International Finance to spend $6 Billion in emerging markets

New Delhi: International Finance (IFC), a World Bank member organization, Tuesday anounced it will spend $6 billion to support the private sector in emerging markets hit by the global financial crisis.

IFC will double the existing global trade finance program to $3 billion over a three-year period to meet a large increase in demand for short-term trade finance.

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"With the support of donors and partners, IFC will provide critical assistance to many businesses and entrepreneurs and reduce the impact of the crisis on the poor," IFC executive vice-president and chief executive Lars Thunell said.

The financial institution will also launch a new $3-billion global equity fund to recapitalize troubled banks in developing countries.

It will also set up an infrastructure crisis facility, which will make financing available for privately-funded infrastructure projects facing financial distress. This facility is expected to mobilize at least $1.5 billion.
Source: IANS