News

IFC has joined forces with Axis Bank to offer a USD 500 million loan aimed at financing green projects in India.

Banking & Finance | Dated: 14 Oct 2024

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.

🎯 Key Highlights:

- In 2016, Axis Bank issued India’s first green USD bond and, in 2021, the first sustainable USD Additional Tier 1 (AT1) bond.

💡 Other Important Facts:

(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.

📚 Test Your Knowledge:

What is the recent amount of the loan provided by IFC and Axis Bank for financing green projects in India?

Correct Answer: USD 500 million

🚀 Quick Recap:

About International Finance Corporation (IFC)

Managing Director (MD): Makhtar Diop
Headquarters : Washington, D.C., United States