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IFC Helps India’s Kerala State Develop Port Infrastructure to Build Trade Capacity
In New Delhi:
Minakshi Seth
Phone: +91 11 4111 1000
E-mail: mseth@ifc.org
In Washington:
Shirley Geer
Phone: +1 202 458 8081
Email: sgeer@ifc.org
Kochi, India, November 16, 2009—IFC,
a member of the World Bank Group, will work with the Indian state of Kerala
to develop a greenfield port that will create jobs while addressing the
state’s trade and transportation capacity needs.
The new port, to be located at Vizhinjam
near the state capital of Thiruvananthapuram, is expected to become a national
hub for container traffic. Developing this deep water port will build on
the natural advantages of the proposed site and its proximity to international
shipping routes, providing access to larger ships.
IFC will act as a principal advisor
to Vizhinjam International Seaport Limited to structure, market, and implement
the project to attract serious investors through an open, transparent,
and competitive bidding process. This will help bring international managerial
capabilities and best practices and safeguard the interests of all stakeholders.
“Private investors with relevant experience
in other parts of the world will bring immense efficiencies to building
a port in Kerala,” said Sanjeev Kaushik, Chief Executive Officer of Vizhinjam
International Seaport Limited and Secretary of Kerala’s ports department.
“By partnering with IFC, we will not only benefit from its global experience
in structuring sustainable public-private partnerships but also show the
government’s commitment to ensuring a transparent and competitive bidding
process.”
Lars Thunell, IFC Executive Vice President
and CEO, currently on a visit to India, said, "Improved infrastructure
will lead to stronger economic growth in India. We are partnering
with Kerala to increase capacity of its port to enable more trade and create
jobs."
IFC’s experience in helping state-owned
enterprises build and upgrade port facilities includes public-private partnership
projects in the port sector in Benin, Brazil, Madagascar, and Mauritius.
The goal is to make better use of resources, create economic activity,
and create quality services.
This initiative is led by IFC Advisory
Services in Infrastructure. Established in 1989, the program has worked
on more than 250 projects in 80 countries. IFC is the only multilateral
institution to offer advisory services to governments on implementing transactions
with private sector participation. For more information, visit www.ifc.org/infrastructureadvisory.
IFC is the only financial institution
focused exclusively on the private sector, the engine of sustainable development
in emerging markets. Along with IBRD, it is currently seeking a capital
increase to strengthen its ability to create opportunity for the poor in
developing countries—including by supporting infrastructure development
in countries like India.
To learn more about IFC’s activities
in South Asia, visit www.ifc.org/southasia.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $ 14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
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