KATHMANDU, August 17: In a bid to protect the most vulnerable people and help companies maintain operations and jobs, International Finance Corporation (IFC) said that its focused and sustained investments in South Asia continued to have strong impact in the fiscal year 2021.
Issuing a statement on Tuesday, IFC said that with support for medical facilities, vaccines and supplies, and to hard-hit micro, small, and medium enterprises (MSMEs) while also spurring investments in renewable energy, affordable housing, and distressed assets resolution, it continued to have strong impact.
In the midst of a difficult year with massive and ongoing social and economic disruptions caused by COVID-19, IFC committed over USD 3.8 billion, including mobilization and short-term finance, in South Asia as of June 2021—resulting in a record investment volume of over USD 14.9 billion in the last five years in the region, toward a green, inclusive, and resilient recovery.
"The COVID-19 crisis has drastically impacted the region’s private sector, which has severely affected the region’s most vulnerable people,” IFC's Vice President for Asia and the Pacific region, Alfonso Garcia Mora was quoted as saying in the statement. "COVID-19 has laid bare the region’s existing vulnerabilities in the financial sector, disrupting businesses—particularly micro, small, and medium enterprises—and leaving so many people exposed. That’s why we’ve focused our attention on supporting moves to improve resilience on multiple fronts, as all indications are that the road to recovery will be long.”
IFC has committed USD 590 million in COVID-response deals in South Asia—with additional deals worth over USD 100 million in the pipeline.