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, SBI to back €100 m Neev Fund II for SMEs
May 08, 2021
Fund will offer equity support for ‘innovative’ firms
The European Investment Bank (EIB) and the State Bank of India (SBI) have agreed to back the new Neev Fund II, which will invest up to €100 million in Indian small and medium-sized enterprises (SMEs).
Neev II Fund, which is under the management of SBICap Ventures (a step-down subsidiary of SBI), will provide growth and expansion capital to companies offering solutions for clean energy, electric vehicles, efficient use of raw materials, and water and circular economy projects in the country.
“The fund will enable Indian innovative and emerging companies to fund their growth through equity or quasi-equity instruments,” according to a joint statement issued by EIB, SBI and the European Commission.
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.