International Finance Corporation, the private sector arm of the World Bank Group, would in the next two years raise its exposure in the Indian market to $1 billion from the current $700 million, IFC chief Peter Woicke said.
Woicke announced this at a press conference organised by the Confederation of Indian Industry.
To promote sustainable private sector development in India, IFC on Thursday signed a memorandum of understanding with the CII.
Woicke said the MoU would help the IFC expand its reach in the country.
The focus would be on sectors like infrastructure, telecom and power, he added.
"India has a huge potential but it is still shying away from privatisation due to the fear of retrenchment. We have held meetings with the government to try and convince them about privatisation," the IFC chief said. He, however, said the country needs to ease regulations.
Speaking on the occasion, Tarun Das, Director General, CII, said the agreement would allow the IFC to use the industry body's vast network of 35 offices in India.
CII would help the IFC identify companies and markets, Das said. CII would also help it organise meetings, seminars and conferences in India, he added.
Apart from India, the IFC is also focusing on the Brazilian market.
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