World Bank’s arm IFC to invest on creating jobs
The World Bank’s arm International Finance Corporation (IFC) will invest $ 21 million in India’s SAMHI Hotels by way of convertible debentures with the focus to create jobs, promote energy efficiency infrastructure.
IFC, a member of the World Bank Group, is investing $ 21 million in SAMHI Hotels through compulsorily convertible debentures. The investment will increase India’s capacity in the affordable and mid-market hotel segment, create jobs, and promote energy-efficient hotel design and construction it said in a release on Tuesday.
This will be IFC’s first investment in the hotel segment in India.The investment is likely to create about 2,600 jobs across SAMHI’s various hotel projects in Greater Noida, Ahmedabad, Bangalore, Hyderabad and Pune, it said.
The investment that will be done by the World Bank’s arm International Finance Corporation will be helping in aiding the problems with low job vacancy. This will be helping in creating job profiles and also increase the working efficiency in the infrastructure. The investment is being expected to create some job profiles in India especially in regions of Greater Noida, Pune, Ahmedabad, Bangalore and Hyderabad. However some time would be needed in doing so.
Source: The Hindu
