Finance Minister Nirmala Sitharaman met with International Finance Corporation (IFC) Managing Director Makhtar Diop on Monday and discussed increasing lending opportunities in India.
IFC is the private sector financing arm of the World Bank.
She reiterated India’s expectation of an increase in IFC lending to India to $2-2.5 billion over the next 1-2 years and $3-3.5 billion. dollars over the next 3-4 years, the Department of Finance said in a series of tweets.
“Mr. @Diop_IFC shared the sentiment of IFC’s expansion in India and said that IFC would take a proactive approach to improve #investment in India and expand financing to MSMEs to enable capacity building for complementing India’s efforts to become a manufacturing hub,” another tweet said. .
Mr. Makhtar Diop @Diop_IFC MD, SFI @IFC_org @World Bank @WorldBankIndia called Union Finance Minister Smt. @nsitharaman in New Delhi today and discussed IFC’s lending footprint in India in the areas of MSMEs, #Infrastructure and climate management. (1/4) pic.twitter.com/l2oXLQGU0c
— Ministry of Finance (@FinMinIndia) September 19, 2022
He further highlighted the potential to look at sub-national finance for sustainable growth and mobilize finance for women entrepreneurs.