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IFC sees investment in India at $1 bn by mid-2005
By siliconindia
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Friday, 14 November 2003, 20:30 IST
MUMBAI: The International Finance Corporation (IFC) plans to step up its investments in India, including in the rapidly expanding technology sector, to $1 billion by June 2005, a senior official said on Friday.
IFC, the World Bank arm which channels debt and equity capital to private enterprises in developing economies, is eyeing investments in information technology, telecommunications, digital animation and business process outsourcing in India, said its investment officer (IT investments group), Daniel Crisafulli.
"We see India as one of the fastest growing economies worldwide, and we see many strong investment opportunities here," Crisafulli told a news conference.
The IFC, which has already pumped in about $700 million into Indian enterprises till now, expects returns of 15 to 20 per cent from its fresh investments in the technology sector, he said.
IFC, which is a leading multilateral financier in developing economies, sees fast growing economic giants such as India and China as central to its investment strategy, Crisafulli said.
"China also is a central part of our investment strategy. We see China and India as being complimentary in terms of their capabilities," he said.
He said while China was developing its manufacturing capabilities, India was making strides in the services sector, especially technology services.