IFC Targets $1B Fundraising Within a Year as Part of $5B Fund

The World Bank’s International Finance Corporation (IFC) aims to raise an extra $1 billion within a year as part of a planned $5 billion infrastructure investment fund, an official said, with China’s Belt and Road program offering more opportunities.

IFC this year raised $1.1 billion from Allianz and Eastspring Investments, the Asian asset management business of Prudential, IFC Chief Investment Officer for infrastructure and natural resources Ram Mahidhara said.

The fundraising plans are part of IFC’s so-called Managed Co-Lending Portfolio Program that seeks to raise a little over $5 billion from investors by 2021, a large part of which is expected to be deployed for Belt and Road related projects.