SBI to sign €200 million LoC with European Investment Bank

By Rishabh Raj

Dec 21, 2023

03:27 pm

What's the story

The State Bank of India (SBI) revealed plans to sign a €200 million (around Rs. 1,800 crore) Line of Credit (LoC) with the European Investment Bank (EIB) to support climate action initiatives in India. SBI stated in a regulatory filing that the agreement is set to be signed today at their IFSC Gift City Branch in Ahmedabad.

Insights

Loan document awaits necessary approvals

The loan document will become operational, subject to necessary approvals, it said. This news comes on the heels of SBI's recent signing of a €70 million (approximately Rs. 630 crore) LoC with German Development Bank KfW earlier this month. The LoC is aimed at supporting Solar Photovoltaics (PV) projects in India.