NEW DELHI: IFC executive vice president and World Bank managing director Peter Woicke signed a memorandum of understanding (MOU) with the leading Indian business chamber here Thursday. He hoped the MOU would enable the IFC to step up its activities in India and promoted sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives. "From $700 million credit to Indian companies till the end of last year, we hope to reach $1 billion in the next two years," said Woicke, addressing a press conference. Besides the recent credit of $200 million provided to the Housing and Development Finance Corporation (HDFC), Woicke said the IFC was looking forward to further exposure in the housing sector as it provided tremendous opportunity. Micro-finance, public-private partnerships particularly in telecommunications, and infrastructure are other areas the IFC has identified as promising for its activities in India. "Our focus will be on mid-sized companies seeking to grow and compete globally," said Woicke. Stressing that while the private sector could not take over the role of the government, "they can help alleviate poverty and undertake corporate social responsibility. Private institutions can also help in capacity building in and around their area of operations", said Woicke. Speaking on the occasion, CII Director General Tarun Das said, "The MOU puts a structure and commitment for the IFC flow of funds to India. We see the IFC interest in India as a show of global interest in the country." In its role as a facilitator, Das said, "We plan to introduce the IFC to Indian companies and bring them to the IFC for matchmaking." With around 5,000 direct members and 35 offices in India, Woicke said the CII would provide the IFC with a wide reach within the country.
Source: IANS