The International Finance Corporation (IFC), a member of the World Bank Group, announced a strategic partnership with Bajaj Finance to invest $400 million as part of Bajaj Finance’s $1 billion fundraising initiative aimed at advancing climate finance, promoting electric vehicle (EV) adoption, and supporting women-led enterprises.
The IFC’s loan will enable Bajaj Finance to extend financial access for customers purchasing EVs, including two-, three-, and four-wheelers, and to broaden its offerings in the energy-efficient consumer goods (EECG) sector. Additionally, the funding will empower Bajaj Finance to enhance financial support for women-owned micro-enterprises and female micro-borrowers across India.
The collaboration aligns with India’s climate goals, targeting enhanced market competitiveness in climate finance and advancing financial inclusion efforts. IFC committed $56 billion to private sector projects in emerging markets during FY2024, with a focus on sustainable development and climate resilience.
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“Accelerating climate financing is crucial for India to meet its net-zero goals. IFC’s investment in Bajaj Finance will boost market competition, inspiring other non-banking financial companies (NBFCs) and investors to expand their financing for energy-efficient solutions, e-mobility, and microfinance,” said Imad N. Fakhoury, Regional Director for South Asia, IFC. “Together with Bajaj Finance, a like-minded partner, we are fully committed to accelerating green growth for the country, while also empowering women and closing the gender gap.”
The funding significantly boosts India’s climate finance market and strengthens Bajaj Finance’s position in supporting a greener, more inclusive future.
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