FM asks International Finance Corporation to increase its lending to India

20 Sep 2022 , 10:13 AM

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.

For feedback and suggestions, write to us at [e-mail]