K
athmandu, Nepal, October 31, 2010—Rachel Kyte, Vice President for Business Advisory Services of IFC, a member of the World Bank Group, has reaffirmed IFC’s commitment to promoting private sector development in Nepal and working more with both the public and private sectors to spur economic growth.
On the Nepal leg of her South Asia visit, Kyte said, “IFC is confident that Nepal can further its sustainable economic growth by building infrastructure and developing sustainable tourism, which will promote small and medium enterprises and help create vibrant domestic markets. IFC is committed to working with firms that serve the base of the pyramid with innovative products and financial services. This is one important way for the private sector to contribute to more inclusive and sustainable economic growth."
IFC has been offering its services to Nepal since the 1970s, both as a financier in developing and implementing private sector projects and as an advisor to small and medium enterprises to improve their ability to access finance and markets and operate more efficiently.
“Our past work in Nepal has included investments in hydropower and the financial sector. We are now working closely with the government and private sector to facilitate reforms and create appropriate conditions for promoting growth, particularly among the country’s small and medium businesses,” said Tom Davenport, newly appointed IFC Director for South Asia.
While sharing IFC’s experience in working across developing, post-conflict, and fragile economies worldwide, Davenport stressed IFC’s strategic focus on promoting inclusive growth, addressing climate change impacts, and facilitating global integration through enhanced trade in South Asia. He emphasized IFC’s ability to work closely with government and private sector to take a more active role in Nepal’s economic growth.
The IFC delegation including IFC General Manager for Advisory Services Anil Sinha and Nepal based IFC Resident Representative Rajeev Gopal, is meeting with senior government officials and key private sector chiefs to discuss ways to advance development and growth.
In Nepal, IFC’s committed portfolio is more than 34 million across the infrastructure, agribusiness, and banking sectors, in addition to advisory support to small and medium enterprises. Through advisory services, IFC promotes sustainable growth among smaller businesses by facilitating access to finance and through capacity building and training opportunities.
About IFC
IFC, a member of the World Bank Group is the largest development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives—by providing financing to help businesses employ more people and provide essential services, mobilizing capital from others, and delivering advisory and risk-management services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org.
