IFC has joined forces with Axis Bank to offer a USD 500 million loan aimed at financing green projects in India.
Banking & Finance
On October 7, 2024, the International Finance Corporation (IFC), the private lending arm of the World Bank Group (WBG), announced a partnership with Axis Bank Limited, India’s leading private sector bank, to provide a USD 500 million loan (approximately Rs 4,200 crore). This funding aims to develop a blue finance market and scale up financing for green projects in India.
- In 2016, Axis Bank issued India’s first green USD bond and, in 2021, the first sustainable USD Additional Tier 1 (AT1) bond.
Main Points:- (i) Blue Loan - A blue loan is a financing instrument that raises money for projects that are ocean-friendly or related to clean water resources.
(ii) Green Loan - A green loan is a type of financing that supports environmentally friendly projects and activities. Green loans can be used by companies, local governments, and other organizations.
About International Finance Corporation (IFC)
Managing Director (MD): Makhtar Diop
Headquarters : Washington, D.C., United States
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