NEW DELHI, Jan 24: State Bank of India (SBI), country’s largest bank and the European Investment Bank (EIB) the European Union’s long-term lending institution, has signed a loan agreement for 100 million euro to be utilised for providing credit to private businesses in the country. This is third tranche of a total loan out of total sanction of 200 million euro by EIB. A first tranche of 55 million euro and second tranche of 45 million euro was signed on June 25 and November 28, 2014 respectively. The agreement was signed between Arundhati Bhattacharya, Chairman, State Bank of India and Roman Escolano, vice president, EIB.
The loan will be utilised to support the development of private sector, in particular small and medium-sized enterprises (SMEs), social and economic infrastructure as well as climate change mitigation and adaptation in India. The EIB funds will be earmarked for financing projects across a broad range of sectors, including manufacturing, as well as wholesale and retail trade and services. The entire process was facilitated by SBI’s subsidiary, SBI Capital Markets.
(AGENCIES)
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