IFC Partners with Axis Bank to Provide USD 500 Million Loan to Fund Green Projects in India

Current Context: The International Finance Corporation (IFC), a member of the World Bank Group, partnered with Axis Bank to provide a USD 500 million loan on October 7, 2024.

• This funding aims to develop a blue finance market and scale up financing for green projects in India.
• Blue loans focus on investments in areas like water and wastewater management, marine plastic reduction, and sustainable tourism.
• This marks IFC's first blue investment in India and the largest green financing by the institution.

Question:

1 Which organization partnered with Axis Bank to provide a USD 500 million loan for blue and green projects in India in October 2024?

• A) International Finance Corporation (IFC)
• B) Asian Development Bank (ADB)
• C) New Development Bank (NDB)
• D) World Bank

Answer: A) The International Finance Corporation (IFC), a member of the World Bank Group, partnered with Axis Bank to provide a USD 500 million loan on October 7, 2024.