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SBI, KfW signs Rs 1,958 crore agreement for energy-efficient housing program

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The program will be a part of Indo-German Development Cooperation which is guided by the 2030 Agenda for Sustainable Development.

State Bank of India (SBI) said on Monday it has signed a loan agreement with KfW, the German development bank, for 277 million dollars (about Rs 1,958 crore) for establishing an energy-efficient housing program in India.

The facility has been signed after an agreement on financial cooperation between the two governments in October.

The program will be a part of Indo-German Development Cooperation which is guided by the 2030 Agenda for Sustainable Development.

Under the program, both builders and home buyers will be financed for developing and purchasing energy-efficient residential projects that achieve at least 25 percent energy savings in comparison to standard reference buildings.

Hence, the program will contribute to India’s policy framework towards energy conservation in the residential building sector and a reduction in greenhouse gas emissions.

In addition to the 277 million dollar loan facility, KfW will also extend a grant of 1.5 million euros to SBI as a technical assistance package.

The technical assistance funds will be used for supporting SBI in the preparation, implementation, and monitoring of the program.

Further, an investment grant of 10 million euros has also been provided for incentivizing builders to develop housing projects that achieve significantly higher levels of energy savings vis-a-vis standard reference buildings (that is at least 40 percent savings).

The arrangement of the loan and the grant facilities was facilitated by SBI’s investment banking subsidiary SBI Capital Markets Ltd.

Source: ANI

(The story has been published from a wire feed without any modifications to the text)

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