Mumbai, Jan 24, 2015: State Bank of India (SBI), India’s largest Bank and the European Investment Bank (EIB) the European Union’s long-term lending institution, signed a Loan Agreement for Euro 100 million to be utilised for on-lending to private businesses in the country. This is 3rd tranche of a total loan out of total sanction of EUR 200 million by EIB. A first tranche of Euro 55 and second tranche of Euro 45 million was signed on 25th June 2014 and 28th November 2014 respectively.
The agreement was signed on 19th January 2015, by Ms. Arundhati Bhattacharya, Chairman, State Bank of India and Mr. Roman Escolano, Vice President, EIB at Luxembourg at European Investment Bank head office.
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.
