(MENAFN- Live Mint) "International Finance Corporation (IFC), a member of the World Bank Group, on Tuesday, said that its investments in India have benefitted climate and housing projects, small and medium-sized businesses, and women's record year of work with the private sector has benefitted 32 projects in India aimed to spur jobs, boost private sector productivity, and drive financial inclusion while supporting the nation's ambitious climate goals for sustainable growth.
\"India has the largest volume of investments globally for IFC, with a portfolio of over $8 billion of which approximately 36% is in equity investments,\" it said.\"IFC's long-term financing, including mobilization, more than doubled from $1.3 billion in FY22 to $3 billion in FY23. The total of IFC's commitments and board-approved funding so far in FY24 has already surged to $3.8 billion (as of 30 April 2024), reflecting a robust trajectory,\" it added Read: Lightspeed Ventures to ramp up investments in climate change and AIIFC's partnership with India's private sector has seen remarkable growth over the past two years, fueling development impact across critical areas, especially housing, climate, and micro, small, and medium enterprises (MSMEs), while championing inclusion and gender equality, said Riccardo Puliti, IFC's regional vice president for Asia and the Pacific.“As the climate crisis intensifies amid new conflicts and fragility, this is a crucial year to cement our focus on India, supporting the private sector to drive impact and foster global and regional integration,\" Puliti said projectsThe IFC said to address India's significant housing shortage, with an estimated 275 million people needing access to adequate housing, its initiatives in FY24 will enable clients-Cholamandalam Investment and Finance Co., IIFL Home Finance Ltd, and Vastu Housing Finance Corp., among others-to finance over 270,000 affordable housing loans, of which 86,000 are for women.\"Further, in line with India's substantial climate financing needs (cumulative investment requirement by 2070 is $10.1 trillion), IFC's funding in FY24-including in manufacturing, agribusiness and services, and infrastructure-is poised to slash greenhouse-gas emissions (GHG) by over 12 million tonnes annually,\" it said.\"IFC's financing will also help financial institutions provide nearly 29,000 climate loans in critical sectors, including industrial decarbonization, renewable energy, electric vehicles, and green buildings,\" it added Read | Climate change: COP28 okays $475 mn loss and damage fundInvesting in decarbonizationAccordingly, IFC's funding to Grasim Industries Ltd will help it accelerate its corporate-wide decarbonization measures, incentivising a reduction in fossil fuel energy usage and an increase in recycled water consumption, IFC's equity investment in Federal Bank Ltd will help the bank boost climate and MSME lending.\"Through its equity investment in the Global Environment Fund South Asia Growth Fund III, IFC aims to help increase access to private equity capital for climate investments and value creation for mid-cap companies in India's climate space,\" the IFC said.\"As part of its advisory work, IFC is supporting partners to boost renewable energy in India. A 1400 MW solar project with Rewa Ultra Mega Solar Ltd and partners in Madhya Pradesh will be blended with wind and storage to supply Firm and Dispatchable Renewable Energy, resulting in an expected annual reduction of CO2 of about 3 million tonnes,\" it added.
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