WASHINGTON, D.C., July 21 --- The International Finance Corporation (IFC) has approved an investment of US$25 million in Infrastructure Leasing & Financial Services Ltd. (ILFS), an Indian financial services company that is engaged in leasing, infrastructure finance, and merchant banking operations. Established in 1987, ILFS is one of India's leading financial institutions involved in structuring infrastructure projects. IFC first invested in ILFS in June 1990. ILFS's share holders are the Central Bank of India, one of India's major commercial banks; the Housing Development Finance Corporation Limited, the leading private housing finance institution in India; Unit Trust of India, a public sector mutual fund management company; and the ORIX Corporation, a leading Japanese financial institution, which is the technical partner. IFC owns 11.4 percent of ILFS's share capital. "The rapid changes in India's financial sector and the strengthened regulatory framework have opened up important growth opportunities to whi
ch IFC hopes to make a significant contribution," said Varel D. Freeman, Director of IFC's Asia Department. "This loan will provide the long-term funding that ILFS needs to extend the term of its investments and to better match its asset-liability structure." IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
