IFC plans $1bn investment in FY09

BS Reporter / Ahmedabad March 13, 2008

World Bank affiliate International Finance Corporation (IFC) has announced that its corpus for the country in 2008-09 will be $1 billion.

Lance Crist, senior manager (oil, gas and chemicals), IFC, said the cumulative investment commitment in the country so far comes to around $2.5 billion. "We have a cumulative investment portfolio in India of $2.5 billion, and will be adding another $1 billion in the coming year. While the exact share is not yet ascertained, majority of the corpus will be invested in the infrastructure sector," said Crist.

IFC has been investing in India across sectors like infrastructure, chemicals, health, agriculture, and rural finance. IFC recently invested Rs 46.1 crore in pigment and agrochemicals manufacturer Meghmani Finechem (MFL), a subsidiary of Ahmedabad-based Meghmani Organics, for its upcoming chlor-alkali plant project in Dahej.

"After infrastructure, it is the chemical industry in India that is set to witness tremendous growth in the coming years. The chemical industry in India, which consists of around 60,000 companies, will grow from $30 billion in 2005 to $60 billion by 2010," added Crist.