Finance Minister urges World Financial institution arm IFC to scale up lending to India

Finance Minister Nirmala Sitharaman has instructed the World Financial institution’s personal sector funding arm, the Worldwide Finance Company (IFC), to extend its lending to India to greater than $2 billion within the subsequent two years and to $3-3.5 billion over the following three-four years.

IFC managing director Makhtar Diop, who met the Minister within the capital on Monday, mentioned that the company would undertake ‘a proactive strategy’ to scale up its India investments and can prolong financing to micro, small and medium enterprises (MSMEs) to bolster the nation’s ‘effort to develop into a producing hub’.

Mr. Diop, who briefed Ms. Sitharaman on IFC’s present lending footprint in India, additionally emphasised the potential of ‘trying into sub-national financing for sustainable development, and mobilise financing for girls entrepreneurs’.

“FM Sitharaman appreciated IFC’s mission and reiterated India’s expectation of an increase in IFC’s lending to India to $2-2.5 billion within the subsequent 1-2 years and $3-3.5 billion in subsequent 3-4 years,” the Finance Ministry mentioned in a press release, including that Mr. Diop ‘shared’ this sentiment.

By- The Hindu

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