IFC investments in India to zoom to over $4 bn, focus on climate finance
India to over $4 billion in the current financial year ending June from $1.3 billion two years ago, its regional vice president for Asia and the Pacific Riccardo Puliti told ET.
He said climate finance would occupy an even greater focus in the financial institution's future investment in the country. IFC is the World Bank's lending arm focussed exclusively on private sector in developing countries.
«Nearly 41% of IFC's total investment this year is related to climate finance; 41% is already very high and will go higher because the whole Indian economy is moving in that direction,» Puliti highlighted.
India has set a renewable energy target of 500GW for 2030 and plans to become a net zero economy by 2070.
Puliti said the country could be a powerhouse in batteries and electric vehicles.
IFC has equity in Mahindra and Mahindra, which is one of the significant manufacturers of EVs, and recently made an investment in battery technology company Napino.
IFC's total portfolio exposure to India is over $8 billion, making India the largest recipient of funding from the international financial institution.
«India is a very sophisticated and complex financial market, where we can cooperate with local and international players,» Puliti told ET in an interview, highlighting the institution's growing investments were concomitant with the country's economic growth.
Besides EVs, Puliti noted that the country also needed to focus on financial inclusion, digitalisation, infrastructure investments and more public-private
