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New Delhi; March 18, 2014

IDFC Ltd. Announces operationalization of Infrastructure Loan Programme

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New Delhi, 18 March 2014 :Mark Lowcock, Permanent Secretary at UK’s Department for International Development, and Dr. Rajiv Lall, Executive Chairman, IDFC Ltd, announced the operationalization of DFID-IDFC loan programme that will support infrastructure projects in the low income states of India. The programme was launched in October 2013.

The announcement was made on the side-lines of a panel discussion that was organised to deliberate the role of development financial institutions in promoting India’s infrastructure. The panel comprised of Dr. Onno Ruhl, Country Director, World Bank, Mr. Rajesh Khullar, Joint Secretary, Department of Economic Affairs and other experts. Senior government officials, key players from the private sector, academicians and civil society representatives also attended the event.

Speaking at the event Mark Lowcock said, “As DFID makes a transition from financial aid to returnable capital, partnerships like the one with IDFC will play a key role in delivering development and growth in the poorest states of India. We hope to leverage £120 million of capital and positively impact 280,000 women and men through this partnership.”

Dr. Rajiv Lall, Executive Chairman IDFC, said: “Joining forces with DFID is a win-win for both organizations, as we seek to best navigate today’s highly complex investment climate. We are sure that this unique partnership will encourage other multilateral/bilateral agencies as well as private sector players to explore investment opportunities in underdeveloped regions. We are sure that such arrangements will not only help provide growth opportunities for people in the underdeveloped regions of the country, but will also ensure sustainable development.”

Sam Sharpe, Head of DFID in India, speaking about DFID’s private sector said, “The IDFC Loan programme is a critical part of our new private sector portfolio which will facilitate private investment to benefit the poor and under privileged in India’s eight low income states -as consumers, producers and workers. Even though these states are home to over half of India’s population, they attract only one-fourth of domestic and less than 3% of foreign direct investments.”

Notes to the editor:

1.

About IDFC: IDFC was established in 1997 as a private sector enterprise by a consortium of public and private investors. Its expertise in the infrastructure sector and strong relationships with government and infrastructure sponsors provides it with a platform for facilitating private investment and public-private partnerships in infrastructure projects in sectors where market structures, government policy and regulation are evolving.

The mission is to be the financier and advisor of choice for infrastructure projects in India. IDFC is focused on enhancing shareholder value through pursuing strategies that enhance its profitability, return on assets and return on equity.

IDFC has demonstrated strong financial performance over the last 5 years with profits after tax increasing at a CAGR of 23% to US$ 338 mn in FY 2013, networth of US$ 2.5 bn, balance sheet size of approximately US$ 13 bn and market capitalization of approximately US$ 4 bn.

Going forward, our business strategy is to be “India’s Specialist Infrastructure Institution” with an infrastructure focused project finance, investment banking and asset management franchise.

2.

About DFID in India: For several decades, Government of UK’s Department for International Development has been actively working with the Government of India to help the country achieve its own poverty reduction priorities and the Millennium Development Goals.

India is a growing global power and an important partner for the UK. As India’s economy grows, poverty reduces and India has ever greater prominence in world affairs, the UK’s development partnership with India is evolving.

In November 2012, the UK and India agreed to move to a new development relationship, ending the UK’s financial grant aid to India. The UK will responsibly complete by 2015 all our commitments to on-going projects. All new programmes will focus on sharing skills and expertise in priority areas such a growth, trade and investment, skills and health, or on making investments in private sector projects which create opportunities for the poor while generating a return. We will also strengthen our partnership with India on global development issues like food security and climate change.

Until 2015, DFID India will:
• Focus on the poorest people in India’s low income states
• Put women and girls at the heart of our work
• Expand the private sectors’ potential to combat poverty and
• Deepen our engagement with India on global issues to benefit poor people elsewhere

For further details, please contact:

Mr. Anshuman Atroley
Communications Manager
DFID-India
Tel: +91-11-42793435
Mobile: +91-98101 69262

E-mail: a-atroley@dfid.org.uk

Mr. Arun Raste
Senior Director & Head
Brand and Corporate Communication
IDFC Limited
Tel: + 91 22 4222 2019

Email: arun.raste@idfc.com

 



 
 

JAIRAM RAMESH
Minister of Rural Development

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"What are the forces of change.what is happening in rural society. this is very, very important for us to understand and that objective has been admirably fulfilled in this report.Ritu and her colleagues have put together all the evidence which shows in a very robust manner, the changing nature of rural [livelihoods].everyone must read the Rural Dynamics chapter"

 

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Executive Chairman,
IDFC Ltd.

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