BSS
In a bid to protect the most vulnerable peopleand help companies maintain operations and jobs, International FinanceCorporation (IFC)'s focused and sustained investments in South Asia continuedto have strong impact in the fiscal year 2021.
The investments support medical facilities, vaccines and supplies, andhard-hit micro, small, and medium enterprises (MSMEs) while spurringinvestments are also in renewable energy, affordable housing, and distressedassets resolution.
In the midst of a difficult year with massive and ongoing social andeconomic disruptions caused by COVID-19, IFC committed over $3.8 billion,including mobilization and short-term finance, in South Asia as of June 2021.
This commitment resulting in a record investment volume of over $14.9billion in the last five years in the region, towards a green, inclusive, andresilient recovery, said a press release.
In India, IFC's largest client country globally, total commitments at theend of June stood at $1.7 billion representing an increase of over 51 percentfrom last year.
Likewise, in Bangladesh, IFC made total commitments of $791 million, anincrease of almost 33 percent from last year.
"The COVID-19 crisis has drastically impacted the region's private sector,which has severely affected the region's most vulnerable people," said IFC'sVice President for Asia and the Pacific region, Alfonso Garcia Mora.
COVID-19 has laid bare the region's existing vulnerabilities in thefinancial sector, disrupting businesses-particularly micro, small, and mediumenterprises-and leaving so many people exposed.
"That's why we've focused our attention on supporting moves to improveresilience on multiple fronts, as all indications are that the road torecovery will be long," said Garcia.
IFC has committed $590 million in COVID-response deals in South Asia-withadditional deals worth over $100 million in the pipeline.
IFC's fast-track financial support has helped clients across sectors at atime when the economic fallouts of the pandemic have severely impacted marketsentiment.
Further, IFC committed $353 million in climate finance and $490 million inIDA/FCS (International Development Association/Fragile and Conflict-AffectedSituations) countries in the region.
