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IFC Granted loan to HDFC Ltd

Published on July 27, 2021
Current Context: The World Bank Group’s investment arm named International Finance Corporation (IFC) has provided a loan to HDFC Ltd.
IFC Granted loan to HDFC Ltd
  • The IFC has offered a loan of $250 million (Rs 1875 crore) to HDFC Ltd.
  • The loan was offered to promote affordable green housing finance for low and middle-income borrowers.
  • The IFC supported HDFC Ltd in its green affordable housing portfolio which aims to improve accessibility to offer green housing to the low-income group of the country.
  • Green housing is termed to be the luxury market but it has climate benefits.
  • The green affordable housing portfolio of HDFC Ltd is in line with GOI’s ‘Housing for All’ goal.
  • The funds from IFC will also help to create job opportunities and will help India to maintain its commitment under the Paris Agreement to reduce carbon emissions.
  • Static Part: 
    • HQ of HDFC Ltd: Mumbai, Maharashtra
    • MD and CEO of HDFC Ltd: Sashidhar Jagdishan
    • Tagline of HDFC Ltd: We understand your world
    • HQ of IFC: Washington, D.C., U.S

Question: 

Q.1 Which entity offered a loan of $ 250 million to HDFC Bank to support its green affordable housing portfolio initiative upto the low-income group?
a. Organisation for Economic Co-operation and Development
b. International Finance Corporation (IFC)
c. European Investment Bank
d. Asian Development Bank
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