At a meeting on Monday, IFC managing director Makhtar Diop received this message from Finance Minister Nirmala Sitharaman.
Ms. Nirmala Sitharaman, The finance minister has instructed the international finance corporation (IFC). the World Bank private sector Investment arm to boost its financing to India. To more than $2 billion over the next two years and $3-$3.5 billion over the following three-four years.
IFC managing director Makhtar Diop, who met with the Minister in the nation’s capital Delhi on Monday, stated that the organization would take a “proactive approach” to increase the size of its investments in India. They will provide financing to micro, small, and medium-sized enterprises (MSMEs). To support the nation’s “effort to become a manufacturing hub”
IFC Director Makhtar Diop Statement:
Mr. Diop also highlighted the possibilities of “looking at sub-national financing for sustainable growth. And mobilizing financing for women entrepreneurs” while providing Ms. Sitharaman with information on the IFC’s present lending footprint in India.
The Finance Ministry stated in a statement that FM Sitharaman “respected the IFC’s objective and repeated India’s anticipation of a growth in IFC’s lending to India to $2-2.5 billion in the next 1-2 years and $3-3.5 billion in the next 3-4 years. Mr. Diop Shared’ this opinion.
Extend funding to micro, small, and medium-sized businesses (MSMEs) to support India’s attempts to become a manufacturing powerhouse by enabling capacity creation, the finance ministry stated in a series of tweets.
Finance Minister Ms. Sitharaman Stated :
Union Finance Minister Ms. Sitharaman is India’s first Finance Minister who works full time. Nirmala Sitharaman was named minister of finance and corporate affairs on May 31. On July 5, 2019, she gave her first budget presentation to the Indian parliament. Ms. Sitharaman delivered the union budget for 2020-21 on 1st February 2020.
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