International Finance Corp to spend $6 bn in emerging markets

January 6th, 2009 - 8:01 pm ICT by IANS  

New Delhi, Jan 6 (IANS) International Finance Corp (IFC), a World Bank member organisation, Tuesday anounced it will spend $6 billion to support the private sector in emerging markets hit by the global financial crisis.IFC will double the existing global trade finance programme to $3 billion over a three-year period to meet a large increase in demand for short-term trade finance.

“With the support of donors and partners, IFC will provide critical assistance to many businesses and entrepreneurs and reduce the impact of the crisis on the poor,” IFC executive vice-president and chief executive Lars Thunell said.

The financial institution will also launch a new $3-billion global equity fund to recapitalise troubled banks in developing countries.

It will also set up an infrastructure crisis facility, which will make financing available for privately-funded infrastructure projects facing financial distress. This facility is expected to mobilise at least $1.5 billion.

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