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Axis Bank to finance EVs $300 mn through PIDG

Axis Bank and the Private Infrastructure Development Group (PIDG) have signed a partnership to implement a $200 million umbrella guarantee framework with a $300 million program to accelerate the e-mobility eco-system in India. The definitive documents are expected to be formally signed by the end of 2021, subject to internal and regulatory approvals.

This framework supports Axis Bank’s commitment of incremental financing of Rs 300 billion under wholesale banking to sectors with positive social and environmental outcomes by FY 2026. The bank has also committed to making 5 % of its 2-wheeler loan portfolio electric by FY 2024. The ramp-up period of the program will be two years from the date of signing.

Amitabh Chaudhry, MD & CEO, Axis Bank said, “Our partnership with GuarantCo is an important milestone in our ESG (Sustainable Development Goals) journey. It will act as a significant force multiplier for India’s EV sector, which is expected to cross over 6 million units annually within the next decade.”

Philippe Valahu, CEO of, PIDG said that investments in the electric mobility market will be vital to help meet the challenging climate targets.

Emily Bushby, Interim CEO, GuarantCo said, “It will be our first transaction in this important sector which could have a significant positive impact on climate and general improvement of human life.”

PIDG, funded by six governments (the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany) and the IFC, mobilizes private investment in pioneering infrastructure in the frontier markets of sub-Saharan Africa and south and south-east Asia to promote economic development and combat poverty. Since 2002, PIDG, a guarantee arm of GuarantCo, has supported 157 infrastructure projects to reach financial close and provided 209 million people with access to new or improved infrastructure.

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