IFC and Axis Bank Unite to Launch India's First Blue Finance Market

The International Finance Corporation (IFC) has partnered with Axis Bank to provide a USD 500 million loan to develop a blue finance market in India, marking the first blue investment by a financial institution in the country. This initiative aims to scale up financing for green projects, aiding India's climate goals.

The International Finance Corporation (IFC), a prominent arm of the World Bank Group devoted to private sector development, has announced a collaboration with Axis Bank. This collaboration involves a USD 500 million loan aimed at fostering the blue finance market and expanding green project financing across India.

This marks IFC's inaugural blue investment in India, which represents the first such transaction by a financial institution in the nation. Blue loans are unique financial vehicles earmarked for projects like wastewater management, marine ecosystem restoration, and offshore renewable energy.

The partnership not only signifies the most substantial green financing by IFC in India but also encourages Axis Bank to enhance its climate finance portfolio. With India's exponential urban growth and economic expansion, there's vast potential to improve water and energy efficiencies, reinforcing the nation's sustainable development goals.

(With inputs from agencies.)