International Finance Corporation to invest $1 bn in India for green buildings

Mumbai: With a view to support India’s green building initiative, International Finance Corporation (IFC) is planning to invest over US $one billion in next five years, a senior official on Tuesday said. [caption id=“attachment_3828153” align=“alignleft” width=“380”]  Representational image.[/caption] IFC, a member of World Bank, has planned an investment of around US $5-6 billion for the next five years in India for participating in the country’s climate change programs, its Country Head (India) Jun Zhang told reporters on the sidelines of an event here. “We will be investing around 20 percent of this amount which is over US $1 billion in creating green buildings,” he said. He also said affordable and sustainable homes is a key part of IFC’s strategy in India. “We invest and advice housing finance companies, developers and have also helped leading private sector banks to issue green bonds to finance green homes,” Zhang said. The remaining amount of the US $5-6 billion IFC will invest in India’s programs like renewable energy among others, he said. IFC has so far invested US $2 billion in sustainable development projects in India since 2005.