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Sidbi, YES Bank in MoU under World Bank initiative

energyThe Small Industries Development Bank and YES Bank have entered into a partnership under a World Bank energy efficiency initiative. Sidbi said a memorandum of understanding was signed between Sidbi and YES Bank under the partial risk sharing facility (PRSF) for financing energy efficiency projects programme sponsored by the World Bank. As per the terms of the agreement, Sidbi will guarantee 75% of loans of up to Rs 15 crore extended to the energy efficiency projects. Sidbi is the project execution agency whereas YES Bank is empanelled for the programme. Sidbi expects to provide credit guarantee to more than 500 projects and mobilise financing of up to $127 million through the tie-up. YES Bank retail assets president Sumit Gupta said the financing of energy efficiency projects is still at a nascent stage in India. The project will be instrumental in transforming the energy efficiency landscape in India, he said.

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