Latest News | SIDBI Ties Up with France's AFD for USD 100 Million Credit Line

Mumbai, Feb 12 (PTI) The Small Industries Development Bank of India on Wednesday said it has tied up with AFD, under which the French lender will provide a USD 100 million credit line.

The resources will be deployed by Small Industries Development Bank of India (SIDBI) to scale up its green finance solutions for the Indian micro, small and medium enterprises (MSMEs), according to a statement.

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AFD will provide a credit line of USD 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.

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"The USD 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)