IFC Support

The private sector financing arm of the World Bank says it will stand by to support the Peoples Bank, when the government privatises the state banking giant.
The International Finance Corporation Representative Sanjiva Senanayake says IFC is ready to work with the private sector partner that wins Peoples Bank.rn

rnIFC says it is willing to work with either John Keells Group or Commercial Bank if one eventually wins the bid for Peoples Bank.rn

rnIFC however will not come forward as a consortium partner for a particular party, preferring instead to support the winner.rn

rnIFC officials say they will get involved in the Peoples Banks re-capitalisation as part of their overall strategy of promoting private sector investment in developing countries.rn

rnOfficials from JKH and Commercial Bank said they were open to new investments but did not want to comment on Peoples Bank saying the government has not called for expressions of interest for its privatisation.rn

rnIFC will however only fund a porti