World Bank arm steps up investment

The International Finance Corporation (IFC), the private funding arm of the World Bank, invested a total of US$383m in China in the 12-month period ending June 2001, 46 per cent more than in the previous year, South China Morning Post said. Within the total, US$251m was in the form of loans and US$131m in equity.

The IFC has adopted a policy of taking stakes in Chinese banks. In November 2001 it invested US$27m for a 15 per cent stake in Nanjing City Commercial Bank and it is awaiting regulatory approval for a US$25m investment for 2 per cent of Minsheng Bank.