BIZCHINA / Center
IFC invests US$600 million in China in 2007
(Xinhua)
Updated: 2007-06-03 08:37
The International Finance Corporation (IFC), the private sector arm of
the World Bank Group, funded over US$600 million in China's 30 projects
in the financial year 2007 from July 1 of 2006 to June 30 of 2007.
The investment volume is similar to that of the financial year 2006,
which totaled US$639 million in 24 projects from July 1 of 2005 to June
30 of 2006, Lars Thunell, IFC executive vice president, said here on
Saturday.
The IFC provides 40 percent of its total investments and advisory
services in China to help develop private sectors in the country's rural
and less developed areas, said Lars Thunell.
The IFC is also supporting China's financial reform by leveraging local
banks as platforms to support small- and medium-sized enterprises, rural
finance, energy efficiency, affordable housing and trade finance, he said.
Half of the IFC's investment in China in financial year 2007 went to the
financial sector, said the vice president.
"The government is moving in the right direction both in the financial
sector and developing in a more environmentally friendly way, and the IFC
is trying to support such efforts," he said.
On Friday, the IFC signed a memorandum of understanding with the
Export-Import Bank of China, one of the country's major policy banks, to
co-invest in Asia's emerging markets, including China itself, in a bid to
advance private sector development and alleviate poverty.
China is IFC's third largest destination of investment and one of IFC's
fastest growing client countries. As of the end of 2006, and since its
first Chinese investment in 1985, the IFC has provided US$3.16 billion in
123 projects throughoutthe country.
(For more biz stories, please visit Industry Updates)
Related Stories
� IFC, Bank of Beijing sign cooperation pacts
===========================================================================
� CCB signs deal with IFC on global trade
===========================================================================
� Finance: IFC to build hydropower stations
===========================================================================
Learn Chinese, Learn Mandarin online
No comments:
Post a Comment