International Financial Corporation

Facts for Prelims
 

International Financial Corporation
 

News: The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will stop supporting investments in new coal projects.
 

Background:
 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.
 

About:
 IFC is the largest global development institution focused on the private sector in developing countries.
 IFC, a member of the World Bank Group, advances economic development and improves the lives of people by
encouraging the growth of the private sector in developing countries.
 IFC has lent close to $5 billion to almost 88 financial institutions in India/
 HQ – Washington DC