The Hindu Business Line : India is IFC's third biggest portfolio

At the end of fiscal 2004, IFC had an exposure of $1.4 billion on its own account and $167 million for B-loan participants. (A B-loan is where instead of direct participation IFC lends to a consortium of banks that on-lends to projects.)

The Washington-based private funding arm of the World Bank has invested in 84 companies that operate in financial markets, agri-business, oil and gas, healthcare and manufacturing, according to the firm's annual report.

"IFC's commitments in India have grown strongly over the past two years in line with stronger domestic growth, with record commitments of $348.5 million in 15 projects during financial year 2003 followed by a further $284 million in 14 projects in fiscal year 2004," the annual report said.

Ms Ludwina Joseph, Media and Marketing Officer, IFC, Washington, said the current year too is expected to be an excellent one as far as investments in India are concerned and total investment could exceed that of the previous year.

This year, IFC invested in Ballarpur Industries Ltd, the country's largest producer of writing and printing paper, to help raise the efficiency of its operations and expand its farm forestry programme that targets small farmers with land unsuitable for other cash crops.

IFC also invested in United Phosphorus Ltd, an agro-chemical company, and Crompton Greaves Ltd, the country's largest exporter of transformers. It also provided the UK-based Cairn Energy Plc a long-term revolving credit facility to finance growth in its production capacity and exploration activities in the region.

In addition, Cairn is working with IFC's environmental staff to ensure that new fields in Rajasthan, India's largest oil discoveries on land in the past two decades are developed with protections for the fragile ecology and social systems of this region, the report said.

The financier has also invested in finance companies such as Birla Home Finance, Kotak Mahindra Bank and Sundaram Finance.

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