How does the IFC define "inclusive business"?

The IFC defines "inclusive business" as business practices that provide affordable goods and services to low-income populations. This concept emphasizes creating opportunities for people who are often marginalized in the economy, enabling them to access products and services that meet their needs. Inclusive business models aim to foster economic growth by incorporating low-income consumers into the value chain, thus contributing to poverty reduction and socioeconomic development.

By providing affordable goods, businesses not only enhance the quality of life for low-income individuals but also create sustainable markets that can drive further economic activity. This approach aligns with the IFC's mission to promote sustainable development through private sector growth, highlighting the importance of inclusivity in business practices.