Jaipur, India, September 3, 2010
—IFC, a member of the World Bank Group, is partnering with the Indian state of Rajasthan to promote a more dynamic business environment to attract private investment, facilitate regulatory simplification, generate opportunities for small businesses, and create jobs.
Rajasthan’s strong commitment to advance the pace of reform is aimed at improving the state’s competitiveness and attractiveness as a business-friendly investment destination. IFC’s advice and assistance will help the state develop a more efficient and transparent business regulatory system leading to larger-scale investments and a business and trade-friendly environment.
“By bringing IFC on board as a knowledge partner, we hope to draw on its global experience to help Rajasthan emerge as an attractive investment destination for private sector initiatives and bring economic growth opportunities to our people,” said Rajendra Pareek, Minister of Industries, Rajasthan government. “We have an ambitious goal but are assured of making important progress with IFC as a development partner.”
The cooperation agreement signed by IFC and Rajasthan state government establishes a three-year partnership for identifying promising sectors for investment promotion, reviewing the state’s investment policy, and assisting the government to implement reforms to create an environment conducive for business and economic growth. It also sets parameters to improve the quality of infrastructure services by helping structure public-private partnership projects.
“IFC’s strategy is to promote inclusive growth and development in India. Through this innovative partnership, we hope to make a strong contribution to Rajasthan’s ability to bring opportunities to those who need them most,” said Anil Sinha, IFC General Manager for Advisory Services in South Asia. “Our work on improving the investment climate, simplifying procedures, and facilitating public-private partnerships will support Rajasthan’s growth.”
The partnership is based on a phased reform work-plan with specific deliverables. It also aims to mobilize outside assistance from stakeholders, including local players as needed for project development, and finalize scope of work, timelines, and service agreements for implementation.
To grow opportunities for the underserved in India, IFC provides investment and advisory services for low-income, rural, and fragile regions while building infrastructure and assisting public-private partnerships. IFC also helps facilitate renewable energy generation; promote cleaner production, energy, and water efficiency; create opportunities for small businesses; support reforms; encourage low-income housing; and make affordable health care accessible.
India is IFC’s largest exposure with about $1 billion in new commitments annually. IFC has had a strong presence in Rajasthan supporting infrastructure and financial private sector players.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory 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.
