NEW DELHI, November 28, 2018 /PRNewswire/ --
IFC, a member of the World Bank Group, invested a record $2.6 billion in India in FY2018 - a rise of 136 percent over the figure two years ago - in the key priority areas of infrastructure, logistics, inclusion, and sustainability.
These investments are all long-term, made over 40 engagements with partners ranging from new-age start-ups, such as Coverfox and Bizongo, to established names such as Mahindra & Mahindra and HDFC.
This is an all-time high and addresses key development gaps through select and systemic interventions in affordable housing, small and medium enterprises, distressed assets, technology start-ups, logistics, agriculture, renewable energy, and sustainable mobility. These sectors will remain the cornerstones of IFC's investment and advisory activities in India in the years to come.
Many milestones were crossed in the year: Investments in infrastructure crossed $1 billion for the first time, and climate-related investments, too, crossed $1 billion to touch a record high. Besides, IFC's work in the area of distressed assets has the potential to address 12 percent to 15 percent of India's non-performing assets.
"As we complete six decades in India, we continue to believe in the country's fundamentals and want to spur growth that is inclusive, sustainable, and fast," said Mengistu Alemayehu, Director, South Asia, IFC.
In addition to the investments, IFC's advisory teams worked with several arms of the government at the Centre and in states to address key issues. IFC's public-private-partnership (PPP) team led pathbreaking solutions for renewable energy storage, cleaning the Ganga, structuring innovative transactions for renewable energy, and much more.
Since 1958, IFC has been contributing to India's development, providing investment and advisory support to hundreds of partners with pioneering roles in housing, telecommunications, aviation, microfinance, and development of the capital markets.
"We will continue to play a pioneering role in India, resolving the remaining challenges of inclusion and access by providing sustainable private-sector solutions," said Alemayehu.
India is IFC's largest country with an investment portfolio of $6.1 billion, which is 11% of the global committed portfolio. India is also IFC's largest equity exposure, and the largest advisory client.
IFC-a sister organization of the World Bank and member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit http://www.ifc.org.
International Finance Corporation