The Small Industries Development Bank of India on Wednesday said it has tied up with AFD, under which the French lender will provide a $100 million credit line. The resources will be deployed by Small Industries Development Bank of India to scale up its green finance solutions for the Indian micro, small and medium enterprises, according to a statement.
AFD will provide a credit line of $100 million to SIDBI to expand access to affordable financing for MSMEs investing in energy-efficient technologies, renewable energy solutions, and climate-friendly business practices, it said.
Both the partners are committed to fostering sustainable economic development and enhancing climate resilience in emerging markets, the statement said, adding that the tie up leverages AFD's climate financing strengths and SIDBI's MSME understanding.
"The $100 million credit line signed with SIDBI marks a crucial step in empowering MSMEs to invest in sustainable solutions. MSMEs have to play a major role in India's commitment to achieving carbon neutrality by 2070," AFD's country director, Lise Breuil, said.
"This collaboration gives fillip to our shared vision of greener, more inclusive, responsive & enterprising economy," SIDBI's chairman and managing director Manoj Mittal said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.