Friday, May 29, 2009

World Bank Allots $1 billion for Indian Infrastructure Projects

The World Bank's lending arm, International Finance Corporation (IFC) has allocated $1 billion (Rs.5000 crore approx.) for India for the coming fiscal ending June 2010. "I think we would remain at the one billion dollar figure more or less for the next one or two years," Vipul Bhagat, South Asia Manager-Infrastructure Advisory, IFC said.

It is the infrastructure projects, which will benefit the most as about 50 percent of the total IFC investment in the country will be in this sector. "Infrastructure is a focus area for IFC especially because the Indian government has told IFC to do more in that sector," he added on the sidelines of a book release function organized by the CII and IFC.

The lending body also plans to invest in agriculture and rural development among others. IFC maintains that the economic slowdown has not impacted its investment plans and it faces no liquidity problem.

Agencies

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