Tag: IFC

IFC Unveils a New Initiative to Help Financial Institutions in Europe Manage Climate Risks

Stuart Mitchell

A pioneering initiative that will help equip financial institutions with knowledge, tools, and skills to manage climate-related risks is being launched in Europe by IFC. Climate-related disasters across Europe caused losses of about €650 billion, or around €15.5 billion per year from 1980 to 2022. Losses of financial institutions have also been significant. The World Bank’s global research shows that non-performing loans ratios are estimated to increase by 0.37 percentage points after severe climate and environmental disaster episodes. The region’s projected climate change impacts call for urgent action to improve…

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IFC Investment to Promote Green Construction and Job Creation in the Middle East and Africa

Stuart Mitchell

IFC, a member of the World Bank Group, is providing a $15 million loan to MAN Enterprise Group, an engineering, procurement, and construction Group headquartered in Luxembourg and operating in MENA and Europe, through its subsidiaries MAN Holding Limited and MAN Holding sal. The loan will help the group grow its operations across the Middle East and Africa, supporting private sector development and job creation. It will also help the group undertake new projects to establish its presence in different countries, build its internal capacity for climate-friendly technologies, and improve…

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IFC Invests in Natura’s Bond to Improve Sourcing of Bioingredients from the Amazon

Stuart Mitchell

IFC, a member of the World Bank Group, announced its support to Natura to promote sustainable sourcing, which will promote the bioeconomy in the Amazon and contribute to the protection and regeneration of the Amazon Forest. IFC’s investment will also contribute to boost local economy and communities and support agroforestry sustainable supply chains in the forest. IFC invested BRL 300 million in a Sustainability Linked Bond (SLB) issued by Natura in the form of debentures. This is the first SLB with sustainability performance targets linked to Amazon sourcing in Brazil, and…

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IFC and IFRS Foundation announce partnership to improve sustainability reporting in emerging markets

Stuart Mitchell

The International Finance Corporation (IFC), a member of the World Bank Group, and the IFRS Foundation have signed a Memorandum of Understanding agreeing their strategic partnership to strengthen sustainable capital markets by improving sustainability and climate reporting in emerging markets and developing economies (EMDEs). The collaboration was announced during London’s Climate Action Week. Martine Valcin, IFC Global Manager, Corporate Governance and ESG Advisory, Knowledge and Learning, said: Today marks a pivotal moment as we join forces with the IFRS Foundation in advancing sustainability and climate reporting. Our combined efforts are…

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IFC to Finance Brookfield’s Bikaner Solar Power Project, Boost India’s Renewable Energy Capacity & Support Climate Goals

Stuart Mitchell

To support India in scaling up its renewable energy capacity, International Finance Corporation (IFC) has committed to part finance a ~550 MWp solar power project in Bikaner, Rajasthan being developed by Brookfield Asset Management (NYSE: BAM, TSX: BAM) (“Brookfield”) with $105 million through long-term non-convertible debentures allocated to the project’s special purpose vehicles, which are implementing the project. Following its commitment, Brookfield will provide solar power to commercial and industrial (C&I) consumers across India at more competitive tariffs through long-term power purchase agreements (PPAs) and contribute to the nation’s decarbonization…

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