SIDBI to finance 50,000 EVs for SMBs

The Small Industries Development Bank of India (SIDBI) has tied up with Niti Aayog, World Bank, Korea-World Bank Partnership Facility, and Korean Economic Development Cooperation Fund to finance electric vehicles (EVs) for small and medium industrial units.

The financing will be done under a new project called Evolve, under which SIDBI will give access to affordable commercial financing for EVs, SIDBI said in a statement.

While Niti Aayog will give technical support to SIDBI, financial assistance will come from World Bank, Korea-World Bank Partnership Facility, and the Korean Economic Development Cooperation Fund.

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The new scheme seeks to finance 50,000 EVs, said S Ramann, Chairman and Managing Director of SIDBI.

Kim Kisang, the chief representative from the Korean Economic Development Cooperation Fund, said his government will extend support to the SIDBI programme to address the key barriers to the adoption of EVs as well as enable knowledge sharing between both countries.

Gerald Ollivier of the World Bank said Evolve is designed to support around 1.5 million EVs and build the mobility ecosystem.