8 October2022Nirmala, the minister of finance, has instructed the International Finance Corporation (IFC), the private sector investment arm of the World Bank, to boost its financing to India to more than $2 billion over the next two years and to $3-3.5 billion over the following three to four years. IFC managing director Makhtar Diop, who met with the Minister in the nation's capital, stated that the organization would take a `proactive approach' to increase the size of its investments in India and would provide financing to micro, small, and medium-sized enterprises (MSMEs) to support the nation's `effort to become a manufacturing hub'.Makhtar also stressed the possibilities of `looking at sub-national financing for sustainable growth, and mobilize financing for women entrepreneurs' while providing Nirmaala with information on the IFCs present lending footprint in India. "FM Nirmala appreciated IFCs mission and reiterated India's expectation of a rise in IFCs lending to India to $2-2.5 billion in the next one to two years and $3-3.5 billion in next three to four years", the Finance Ministry said in a statement, adding that Makhtar `shared' this sentiment.An international financial organization called the International Finance Corporation provides asset management, consultancy, and investment services to support the growth of the private sector in underdeveloped nations. The IFC has its headquarters in Washington, D.C. in the US and is a member of the World Bank Group. IN FOCUSStaff ByNIRMALA SITHARAMAN URGES WORLD BANK SUBSIDIARY IFC TO INCREASE CREDIT TO INDIANIRMALA APPRECIATED IFCS MISSION AND REITERATED INDIA'S EXPECTATION OF A RISE IN IFCS LENDING TO INDIA TO $2-2.5 BILLION IN THE NEXT ONE TO TWO YEARS AND $3-3.5 BILLION IN NEXT THREE TO FOUR YEARS
< Page 7 | Page 9 >