BHUBANESWAR, NOV 29, 2022
Small Industries Development Bank of India (SIDBI) and Agence Française de Développement (AfD) have joined hands with the aim of strengthening the cooperation on climate change and greening finance.
AFD is a public development finance institution whose objective is to support both India’s international commitments on reducing greenhouse gases emissions and to ensure economic and social development of the country. AFD is a member of IDFC.
SIDBI is a public development bank which promotes the Micro, Small and Medium Enterprises (MSME) sector in India, providing green finance and tools to its beneficiaries. SIDBI is a member of IDFC and heads the climate-working group of IBA.
This partnership will explore the potential sustainable finance facility towards green finance and other projects related to greening SIDBI financial system, and in turn aiming to strengthen the implementation of the Paris Agreement and the Net Zero 2070 objectives.
A stepping stone arrangement used in seeking the cooperation opportunities between AfD and SIDBI to support and encourage programs and projects that are in line with green strategies.
The signatories will define potential areas of cooperation and business development related to the Green Indian Financial System aka the GIFS Initiative, develop projects whose objective is to green the financial system in India and other projects related to sustainable finance, and provide consultancy services for technical assistance.