International Finance Corporation (IFC), a member of the World Bank is to further increase its portfolio in terms of investment and advisory services in Sri Lanka, IFC Senior Investment Officer, Priyanka Coorey said.
IFC has invested more than US$ 225 million with the private sector in Sri Lanka and also has an advisory program with a total portfolio of more than US$ 10.7 million which IFC is currently running.
Noting that IFC is willing to work with both the public and the private sector,Coorey said IFC is focusing on financing financially viable projects in Sri Lanka.
“IFC also provides advisory services to the government; this could be in terms of public advisory services for Public Private Partnership (PPP) projects. If the government is looking at doing some projects on a PPP basis, the IFC is ready to assist the government. IFC has a separate section that will assist the government to implement those projects in an internationally competitive manner, and ultimately it will make easier for foreign investors to come into those type of projects.”
On the investment front, IFC provides loans, trade and commodity financing, syndications, derivatives and structured finance. IFC also has access to donor funds which are targeted at different geographic areas.They could be targeted at specific industries such as renewable energy, climate smart institutions and so on.
The main strategy of IFC in Sri Lanka is to promote inclusive growth through jobs, increased access to financial services to promote competitiveness through enhancing productivity, supporting shared prosperity and sustainable development.
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