SBI To Forge €200 Mn Climate Action Partnership With European Investment Bank
State Bank of India (SBI) has announced its intention to formalise a EUR 200 million (approximately Rs 1,800 crore) Line of Credit (LoC) with the European Investment Bank (EIB). The agreement is slated to be signed on 21 December at SBI's IFSC Gift City Branch in Ahmedabad, with the operationalization of the loan document contingent upon the requisite approvals.
This financial collaboration underscores SBI's proactive stance in contributing to projects aimed at combating climate change within the country. The EUR 200 million LoC is earmarked for initiatives aligned with climate action, reflecting a concerted effort by SBI to play a pivotal role in promoting sustainability.
This move follows a recent development where SBI sealed a EUR 70 million (about Rs 630 crore) Line of Credit with the German Development Bank KfW. The earlier agreement focused on bolstering solar projects in India, particularly those centered on Solar Photovoltaics (PV).
The financial alliance with international entities like EIB and KfW underscores global recognition of India's commitment to addressing environmental concerns and fostering sustainable practices.
