MENA Newswire News Desk: The International Finance Corporation (IFC), a member of the World Bank Group, achieved record-breaking financing of $56 billion during the fiscal year ending June 30, 2024. Of this total, 40% was allocated to climate-related projects from IFC’s own account, underlining the institution’s growing focus on addressing climate change.
Jean Morcos, Senior Investment Officer and Regional Sustainable and Climate Finance Lead at IFC, highlighted the significance of these efforts during the 10th World Green Economy Summit held in Dubai. He explained that the $56 billion included both IFC’s own resources and funds mobilized through external sources, such as partner banks and financial institutions.
These funds were distributed across a variety of sectors, including infrastructure, energy, mining, manufacturing, agribusiness, healthcare, and education. The investments were directed at supporting sustainable initiatives and fostering growth in emerging markets worldwide.
Morcos emphasized the critical importance of international collaboration in promoting sustainable financing solutions. He noted that partnerships with global financial institutions played a significant role in mobilizing the external capital needed to support climate-related initiatives.
The IFC’s strategic focus on climate projects is part of a broader commitment to reduce global carbon emissions. Over the past year, the organization has worked closely with various stakeholders to align investments with the goals of the Paris Agreement. The announcement reflects IFC’s continued efforts to promote environmental sustainability while addressing the financing needs of emerging economies.