ifc: FM Nirmala Sitharaman urges IFC to scale up India lending to $3.5 billion in 3-4 Years

India expects the International Finance Corporation to raise its lending to the country to $2-2.5 billion in the next one or two years and to $3-3.5 billion in the next 3-4 years. Finance minister Nirmala Sitharaman conveyed this to IFC managing director Makhtar Diop at a meeting on Monday.

Diop, who is visiting the country, said the World Bank‘s private sector investment arm would adopt a proactive approach to enhance investment in the country and extend financing to micro, small and medium enterprises (MSMEs) to enable capacity building for supplementing India’s efforts to become a manufacturing hub, the finance ministry said in a series of tweets.

Diop further emphasised the potential of looking into sub-national financing for sustainable growth and mobilise financing for women entrepreneurs.

As part of its overall India programme, IFC has invested an average $1.6 billion in India to help companies to preserve jobs, and accelerate economic recovery from Covid crisis.

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