International Finance Corporation (IFC) is set to more than triple its investment in India to over USD four billion in the current financial year ending June, from USD 1.3 billion two years ago. IFC is the World Bank's lending arm which is focused on private sector in developing countries

Climate finance is pivotal to the financial institution's future investment in the country, and around 41 percent of IFC's total investment this year is related to this segment. India has set a renewable energy target of 500 GW for 2030 and plans to become a net zero economy by 2070.

IFC's total portfolio exposure to India is over USD eight billion, making India the largest recipient of funding from the international financial institution. This goes in line with digitalisation, infrastructure and more public-private partnerships as also  financial inclusion, which includes extending loans for affordable housing and MSMEs.

Additionally, IFC has equity in Mahindra and Mahindra, among the manufacturers of EVs, and recently invested in a battery technology company, Napino.