Both the banks have decided to take the initiative for new high-impact climate action and sustainability financing
State Bank of India (SBI) along with the European Investment Bank (EIB) have together agreed to support €100 Mn initiative – Neev Fund II, an investment fund that will back businesses in India, who are exploring climate action and sustainability opportunities.
Neev Fund II, which comes under the management of SBICap Ventures, will invest the amount in Indian small and medium-sized enterprises (SMEs) and help companies who are offering green solutions i.e., clean energy, electric vehicles, efficient use of raw materials, and water and circular economy projects in the country.
“The importance of the new Neev Fund II for accelerating India’s green recovery from covid-19 and strengthening sustainable investment was highlighted by EIB president Werner Hoyer in discussions ahead of the formal announcement at the EU-India leaders meeting in Portugal,” according to a joint statement by SBI and EIB.
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