The World Bank Group member International Finance Corporation (IFC) has invested a record $2.6 billion in India in 2017-18 – a rise of 136% over the figure two years ago -- in the key priority areas of infrastructure, logistics, inclusion, and sustainability.

These investments are all long-term, made over 40 engagements with partners ranging from new-age start-ups, such as Coverfox and Bizongo, to established names such as Mahindra & Mahindra and HDFC.

This is an all-time high and addresses key development gaps through select and systemic interventions in affordable housing, small and medium enterprises, distressed assets, technology start-ups, logistics, agriculture, renewable energy, and sustainable mobility. These sectors will remain the cornerstones of IFC’s investment and advisory activities in India in the years to come, IFC said in a release.

During the year, investments in infrastructure crossed $1 billion for the first time, and climate-related investments, too, crossed $1 billion to touch a record high. Besides, IFC’s work in the area of distressed assets has the potential to address 12% to 15% of India’s non-performing assets.

“As we complete six decades in India, we continue to believe in the country’s fundamentals and want to spur growth that is inclusive, sustainable, and fast,” said Mengistu Alemayehu, Director, South Asia, IFC.

In addition to the investments, IFC’s advisory teams worked with several arms of the government at the Centre and in states to address key issues. IFC’s public-private-partnership (PPP) team led path-breaking solutions for renewable energy storage, cleaning the Ganga, structuring innovative transactions for renewable energy, and much more.

India is IFC’s largest country with an investment portfolio of $6.1 billion, which is 11% of the global committed portfolio. India is also IFC’s largest equity exposure, and the largest advisory client.