Sidbi is planning to finance nearly 50,000 EVs for MSMEs, collaborating with Niti Aayog for technical support, while financial assistance will be provided by World Bank, Korea-World Bank partnership facility and Korean economic development cooperation fund. All financing will be done under a new project called Evolve (Electric Vehicle Operations and Lending for a Vibrant Ecosystem).
Jun 6, 2023
Small Industrial Development Bank Of India (Sidbi), in collaboration with Niti Aayog, World Bank, Korea-World Bank partnership facility and Korean economic development cooperation fund, plans to finance electric vehicles for small and medium industrial units. All the financing will be done under a new project named Evolve, which stands for Electric Vehicle Operations and Lending for a Vibrant Ecosystem. Under this project, Sidbi aims to provide affordable commercial financing for EVs, as per a statement by the national bank.
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According to statements by Sidbi, technical support will be provided to Sidbi by Niti Aayog, and financial assistance will be provided by the World Bank, Korea-World Bank partnership facility and the Korean economic development cooperation fund. Sidbi has already launched two financing schemes, one scheme for direct lending to MSMEs and another scheme for lending to N, to help them offer lower-cost financing. Mr. S. Ramann, Chairman and Managing Director, Sidbi stated that the new scheme seeks to finance 50,000 EVs. The Korean economic development cooperation fund’s chief representative, Mr. Kim Kisang shared that his government will extend support for the Sidbi programme to address the key barriers to the adoption of EVs as well as knowledge sharing between both countries. Mr. Gerald Ollivier of the World Bank said that the Evolve project is designed to support around 1.5 million EVs and build the ecosystem in the mobility segment.
