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Banks (Finance)

EIB and SBI Launch 100 Million Climate Action and Sustainable Business Financing Initiative

Strategic Insights

— 1 min read

The European Investment Bank (EIB) and the State Bank of India (SBI) have joined forces to back a new 100 million initiative aimed at accelerating India's green recovery from COVID-19 through sustainable business financing. The Neev Fund II, managed by SBICap Ventures, will invest in small and medium-sized businesses (SMEs) offering solutions for clean energy, electric vehicles, and circular economy projects. The fund will also target sectors supporting the achievement of the UN Sustainable Development Goals (SDGs), particularly addressing climate change through energy, agricultural, water, and waste management technologies.

Key Takeaways:

  • The Neev Fund II is a 100 million initiative backed by EIB and SBI to accelerate India's green recovery from COVID-19 through sustainable business financing.
  • The fund will invest in SMEs offering solutions for clean energy, electric vehicles, and circular economy projects, targeting sectors that support the achievement of the UN Sustainable Development Goals (SDGs).
  • The fund aims to tackle climate change through energy, agricultural, water, and waste management technologies.
  • EIB Vice President Christian Kettel Thomsen emphasized the need for innovative forms of financing, citing the examples of private equity funds, to support climate action and environmental sustainability solutions.
  • The partnership between EIB and SBI is a true sign of the global impact of the EU-India partnership.
  • SBICap Ventures will manage the Neev Fund II, providing growth and expansion capital to SMEs offering innovative solutions for sustainable development.

Statistics:

  • The Neev Fund II has a total committed amount of 100 million.
  • The fund aims to support SMEs offering solutions for clean energy, electric vehicles, and circular economy projects.
  • 90% of the investments will be in sectors that support the achievement of the UN Sustainable Development Goals (SDGs), particularly addressing climate change.

Sources:

  • "EIB and SBI Launch 100 Million Climate Action and Sustainable Business Financing Initiative." Syndigate.info.

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