Finance Minister Nirmala Sitharaman on Monday met International Finance Corporation (IFC) Managing Director Makhtar Diop and discussed increasing lending opportunities in India.
IFC is the private sector funding arm of the World Bank.
She reiterated India’s expectation of a rise in IFC’s lending to India to USD 2-2.5 billion in the next 1-2 years and USD 3-3.5 billion in the next 3-4 years, the finance ministry said in a series of tweets.
“Mr @Diop_IFC shared the sentiment of IFC’s expansion into India & stated that IFC would adopt a proactive approach to enhance #investment in India and extend financing to MSMEs to enable capacity building to supplement India’s effort to become a manufacturing hub,” another tweet said .
mr. Makhtar Diop @Diop_IFC MD, IFC @IFC_org @WorldBank @WorldBankIndia called on Union Finance Minister Smt. @nsitharaman in New Delhi, today, and discussed IFC’s lending footprint in India in areas of MSMEs, #infrastructure and climate management. (1/4) pic.twitter.com/l2oXLQGU0c
— Ministry of Finance (@FinMinIndia) September 19, 2022
He further emphasized the potential of looking into sub-national financing for sustainable growth, and mobilizing financing for women entrepreneurs.