Non State Group in IFC Loan

The International Finance Corp. (IFC), the World Bank's private-sector financing arm, signed an unprecedented cooperation project on March 27 involving a Chinese non-state financing house. The deal covers a $30 million IFC loan for Orient Finance Co.—a member of Orient Group and the first non-state finance company in China. Javed Hamid, director of IFC's East and Southeast Asian operations, said the project reflected IFC's keen interest in supporting the development of China's capital market and its private sectors. Hamid said the company would be increasingly active in supporting private business while playing a role in the reform of state firms. IFC, which has already provided $1.15 billion in loans and investment for China, plans to supply another $400 million in the first year of the ninth Five-Year Plan. Hamid said IFC is also seeking to take part in the development of China's financial market by cooperating with local rating firms, banks, insurance companies, and securities brokerages.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

Get My Free Ebook


Post a comment