The International Finance Corporation (IFC), the private sector arm of the World Bank Group, which says it’s continuing its assistance to Sri Lanka’s private sector with US$100 million this year – has urged the government to adopt consistent and clear policy to attract and promote foreign investment in Sri Lanka.
IFC 1st Vice President for Asia Pacific Karin Finkelston in an interview with Business Times during a visit to Colombo last week, said the government’s action to devalue the rupee will not exert any impact on foreign investments. It helps the local currency to be competitive, she added. However she said that she is highly impressed on the country’s economic growth.
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| Karin Finkelston |
Ms Karin is based out of Hong Kong, and heads IFC's business in the Asia Pacific Region.
She reaffirmed IFC’S commitment to contributing to Sri Lanka’s economy by working closely with private enterprises in the country. IFC’s committed portfolio of over US$ 200 million covers projects in various sectors including infrastructure, tourism, renewable energy, banking, and healthcare, apart from advisory support to small and medium enterprises. The IFC expanded its debt exposure in the country with a commitment of US$ 60 million to the Commercial Bank of Ceylon to support renewable energy, tourism, agro industries, and infrastructure and construction projects.
An agreement was signed between the ICF and Commercial Bank on November 2 towards this end, she revealed. The Commercial Bank has entered into a partnership with IFC in an initiative that uses a risk-sharing facility and a portfolio approach for financial institutions to enhance the effectiveness of renewable energy and other sustainable projects.
Ms Finkelston pointed out that IFC is also focusing attention on extending financial assistance for projects aimed at containing global warming in South Asia. IFC’s strategic priorities include strengthening the focus in frontier markets; building long-term partnerships with emerging global players in developing countries; differentiating through sustainability; addressing constraints to private sector growth in infrastructure, health, and education; and helping local financial market development through institution building and the use of innovative financial products, she added.
Click here to watch the interview |
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