Finance Minister Nirmala Sitharaman has asked the International Finance Corporation (IFC), the private sector investment arm of the World Bank, to increase its debt to India by more than $2 billion in the next two years and up to $3-3.5 billion in the next three-four. Increase. years.
IFC Managing Director Mukhtar Deep, who met the minister in the capital on Monday, said the corporation will take a ‘proactive approach’ to increase its India investments and expand financing to Micro, Small and Medium Enterprises (MSMEs). . The country’s ‘attempt to become a manufacturing hub’
Mr. Diop, who briefed Ms. Sitharaman about IFC’s current debt footprint in India, also emphasized the potential to ‘look for sub-national financing for sustainable development, and raise financing for women entrepreneurs’.
In a statement, the Finance Ministry said, “FM Sitharaman appreciated the mission of IFC and increased IFC’s lending to India by $2-2.5 billion over the next 1-2 years and $3-3.5 billion over the next 3-4 years.” reiterated India’s hope.” , adding that Mr Diop ‘shared’ the sentiment.