IFC eyes new ventures in East

The corporation is in talks with various private organisations and the state government for the possible investment venture.

"We are eying particularly agricultural business and infrastructure sectors for investments. We are discussing with various private companies, along with the state government regarding where and how to invest," said Anil Sinha, General Manager, IFC Advisory Services in India.

IFC promotes sustainable private sector investment in developing and transition countries.

Its 178 member countries provide its share capital and collectively determine its policies.

This year IFC will be conducting twenty reforms programs across India of different kinds, with major focus being attaining inclusive growth and developing poorer states in India.

Presently they are conducting one such program in Bihar where they seek to bring reforms in rules and procedures in starting a business, said Sinha.

"We are in talks with the Bihar government and they have shown keen interest," he added.

According to Sinha, with the rise of foreign direct investment in India to $25 billion there is also a need to give opportunities to the domestic investors to grow.

"This is possible through studies recommending reforms and supporting the states to help implement these reforms. What is important to bring the potential domestic investors in the limelight and bring in more investment for the overall development," he adds.

IFC is even ready to invest and fund any private sector player in India, provided their proposal is viable and has some good for the society which will be determined by the IFC on a case by case basis, he said on the sidelines of a seminar organised by Federation of Indian Chambers of Commerce and Industries(FICCI) here.