Finance Minister Nirmala Sitharaman on Monday underlined India’s expectations of getting enhanced lending from the International Finance Corporation (IFC) to the tune of $2-2.5 billion in the next one to two years and up to $3-3.5 billion in the next three to four years.
She raised these expectations during her meeting with IFC’s Managing Director Makhtar Diop, who called on her.
Diop discussed IFC’s lending footprint in India, especially in the areas of micro small, and medium enterprises (MSMEs), infrastructure, and climate management, the Finance Ministry said in a series of tweets.
He shared IFC’s sentiment of expansion in India and stated that the body would adopt a proactive approach to enhance investment in the country and extend financing to MSMEs to enable capacity building for supplementing India’s efforts to become a manufacturing hub.
Diop further emphasized the potential of looking into sub-national financing for sustainable growth and mobilizing financing for women entrepreneurs.
IFC is an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in less developed countries. It is a member of the World Bank Group and is headquartered in Washington D.C.