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Visakhapatnam, November 28, 2007
— IFC, a member of the World Bank Group, has been appointed as the lead advisor to the Infrastructure Corporation of Andhra Pradesh, known as INCAP, as it implements several public-private partnership projects in the state. IFC’s advice and support to INCAP will provide an impetus to infrastructure development, thus promoting further economic development in the state.
The state of Andhra Pradesh has been a leader in various infrastructure reforms in India, including power generation and distribution, and an attractive destination for private investment. The state needs further significant efforts for infrastructure development.
“INCAP is pleased to partner with IFC to use their global advisory and investment expertise in infrastructure, for the benefit of Andhra Pradesh,” says Sanjay Jaju, Vice Chairman and Managing Director, INCAP.
IFC will help the state government develop and close successful public-private partnership projects in select sectors. This work is in line with IFC’s strategy to support development of public-private partnership projects in India.
"IFC’s strategy is to promote inclusive growth and support infrastructure development in India and across South Asia. Our advisory work on public-private partnerships will be an important contribution to infrastructure development in the region," explains Paolo M. Martelli, Regional Director, IFC South Asia.
Vipul Bhagat, who leads IFC’s Infrastructure Advisory in South Asia, said, “We have extensive experience in advising governments on public-private partnership transactions in key infrastructure sectors, especially the road transport, airport, and port sectors. We feel privileged to contribute to infrastructure growth in Andhra Pradesh through this unique partnership with INCAP and the state government.”
The agreement between INCAP and IFC was signed in the presence of T. Subbarami Reddy, India’s Minister for Mines, Geology, and Coal, and M. Venkat Ramana Rao, Minister for Infrastructure and Investment in Andhra Pradesh. The agreement aims to:
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Create an enabling environment for cooperation in project development in the state of Andhra Pradesh.
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Enable and mitigate deficiencies in procurement technology as needed for project development.
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Facilitate project preparation activities, including transaction advisory services.
INCAP has several public-private partnership projects planned for the state of Andhra Pradesh in sectors including road transport, inland water transport, airports, marine ports, industrial parks, and related infrastructure services, such as water and sanitation.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
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About INCAP
INCAP was established in May 2005 to enhance the pace of infrastructure development by helping set up and develop public-private participation projects in the Indian state of Andhra Pradesh. It undertakes the roles of developer, advisor, financier, and manager, and it renders a full range of services in every phase of project development, from inception to completion. INCAP will thus enable socioeconomic progress and all-round development of the state. For more information, visit
www.incap.co.in
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