New Delhi, India, September 11, 2008
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IFC, a member of the World Bank Group, has been appointed as the lead advisor to help Andhra Pradesh Urban Finance and Infrastructure Development Corporation Limited implement public-private partnership projects for urban infrastructure development in the southern Indian state of Andhra Pradesh. This will help create bankable projects and involve the private sector in meeting the infrastructure needs of the state’s urban population.
IFC’s advice and support to the company will spur urban infrastructure development, as it will assist in the implementation of several pilot projects. The memorandum of understanding signed by IFC and Andhra Pradesh Urban Finance and Infrastructure Development Corporation builds on the existing relationship between the two organizations. IFC has been working with Andhra Pradesh to carry out specific mandates for projects throughout the state.
“IFC’s global experience will help Andhra Pradesh develop and close successful public-private partnership projects in select sectors to improve city and municipal infrastructure. IFC’s experience, particularly in infrastructure, came in handy to the Infrastructure Corporation of Andhra Pradesh, and we are certain that the success will also be replicated in urban infrastructure projects,” said Praveen Prakash, Managing Director of Andhra Pradesh Urban Finance and Infrastructure Development Corporation Limited.
"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 is a key contribution to infrastructure development in the region," said Paolo M. Martelli, IFC Director for 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, including transport, sanitation, and water. We feel privileged to contribute to infrastructure growth in Andhra Pradesh through this unique partnership.”
The memorandum of understanding aims to identify high priority transactions from across a range of urban infrastructure sectors in Andhra Pradesh. It also aims to mobilize outside assistance, as needed for project development, and finalize scope of work, timelines, and financial advisory service agreements for implementation of pilot transactions.
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 people should 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 syndications 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
.
About Andhra Pradesh Urban Finance and Infrastructure Development Corporation
Andhra Pradesh Urban Finance and Infrastructure Development Corporation is the state nodal agency for the Jawaharlal Nehru National Urban Renewal Mission program. It has an ambitious program to enable and assist Urban Local Bodies and Urban Development Authorities in setting up and developing public-private partnerships for urban infrastructure projects in the state.
