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IFC to invest $1 bn in India

BS Reporter  |  Mumbai 

Corporation (IFC), the private sector funding arm of the World Bank Group, plans to invest up to $1 billion in Indian companies across sectors in 2011-12.

During the financial year ended June, it committed to 28 new investments worth about $800 million. It also approved 18 new advisory projects worth $9.5 million. The value of its portfolio in India stood at $3.7 billion as of June 30.

Besides financing initiatives in the infrastructure sector, this year IFC would also focus on clean energy, energy efficiency and investments in socially important sectors such as water and healthcare, it said in a statement.

IFC’s focus has been on market-driven businesses in infrastructure and the access to for small and medium enterprises. Its financial sector investments in 2010-11 included Utkarsh Microfinance in Uttar Pradesh, Bandhan Microfinance in West Bengal and Au Financiers in Rajasthan. IFC also gave $50 million to PTC Financial Services, an energy-focused financial institution, for onward financing of renewable energy projects.

Water and food security projects make up IFC’s priority sector in India. The funding agency supported water infrastructure company Vishwa in developing various projects, including improving water supply to a mid-sized town with a population of 0.2 million and treating water sewage in another.

First Published: Fri, August 05 2011. 00:46 IST