SBI Partners with France's AFD for €100 Million Green Finance Boost

The State Bank of India (SBI), the country's largest lender, announced on Saturday its partnership with Agence Française de Développement (AFD) with a significant €100 million Line of Credit arrangement. The agreement was finalized at SBI's GIFT City branch in Gandhinagar.

The financing aims to support crucial climate action in India, focusing on both mitigation and adaptation strategies to combat climate change impacts. This strategic collaboration underscores SBI's commitment to reducing greenhouse gas emissions and preparing infrastructure for future climate challenges, according to a statement from the bank.

Striving for a low-carbon economy, the partnership also helps SBI move closer to its goal of having a green portfolio that makes up 7.5-10% of its domestic gross advances by 2030. Furthermore, it allows SBI to offer competitive financial solutions while benefiting from AFD's climate finance expertise to align with global sustainability standards.

(With inputs from agencies.)