State Bank of India (SBI) Partners with Agence Française de Développement (AFD) for Green Finance Initiative
SBI and AFD agree on a Euro 100 million credit line to bolster eco-friendly financial support in India
State Bank of India (SBI) has signed a significant Line of Credit agreement of EUR 100 million with Agence Française de Développement (AFD) at its GIFT City branch. This partnership is a strategic step towards SBI's goal of achieving a green portfolio, with a target of 7.5-10 per cent of its domestic gross advances by 2030, and potentially expanding to 10-30 per cent.
The collaboration aims to enable impactful climate solutions across India. It allows SBI to provide competitive financing solutions for India's green transition drive, while also leveraging AFD's expertise in climate finance.
The senior SBI official emphasized the bank's unwavering commitment to sustainability and the vision of Viksit Bharat by 2047. He stated that the collaboration with AFD advances the bank's green finance roadmap, supporting innovative green technologies, project structuring, and ESG integration.
The funds mobilised through this partnership will be utilised in Climate Mitigation Actions. The partnership does not repeat any previously mentioned specifics about the funds, actions, or technologies involved, but it is clear that the goal is to reduce greenhouse gas emissions to slow down global warming and climate adaptation measures.
The partnership does not repeat the aim to ensure measurable environmental and social impact, but it is evident that this is a key objective. The collaboration is designed to deliver a measurable positive impact on the environment and society, as part of SBI's commitment to a sustainable future.
The senior SBI official also highlighted that the bank has been raising LoCs from MDBs and DFIs and deploying the funds to support specific green/sustainable activities. This partnership is just one example of SBI's ongoing efforts to support India's green transition.
In conclusion, the partnership between SBI and AFD is a significant step forward in India's journey towards a sustainable future. It demonstrates SBI's commitment to innovation, sustainability, and the vision of a green India. As we move towards a more sustainable future, partnerships like this one will be crucial in driving the necessary changes and ensuring a greener, cleaner, and more resilient planet for all.
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