Facts for Prelims (FFP)
Source: TH
Context: The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will stop supporting investments in new coal projects.
- Previously, in 2020, IFC had unveiled a policy requiring clients to reduce their exposure to coal projects by half by 2025, and to zero by 2030, but did not prevent new investments.
Status of IFC lending in India
- It has lent close to $5 billion to almost 88 financial institutions in India.
About IFC
IFC (est. 1956; HQ: Washington, D.C; part of the world bank group) is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries.
