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Rick Wolk

Phone: 907-796-6133
Email: rswolk@alaska.edu
Home: http://uashome.alaska.edu/~RSWOLK
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Monday, March 29, 2010

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World Bank's private arm focuses on entrepreneurs who work with poor

By Joe Leahy in New Delhi

Published: November 9 2009 02:00 | Last updated: November 9 2009 02:00

Retrieved 3/29/10 from http://www.ft.com/cms/s/0/877b0816-cccd-11de-8e30-00144feabdc0.html

India has overtaken Russia to become the biggest single investment portfolio of the World Bank's private sector arm, the International Finance Corporation.

The IFC decision to increase India's exposure, which was worth $3.4bn last year or 10 per cent of its global portfolio, comes as it is trying to boost support for entrepreneurial companies working with the world's poorest people.

"One of the very positive things coming out of the new government here is their high focus on inclusiveness," said Lars Thunell, chief executive officer of IFC, referring to the India's Congress-party-led government, which was re-elected in May. "That's why we are here."

His comments come as the IFC is looking to raise up to $2.4bn (€1.6bn, £1.5bn) in new capital on top of its existing base of $15bn to help it broaden its work.

The group has responded to the global financial crisis over the past year by providing facilities such as trade finance to customers, in addition to its core business of providing private equity-style investments and advisory services for companies in emerging markets.

"We see a tremendous need for our services going forward, that's why we will be asking for a capital increase. There are already constraints, we have to prioritise," Mr Thunell told the Financial Times in an interview at the World Economic Forum meeting in New Delhi.

The IFC is putting stronger emphasis on "frontier" countries regarded as having the strongest needs.

It has doubled its investments in the world's poorest countries. Last financial year ending June, more than half of its projects were in countries with an average gross domestic product per capita of less than $1,000 a year.

While India is more prosperous than this as a whole, India's poorest seven states, which are located in its north and east, are comparable to the poorer African nations.

The seven poor states have 40 per cent of the country's population but attract only 1 per cent of its foreign direct investment.

The IFC's investments in India include Jain Irrigation, which provides "micro-irrigation systems", and Cairn Energy, an oil group.

In another initiative to raise money, the IFC this year launched IFC Asset Management Company, a private equity-style venture that invests third party funds, including from the private sector.

The asset management company is managing a new $3bn bank capitalisation pool for developing countries and a private equity general fund that will invest in Africa, Latin America and the Caribbean.


The Financial Times Limited 2010.

Wednesday, June 04, 2008


An effective assessment that I have used with my MBA entrepreneurship class has been the Alaska Business Plan Competition...now the UAS Online Alaska Business Plan Competition.  I have students present final business plans to judges from the Alaskan financial community.  Sometimes the students choose to work with local Alaskan businesses and sometimes the students choose to create plans for new businesses.  Members from the financial community (the judges) are also sponsors...prize money goes to the students.

An assessment that has not worked as well as I had hoped is having my undergraduate retail class work with the UAS Bookstore.  In the future, I will have the class work with a for-profit retail establishment that has more flexibility.

Monday, June 02, 2008

Specialists in Business, indeed.

We talked about specialists this morning in the iTeach seminar.  This is very important when it comes to teaching marketing and entrepreneurship classes at the university level.  In traditional classes (i.e. not online) I would invite specialists into classes to talk with my MBA students about debt financing, SBA programs, equity financing, etc.  In some ways it is easier to get specialists to visit my online classes 'virtually' but I have not yet been able to bring specialists into my classes...not yet.  But I keep trying and will succeed this fall. 


Interesting financial information

When I'm not teaching... Wed Jun 4 12:06:07 2008

Kasitsna Bay (Alaska)...near Seldovia.

Seldovia Rick Summer 2004 274

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Entrepreneurship events in Alaska Sat Sep 26 09:00:54 2009