IFC Greenlights $250 Million Solar Polysilicon Project Despite Controversy

The International Finance Corp (IFC) has approved a $250 million investment in a solar polysilicon manufacturing project in Oman. The decision met objections from the IFC's U.S. executive director, and abstentions from board members representing Germany, the Netherlands, and Nordic countries.

The International Finance Corp (IFC), a branch of the World Bank, has sanctioned a substantial loan and investment package valued up to $250 million for a polysilicon manufacturing plant in Oman. The project is aimed at enhancing solar power capabilities despite certain objections.

Among the dissenters, the IFC's U.S. executive director opposed the move. Additionally, representatives from Germany, the Netherlands, and Nordic countries chose to abstain from the voting process concerning the United Solar Polysilicon project.

The approval marks a significant step in advancing renewable energy resource capabilities, revealing a balancing act between economic progress and boardroom discord.

(With inputs from agencies.)