World Bank Group member IFC (International Finance Corporation) has invested $100 million in Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance). This would enable the Mahindra Group company to augment its growth by extending loans to individuals along with financing small and medium enterprises.
The investment in India’s largest tractor financier will be through secured non-convertible debentures. Mechanised farming can cut costs by 25% and raise productivity by 20%, helping meet the Centre’s target of doubling farmers’ incomes by 2022.
Source- The Hindu
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- President of the World Bank- Jim Yong Kim.
- Headquarters of World Bank- Washington, DC.