Which Indian bank received a $500 million loan from the

Solution

The International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution, is partnering with Axis Bank, one of the largest private sector banks in India, to provide a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. This is IFC’s first blue investment in India and the first blue transaction by a financial institution in the country.  Blue loans are financing instruments that raise and earmark funds for investments such as water and wastewater management, reduction of marine plastic pollution, restoration of marine ecosystems, sustainable shipping, eco-friendly tourism, and offshore renewable energy. This transaction is also the largest green financing by IFC in the country. The funding will enable Axis Bank to expand its climate finance portfolio.