IFC to invest $600 mn this year

International Finance Corporation (IFC), the private equity arm of the World Bank, intends to invest around $300 mn for the year ending June 30, 2007, reports The Economic Times. For the year ended June 30, 2006 IFC had invested $ 410 mn. The financial sector accounted for the largest chunk of IFC’s exposure in the first half of its financial year (July to December). Over 70% of IFC’s exposure will be through the debt route and the rest through equity stakes in Indian companies. The biggest chunk of $150 mn went into ICICI Bank’s Tier-II bond issue announced in October. Another $100 mn was invested in HDFC Bank’s Tier-II bond issue. Infrastructure is one of the priority areas for IFC, which is now keen on funding ultra-mega power projects. Healthcare is another focus area of the corporation.