ESG lifts IFC commitments in Singapore to record US$1.17 billion

INTERNATIONAL Finance Corp’s (IFC’s) commitments in Singapore surpassed US$1 billion for the first time as businesses in the country pursued more environmental, social and governance (ESG) activities, a key regional executive told The Business Times.

IFC, the World Bank’s private-sector development financing arm, inked US$1.17 billion in loans and direct investments for the year ended Jun 30, said IFC regional vice-president for Asia and the Pacific Riccardo Puliti in an interview. In each of the three previous financial years, IFC’s commitments in Singapore hovered around US$900 million.

While IFC also reported a record year in the wider Asia-Pacific region – where commitments totalled US$11 billion – Singapore’s 29 per cent growth in commitments outpaced the region’s 10 per cent increase.