IFC provides $5 million funds to NSL Renewable Power

NSL Renewable Power which develops and operates renewable energy projects across India, will be provided funding of of $5 million by the International Finance Corporation (IFC) – a member of the World Bank Group (not to be confused with World Bank). This financing will support the company to double its power generation capacity over the next 18 months. This is for the second time the company is receiving funds from the IFC after getting a $20-million equity investment that IFC had made in the company in 2011.
About NSL Renewable Power:
NSL Renewable Power develops and operates renewable energy projects using biomass, wind, hydro, and solar technologies. It has an operational capacity of 185 MW across India.
What is the difference b/w World Bank and World Bank Group?
The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF). The World Bank and the IMF are both based in Washington DC, and work closely with each other.
Difference:
World Bank Group is a large group which comprises of five institutions collectively:

1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

Whereas, World Bank is comprised of only two institutions:

1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)

Month: Current Affairs - June, 2013