Thursday, April 11, 2013

IFC to help strengthen capital market, issue local currency bond

The International Finance Corporation (IFC) has promised to help strengthen capital market and issue local currency bond.
Reiterated its support for private sector development in Nepal, visiting vice president and treasurer of IFC Jingdong Hua, today, highlighted an important element of the agenda is to develop domestic capital markets. "It helps create access to long-term, local-currency finance for large infrastructure projects and for small and medium enterprises, the key drivers of jobs and growth,” he added.
“As Nepal continues on its path of stability and growth, IFC is committed to supporting private sector development and creating opportunities," Hua said during a meeting with finance minister Shankar Koirala. “Private sector development is key to supporting long-term growth and poverty reduction in Nepal," he added.
Hua is visiting Nepal for the first time as vice president and treasurer of IFC, a member of the World Bank Group.
He met various government representatives and discussed IFC’s support to the development of domestic capital markets. He also met business leaders with an aim to help boost investor confidence, explore ways to support small businesses and increase private sector investment in large-scale hydropower, transport, and other infrastructure projects in the country.
IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. It also provides local currency finance to meet the needs of the private sector.
"IFC is keen to work in Nepal to help promote local capital markets and local currency finance, including a proposal to establish a local currency bond to help attract both local and foreign investment into the country," he said, adding that it could be a confidence booster and a positive signal to a market like Nepal that is serious about expanding its economy, despite the transition.
Together with International Bank for Reconstruction and Development, IFC is also keen to develop Nepal's hydropower potential to alleviate the crippling power shortage in the country.
In the past five years, IFC has committed $48 million to power, transport, financial market, microfinance, and trade finance projects in Nepal. It also provides advisory services to strengthen business regulations, increase access to finance, support development of smaller enterprises, and facilitate creation of public-private partnerships (PPP) in infrastructure.
IFC is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilising capital in international financial markets, and providing advisory services to businesses and governments.
In fiscal year 2012, IFC's investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.

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