In a significant move towards environmental initiatives, the State Bank of India (SBI) announced its plan to sign a Line of Credit (LoC) worth 200 million euros (approximately Rs 1,800 crore) with the European Investment Bank (EIB). The primary focus of this collaboration is to support climate action projects within the country. The formal agreement is scheduled to be signed on December 21 at SBI’s IFSC Gift City Branch in Ahmedabad, as revealed in a regulatory filing by the bank.
However, the operationalization of the loan document is contingent upon obtaining the necessary approvals. This financial collaboration follows SBI’s recent engagement in promoting solar projects, having signed a 70 million euro (about Rs 630 crore) LoC with the German Development Bank KfW earlier this month. The objective of this LoC with KfW is to provide support to Solar Photovoltaics (PV) projects in Bharat.
These strategic partnerships between SBI and international financial institutions underscore a growing commitment towards sustainable and eco-friendly initiatives. The infusion of funds into climate action and solar projects aligns with the global push towards renewable energy and underscores SBI’s role in fostering environmental responsibility.
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