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SIDBI project gets $215.6M funding from Green Climate Fund

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SIDBI project gets $215.6M funding from Green Climate Fund

The Green Climate Fund (GCF) has approved a $215.6 million loan facility for Small Industries Development Bank of India (SIDBI) to implement Financing Mitigation and Adaptation Projects (FMAP) in Indian small businesses. The funding aims to support Indian micro, small and medium enterprises in adopting low-emission and climate-resilient technologies, contributing to India's net-zero targets. The facility includes $200 million for concessional loans and a $15.6 million grant to build the capacity of stakeholders. This initiative is expected to result in significant greenhouse gas emission reductions and enhance the resilience of vulnerable communities. SIDBI has already allocated $24.5 million to Avaana Sustainability Fund under this facility.

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