by finance minister Nirmala Sitharaman to the IFC managing director Makhtar Diop at a meeting on Monday.

Diop, who is currently in the nation, stated that the World Bank's private sector investment arm would take a proactive stance to increase investment in the nation and extend financing to micro, small, and medium-sized enterprises (MSMEs) to enable capacity building for assisting India's efforts to become a manufacturing hub.

Diop also highlighted the opportunity to investigate sub-national finance for long-term growth and mobilize funding for female entrepreneurs. IFC has funded an average of $1.6 billion in India as part of its larger India initiative to support businesses in maintaining jobs and accelerating the country's economic recovery from the Covid crisis.

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