IFC to advise MUIDC on infra sector projects

Mumbai: International Finance Corporation, a member of the World Bank Group, will advise Maharashtra Urban Infrastructure Development Company (MUIDC)on developing public-private partnership projects in infrastructure sectors.

As a potential nodal state-level entity for public-private partnership projects, the Maharashtra Infrastructure Company intends to invite strategic stakeholders to provide early stage equity. IFC will assist the company in preparation of its business plan and financial plan and identify capacity building requirements.

With a net commitment of about $1 billion in single State projects, Maharashtra has one of the largest World Bank programmes among States. All these projects focus on development of infrastructure in the State.

“An efficient transportation system and improved water supply are critical to boosting the State’s growth and economic development,” said Mr Sanjay Ubale, Managing Director of the Maharashtra Urban Infrastructure Development Company.

“IFC has extensive experience in advising governments on public-private partnerships in key infrastructure sectors, especially road transportation, airports, and ports. Maharashtra Urban Infrastructure can play an important catalytic role in developing public-private partnership projects in the State,” said Mr Vipul Bhagat, who leads IFC’s Infrastructure Advisory in South Asia.

As part of its outreach efforts in India, IFC has signed a memorandum of understanding with the Infrastructure Corporation of Andhra Pradesh, a state government agency, to help develop infrastructure projects through public-private partnerships.

The Central Government has enlisted IFC as transaction advisor for public-private partnerships in the country.

In FY07, IFC committed $8.2 billion and mobilised an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.