The International Finance Corporation (IFC) plans to step up its investments in India, including in the rapidly expanding technology sector, to $1 billion by June 2005. IFC, the World Bank arm which channels debt and equity capital to private enterprises in developing economies, is eyeing investments in information technology, telecommunications, digital animation and business process outsourcing in India, said Daniel Crisafulli, investment officer, IT investments group. “We see India as one of the fastest growing economies worldwide, and we see many strong investment opportunities here,” Crisafulli told a news conference. The IFC, which has already pumped in about $700 million into Indian enterprises till now, expects returns of 15 to 20 per cent from its fresh investments in the technology sector, he said. US venture capitalists too here
