IFC infra advisory facility for S Asia
The IFC has established an infrastructure advisory facility to help the S Asia region develop bankable infrastructure projects.business Updated: Apr 01, 2008 00:23 IST
The International Finance Corporation (IFC), in association with multilateral and bilateral donors, has established an infrastructure advisory facility to help the South Asia region develop bankable infrastructure projects.
The new facility will begin operations with a $20-million pool, of which IFC’s contribution is $5 million. It will work closely with government agencies at the national, state and municipal levels to help create model public-private partnerships in newer sub-sectors and increase access to infrastructure services in the region.
Dhanendra Kumar, World Bank Group executive director and India’s representative on IFC’s board of directors, said, “IFC has followed up on the 2007 conference in New Delhi on public private partnerships in infrastructure which identified a felt need for a shelf of bankable projects. The new infrastructure facility can generate such projects with the benefit of IFC’s experience in infrastructure, its ability to balance investor requirements with public policy considerations, and its reputation for transparency.”
Compared to other emerging markets, South Asian countries including Bangladesh, Bhutan, India, Nepal, Maldives and Sri Lanka seem to be lagging in terms of investment in and delivery of infrastructure services, the lack of which disproportionately affects the poor and inhibits economic growth. “This facility is an important step toward correcting this imbalance,” said Kumar.
IFC is seeking to provide advisory services to help identify, design and launch sustainable projects that leverage private sector expertise and capital to achieve public policy objectives.