IFC to invest $1 bn in India next fiscal

International Finance Corporation (IFC), the World Bank's lending arm, today said it plans to invest close to $1 billion (about Rs 5,000 crore) in India in the next fiscal (July 2009-June 2010).

"$1 billion in India as a whole was done in the last year (July 2007-June 2008). This fiscal also we expect to do about the same amount...I think we would remain at the $1 billion figure more or less for the next one or two years," IFC South Asia Manager-Infrastructure Advisory Vipul Bhagat said.

He further said that IFC is focused on investing in the country's infrastructural projects and close to 50 per cent investment would be in this sector.

"Infrastructure is a focus area for IFC especially because the Indian government has told IFC to do more in that sector," he added on the sidelines of a book release function organised by the CII and IFC.

Besides investing in infrastructure, IFC also invest in agriculture and rural development among others.

Bhagat further said that the economic slowdown has not impacted its investment plans and IFC faces no liquidity problem.

IFC is a member of the World Bank Group which provides investments and advisory services to private sector in developing countries.