International Finance Corporation
Kirloskar Oil Engines, Republic Forge Company and Assam Sillimanite were IFC's first investments in South Asia in 1959 and 1960. Ever since, we have identified promising companies, either helping establish them or supporting their growth. IFC has a total portfolio of $6.4 billion in South Asia as of June 30, 2014, financing and advising first of its kind projects to push the development agenda.
To grow opportunities for the underserved, IFC in South Asia has concentrated on low-income, rural, and fragile regions while building infrastructure and assisting public-private-partnerships; facilitating renewable energy generation; promoting cleaner production, energy and water efficiency; supporting agriculture; creating growth opportunities for small businesses; reforming investment climate; encouraging low-income housing; and making affordable healthcare accessible.
IFC financed HDFC when it was being set up in India in the 1970s. Today it is not just a household name but the harbinger of a vibrant mortgage market in housing finance. We continue to innovate and our advisory team scoped the potential market for low-income housing becoming the first ones to take our private sector investment client, Dewan Housing, into this impactful segment through a joint venture named Aadhar that enables low-income borrowers to take affordable home loans.
Through these strategic investments and advisory interventions in the region, IFC aims to promote inclusive growth, particularly in the low income states of India and post-conflict and frontier parts of the region; help address climate change impacts; and encourage global and regional integration including promoting investments from South Asia into Africa. Inclusion, Climate Change, and Integration are three pillars of our strategy in the South Asia region.
We have made ourselves a valued partner in a very dynamic region. We are keen to make South Asia a hub for innovationsto deliver on our vision of creating opportunity for people to escape poverty and improve their lives.