IFC is among the top equity investors in India in terms of number of deals. In 2012-13, it invested $1.4 billion in India, of which over $900 million was in loans, nearly $350 million in equity, and $150 million in other products such as guarantees and PPP mobilisation. Michel Botzung, Principal Operations Officer at IFC's India office, who initiated the corporation's work on banks' non-financial services for SMEs, and has been instrumental in integrating its SME work in investment deals, explains, in an e-mail interaction with T E Narasimhan, the corporation's approach to SMEs.