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Monday, February 6, 2023
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World Bank funding arm’s MD discuses lending opportunities with Indian FM

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Indian Minister of Finance Nirmala Sitharaman held a meeting with International Finance Corporation (IFC) Managing Director Makhtar Diop. IFC is the the World Bank’s private sector financing arm.

Finance Minister Nirmala Sitharaman met with IFC Managing Director Makhtar Diop on Monday to explore expanding financing prospects in India. The World Bank’s private sector finance subsidiary s known as the IFC.

She repeated India’s anticipation that IFC funding to India will increase to USD 2-2.5 billion in the next 1-2 years and USD 3-3.5 billion in the next 3-4 years, the finance ministry said on Twitter.

“Mr @Diop IFC shared the sentiment of IFC’s entry into India and emphasized that IFC will take a proactive approach to increase #investment in India and give finance to MSMEs to allow capacity building to support India’s endeavor to become a manufacturing center,” according to another tweet.

He also stressed upon the value of investigating sub-national financing for long-term growth and mobilizing financing for women entrepreneurs.

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