IFC FINANCES 123 PROJECTS WORTH US$12.2 BLN IN APAC FOR FY2024

SINGAPORE, Nov 14 (Bernama) -- International Finance Corporation (IFC), a member of the World Bank Group, committed a record US$12.2 billion to 123 projects in Asia Pacific in the fiscal year ending June 30, including a green data centre in Malaysia.

IFC said the amount, an 11 per cent year-on-year increase, comprised US$6.2 billion in long-term financing from its own account, US$3.3 billion in mobilisation, and US$2.7 billion in short-term trade and supply-chain finance to facilitate trade flows. 

“IFC’s projects delivered significant impact across Asia Pacific in the last fiscal year, addressing pressing development challenges including climate change, gender inequality, food insecurity, and financial inclusion, while creating jobs and improving services across the region,” it said in a statement today.

IFC investments during the period is estimated to create up to 570,000 direct and indirect jobs.

It said 36 per cent of long-term financing from IFC’s own account was invested in projects that will help tackle climate change and marine-plastic waste, including a senior loan of up to US$150 million to help finance construction of the first phase of Yondr Group data centre in Sedenak Tech Park in Johor Bahru.

IFC also provided financing and advisory services to financial institutions across the region that are expected to improve access to finance for micro, small and medium-sized enterprises (MSMEs) through the provision of more than two million loans.

Meanwhile, 52 per cent of long-term financing projects included a focus on improving gender equality such as an initial public offering of a Thai bank to help develop new products for smaller women-owned or led businesses.

Twenty-six per cent of long-term financing projects were in low-income, fragile and conflict-affected countries across the region, including investment in Bangladesh’s first-ever housing bond, intended to improve affordable housing for women in the country.

IFC regional vice-president (Asia Pacific) Riccardo Puliti said IFC is resolved to foster innovation and deliver more sustainable private sector solutions across Asia Pacific amid persistent and intertwined global challenges.

“The private sector continues to play a key role in addressing urgent development needs of countries in the region. Our projects this last financial year reinforce IFC’s commitment to offering targeted solutions that can be implemented at scale to maximise impact, ultimately improving lives and livelihoods across Asia Pacific,” he said.

IFC is the largest global development institution focused on the private sector in emerging markets, working in more than 100 countries to create markets and opportunities using its capital, expertise and influence.

-- BERNAMA