IFC plans $1.1bn investment in India infrastructure

IFC/India
18 Feb 2008

Financial Times

The International Finance Corporation is planning to double its investment in Indian infrastructure to about $1.1bn (€748.8m) by the middle of this year as part of efforts to help sustain the country’s rapid economic growth.

The move comes as the IFC, the private sector arm of the World Bank, boosts its advisory services to governments to help create investment frameworks in areas such as infrastructure that will spur more private participation.

“India needs $100bn a year just in power and another amount like that in the other areas, such as transportation, ports and roads,” Lars Thunell, IFC chief executive, said during a visit to Mumbai. Infrastructure comprised 12% of the IFC’s total funding commitments of $995m in the last financial year ending June, of which India accounted for about 30%.