Rajasthan Industry Department and international Finance Corporation (IFC), a World Bank Group member, have signed an MoU to promote the state as an attractive investment destination.
The MoU was signed yesterday by principal secretary, industries, government of Rajasthan, Sunil Arora and general manager, advisory services, IFC Anil Sinha, an official said today.
He added that the move is aimed to promote a more dynamic business environment in the state to attract private investments, facilitate regulatory simplification, generate opportunities for small businesses and support job creation here.
Industry minister Rajendra Pareek, who was present on the occasion said, "By bringing IFC on board as a knowledge partner, we hope to draw on its global experience to help Rajasthan emerge an attractive investment destination for private sector initiatives and bring economic growth opportunities to our people."
The agreement establishes a three-year partnership between IFC and the Rajasthan government for identifying promising sectors for investment promotion, reviewing the state's investment policy, and assisting the government to implement reforms that create conducive environment for growth.
It would also help the government improve the quality of infrastructure services by lending a hand in structuring public-private partnership projects.
"A multilateral body like IFC would help us get expert advice and benefit from their enormous exposure," said promotion commissioner (Investment and NRI) Bureau of Investment Purushottam Agarwal.
"IFC's strategy is to promote inclusive growth and development in India. With this partnership, we hope to contribute in bringing opportunities to those who need them," said IFC general manager for Advisory Services in South Asia Anil Sinha.
"Our work on improving the investment climate, simplifying procedures and facilitating public-private partnerships will support Rajasthan's growth," he added.
The time-bound knowledge partnership will be rolled out in phases.
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