IFC commits $3.4B for East Asia and Pacific
The International Finance Corp. (IFC) committed $3.4 billion in investment this year for East Asia and the Pacific to spur the growth of a thriving private sector.
IFC’s latest investment aims to ensure sustained growth through innovation, job creation and infrastructure development.
The investment arm of World Bank provided $2 billion in financing for its own account and mobilized another $1.4 billion from other investors in the fiscal year.
It expects that its latest investment to provide over 550,000 jobs, distribute power to 4.4 million people, provide water to 9.6 million people and improve livelihood of more than 710,000 farmers.
Rapid urbanization and increasing business demand in East Asia and the Pacific region are feeding massive infrastructure needs. At the same time, the region is a major contributor to global greenhouse gas emissions and highly vulnerable to natural disastersand climate impact.
“In the face of countries’ limited public resources, IFC has been actively looking for solutions to crowd in all possible sources of finance, innovation, and expertise to help meet their challenges,” said Vivek Pathak, IFC’s regional director for East Asia and the Pacific.
The official added they are unlocking opportunities in emerging markets and creating jobs to achieve sustainability through lower costs and efficient service delivery in key sectors such as finance, infrastructure, healthcare, and education.
The investment arm is active in promoting utilization of green bonds in the region.
Recently, IFC helped Fiji to become the first emerging
market in the world to issue a sovereign green bond, raising $50 million to help the country adapt to a changing climate.
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