Nirmala Sitharaman urges IFC Managing Director Diop to increase Investment in India

Tags: Economy/Finance Person in news

The International Finance Corporation (IFC) Managing Director Makhtar Diop, who is on a visit to India met the Finance Minister Nirmala Sitharaman on 19 September 2022 in New Delhi.

In a series of tweets by the finance ministry, Sitharaman said that India expects an increase in IFC lending in India.

She said that India expects IFC to increase its lending to USD 2-2.5 billion in the next 1-2 years and further to USD 3-3.5 billion in next 3-4 years.

IMPORTANT FACTS -

International Finance Corporation :

• It is a part of the World Bank Group and was set up in 1956.
• It does not provide loans to the government but invests in the private sector companies of the member countries. It invests in the shares and the debt instruments of private companies.
• Headquarters: Washington DC, United States of America.
• Director General: Makhtar Diop
• Member Countries: 186