DUBAI: The International Finance Corporation (IFC), part of the World Bank Group, achieved a record-breaking US$56 billion in financing during the 2024 fiscal year, ending on 30th June 2024.
Jean Morcos, Senior Investment Officer and Regional Sustainable and Climate Finance Lead for Infrastructure and Natural Resources across the Middle East, Central Asia, Trkiye, Afghanistan, and Pakistan at IFC, highlighted that 40 percent of IFC’s own-account investments were directed toward climate-related projects, reflecting IFC’s growing commitment to combatting climate change.
Speaking to the Emirates News Agency (WAM) during the 10th World Green Economy Summit in Dubai, Morcos explained that nearly half of the US$56 billion came from IFC’s own resources, while the remaining half was mobilised through external funding sources such as partner banks and other financial institutions.
These funds were distributed across a wide variety of sectors, including infrastructure, energy and mining, manufacturing and agribusine
ss, health and education services, and financial institutions in emerging markets worldwide.
Morcos emphasised the importance of international collaboration in promoting sustainable financing and expanding environmental initiatives aimed at reducing carbon emissions.
Source: Emirates News Agency