{"id":951,"date":"2023-04-06T00:00:00","date_gmt":"2023-04-06T00:00:00","guid":{"rendered":"https:\/\/www.nextias.com\/current_affairs\/uncategorized\/06-04-2023\/international-finance-corporation-ifc\/"},"modified":"2023-04-06T00:00:00","modified_gmt":"2023-04-06T00:00:00","slug":"international-finance-corporation-ifc","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/06-04-2023\/international-finance-corporation-ifc","title":{"rendered":"International Finance Corporation (IFC)"},"content":{"rendered":"<p><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><strong><u>In News<\/u><\/strong><\/span><\/span><\/span><\/p>\n<ul>\n<li style=\"list-style-type:disc\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will not support investments in new coal projects.<\/span><\/span><\/span>\n<ul>\n<li style=\"list-style-type:circle\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">The IFC is taking the next step toward alignment with <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><strong>Paris Agreement ambitions.<\/strong><\/span><\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><strong><u>About<\/u><\/strong><\/span><\/span><\/span><\/p>\n<ul>\n<li style=\"list-style-type:disc\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">Earlier, in 2020, IFC had unveiled a policy requiring clients to reduce their exposure to coal projects by<\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><strong> half by 2025, and to zero by 2030<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">, but did not prevent new investments.<\/span><\/span><\/span><\/li>\n<li style=\"list-style-type:disc\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">The IFC funds banks and other financial institutions that in turn lend to infrastructure and energy projects. The IFC has reportedly lent close to $5 billion to almost 88 financial institutions in India.<\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><strong><u>International Finance Corporation (IFC)<\/u><\/strong><\/span><\/span><\/span><\/p>\n<ul>\n<li style=\"list-style-type:disc\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">Established in the 1950s, the International Finance Corporation (IFC) <\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><strong>headquartered in the United States of America<\/strong><\/span><\/span><\/span><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">.<\/span><\/span><\/span><\/li>\n<li style=\"list-style-type:disc\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">It is the largest global development institution focused exclusively on the private sector in developing countries.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h1 style=\"text-align:center\"><span style=\"font-size:20pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\"><u><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/sHYfsB-om9Xbksj1P8D0pTywTPBNDdtjicVftOrDkbjkigxCJhDVwHEmFAttti2iNhzrK2OQTpWr-8hQcpz_b_yBEEFvWpIhtj5CgKNOQ73Q20ruv9TmPlsM8mYXZstLlE7xLum_LkD0OCfYWSmdfq0\" style=\"height:278px; width:584px\" \/><\/u><\/span><\/span><\/span><\/h1>\n<p><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#000000\">Source: <\/span><\/span><\/span><a href=\"https:\/\/www.thehindu.com\/business\/Industry\/ifc-to-stop-funding-new-coal-powered-electricity-projects\/article66704002.ece#:~:text=The%20International%20Finance%20Corporation%20(IFC,investments%20in%20new%20coal%20projects.&#038;text=The%20IFC%20funds%20banks%20and,to%20infrastructure%20and%20energy%20projects.\" style=\"text-decoration:none\" target=\"_blank\" rel=\"noopener\"><span style=\"font-size:12pt\"><span style=\"font-family:Arial\"><span style=\"color:#1155cc\"><u>TH<\/u><\/span><\/span><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In News The International Finance Corporation (IFC), the private sector arm of The World Bank, has said it will not support investments in new coal projects. The IFC is taking the next step toward alignment with Paris Agreement ambitions. About Earlier, in 2020, IFC had unveiled a policy requiring clients to reduce their exposure to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[26,46],"class_list":["post-951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","tag-gs-3","tag-indian-economy-related-issues"],"acf":[],"jetpack_featured_media_url":"https:\/\/wp-images.nextias.com\/cdn-cgi\/image\/format=auto\/ca\/uploads\/2023\/07\/878143Screenshot_6.png","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=951"}],"version-history":[{"count":0,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media\/952"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}