An MoU in this regard was signed today in the presence of Chief Minister Shri Shivraj Singh Chouhan here today. This cooperation by the International Finance Corporation is the result of Chief Minister Shri Chouhan’s US visit last year. Shri Chouhan had held discussions with the World Bank in this regard during his US visit. The International Finance Corporation is an institution of the World Bank, which finances private sector.
The MoU was signed by IFC’s Public Participation Advisor Sushri Isabel Chaterton on behalf of the International Finance Corporation and Commissioner Institutional Finance Shri Ashish Upadhyay on behalf of the State Government. Finance Minister Shri Raghavji, Chief Secretary Shri R. Parasuram, Principal Secretary Finance Shri Ajay Nath and Secretary to Chief Minister Shri Vivek Agrawal were also present on the occasion. Chief Minister Shri Chouhan said that PPP mode is a powerful medium to boost economy. The State Government is making speedy efforts in this direction. It is a matter of happiness that experience of the International Finance Corporation will be availed in this task.
Capacity building of private institutions is a challenging task. These works to be done in selected sectors will help improve growth rate. He said that state’s agriculture growth rate is 18.91 percent. For maintaining it, special attention is being paid to change in crop cycle system and horticulture sector. Shri Chouhan lauded the World Bank’s positive attitude in the context of Madhya Pradesh. Chief Secretary Shri R. Parasuram hoped that the International Finance Corporation will cooperate in branding of wheat and rice produced in Madhya Pradesh. He said that wheat of Madhya Pradesh is the best in the world.
Rice of highest quality is also produced here. Branding will give international recognition to these products. Sushri Chaterton of the International Finance Corporation said that the corporation contributes significantly in capacity building in selected sectors. IFC will develop infrastructure in selected sectors under PPP mode. Pace of development will accelerate with public-private participation in private sector.
It was informed that a Programme Steering Committee headed by the Principal Secretary Finance will be constituted to implement the MoU signed today. Under the MoU, the International Finance Corporation will develop projects under PPP mode in various sectors including new & renewable energy, health, agriculture and mainly storage of food grains, water supply in urban areas and housing scheme for the poor.
The International Finance Corporation will chalk out legal, regulatory and financial acceleration proposals for capacity building of officers implementing PPP projects and ensure their participation in private sector. Similarly, the corporation will also cooperate for initial feasibility study, procedure management and developing chalking out projects in specialised sectors.