The International Finance Corporation (IFC), a member of the World Bank Group, has decided to ink a three-year project with Odisha Government to promote private sector-led growth in agri-business and tourism sectors.
The collaboration will aim at bringing in investments and jobs. IFC will work with the Government to streamline regulation for investment, identify areas for improvement, and tap opportunities in the private sector. In agri-business, the project will facilitate investments in food processing and warehousing, storage and cold chain facilities.
The project will also help the State develop as a tourism destination. Though Odisha is ranked as one of the top investment destinations in India, most of the investment has been in power, mining, and steel. The IFC project will help the State take advantage in emerging sectors of agri-business and tourism to generate employment and revenue.
Thomas Davenport, IFC South Asia Director met Chief Secretary BK Patnaik and Development Commissioner JK Mohapatra on Monday. Patnaik said IFC’s experience in facilitating ‘sustainable, private sector-led growth’ will help the State develop inclusive and broad-based growth. Once fully implemented, Mohapatra felt, the partnership will help cement Odisha’s status as a premier investment hub across several sectors.
According to Davenport, IFC will also work with the Government to simplify regulatory requirement for small and medium businesses.
The World Bank member is working in States like Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Rajasthan, Uttar Pradesh, and West Bengal, and also in the North-Eastern States including Sikkim.
It is working on a tax simplification project in Bihar and supporting Rajasthan in promoting private investments in automotive, information technology, solar, and tourism sectors.