SBI to ink 200 million euro LoC with EIB for climate-related projects

21 Dec 2023 , 01:53 PM

The State Bank of India (SBI) said on Thursday that it will sign a 200 million euro (about Rs 1,800 crore) Line of Credit (LoC) with the European Investment Bank (EIB) to assist climate action initiatives in India. According to a regulatory filing, the deal would be inked on December 21 at the bank’s IFSC Gift City Branch in Ahmedabad.

It said that the loan documentation would become active after all applicable clearances will be obtained.

Earlier this month, SBI also inked a Memorandum of Understanding (MoU) with the German Development Bank KfW earlier this month to promote solar projects in the nation.

The LoC is intended to help solar photovoltaic (PV) installations in India.

At around 1.49 PM, SBI was trading 0.37% higher at Rs 638.80, against the previous close of Rs 636.45 on NSE. The counter touched an intraday high and low of Rs 643.30 and Rs 627.50, respectively.

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