World Bank's IFC Extends USD 400 Mn Loan To Bajaj Finance For Green Initiatives

11/7/2024 2:08:19 PM

(MENAFN- KNN India) New Delhi, Nov 7 (KNN) The International Finance Corporation (IFC), the private sector investment arm of the World bank Group, has announced a USD 400 million loan facility to Bajaj Finance aimed at boosting electric vehicle adoption and sustainable consumer goods financing in India.

The agreement will enable Bajaj Finance to expand its lending portfolio for electric two-wheelers, three-wheelers, and four-wheelers, marking a significant push toward sustainable transportation solutions.

The strategic partnership also emphasises financial inclusion by strengthening Bajaj Finance's capacity to support women-owned microenterprises and women micro borrowers.

This initiative aligns with both organisations' commitment to promoting gender equality in financial services across India.

According to Sandeep Jain, Chief Financial Officer and Chief Operating Officer, Bajaj Finance, the collaboration is expected to dramatically increase the company's climate loan portfolio from its current level of USD 150 million in 2024 to approximately USD 600 million by 2027.

"This partnership helps us enable greater usage of EVs and energy-efficient consumer goods, support more women-owned micro-borrowers, and contribute better to India's inclusive and low carbon future," Jain stated.

(KNN Bureau)

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