IFC

IFC

Subject: International Relations

Context: IFC, a member of the World Bank Group, has invested $16.5 million (₹123 crore) in genetic diagnostics and research company, MedGenome, to increase access to Covid-19 testing and support research to better understand the virus, its variants, and manage future outbreaks.

Concept:

• MedGenome is also working on genetic sequencing with research laboratories affiliated with the government of India to help moitor the evolution of Covid, identify new variants, and help develop effective treatments to contain the disease.
• Gene variants, the company’s research efforts led to a publication that identified gene variants that can influence people’s susceptibility to Covid-19.

International Finance Corporation (IFC)

• The IFC is a sister organization of the World Bank (IDA + IBRD). It is the largest international development institution focused on the private sector in developing countries.
• It functions as the private sector arm of the WBG (https://optimizeias.com/world-bank/)
• It works for economic development by investing in for-profit and commercial projects for poverty reduction and augmenting development.
• It also engages in mobilizing third-party resources for projects.
• The IFC works with the private sector to boost entrepreneurship and create sustainable businesses.
• The IFC provides investment, advice, and asset management offerings.
• It lends to businesses and private sector projects.