Synopsis
SBI already invests in a vehicle called Neev Funds for its impact investing objectives, and the two entities have created Neev Fund II for taking ahead this partnership.
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Neev Fund II will provide equity and quasi-equity to SMEs, targeting sectors that support the achievement of the UN SDGs, particularly aiming to limit climate change through energy, agricultural, water, and waste management technologies.
MUMBAI: The European Investment Bank and the country s largest lender SBI on Friday entered into a pact to jointly pump €100 million in equity financing into Indian small businesses focused on climate change and sustainability.
An agreement got signed on the margins of the European Union-India leaders meeting in Portugal, where both the financial institutions agreed to back the initiative, as per a statement.
SBI, EIB to invest up to Euro 100 mln in Indian SMEs focused on climate change, sustainability
An agreement got signed on the margins of the European Union-India leaders meeting in Portugal, where both the financial institutions agreed to back the initiative.
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MUMBAI: The European Investment Bank and the country s largest lender SBI on Friday entered into a pact to jointly pump Euro 100 million in equity financing into Indian small businesses focused on climate change and sustainability.
An agreement got signed on the margins of the European Union-India leaders meeting in Portugal, where both the financial institutions agreed to back the initiative, as per a statement.
SBI and EIB to pump €100M in SMEs focused on climate change, sustainability yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.
EIB investment in Neev Fund II one of its first equity operations in India
Neev Fund II is a result of the shared commitment of the EIB and SBI to supporting climate action and environmental sustainability
The private equity fund will invest up to â¬100 million in Indian SMEs offering solutions critical to the success of global climate action
On the margins of the EU-India Leaders Meeting, the European Investment Bank (EIB) and the State Bank of India (SBI) have agreed to back a new initiative of â¬100 million for new high-impact climate action and sustainability business financing.
The importance of the new Neev Fund II to accelerating Indiaâs green recovery from COVID-19 and strengthening sustainable investment was highlighted by EIB President Werner Hoyer in discussions ahead of the formal announcement at the EU-India Leaders Meeting in Portugal.