SBI signs €100 mn loan pact with European Investment Bank
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Mumbai: State Bank of India (SBI) on Friday said it has signed a loan agreement for €100 million with the European Investment Bank (EIB), a long-term lending institution of the European Union.
The loan will be utilised for lending to private businesses in India, SBI said in a statement.
“This is third tranche of a total sanction of €200 million by EIB. A first tranche of €55 million and second tranche of €45 million were signed on 25 June, 2014 and 28 November, 2014 respectively,” SBI said in a statement.
The agreement, which was signed on 19 January, was facilitated by SBI Capital Markets.
The loan will be utilised to support the private sector’s development—in particular small and medium-sized enterprises, social and economic infrastructure as well as climate change mitigation and adaptation in India.
The EIB funds will be earmarked for financing projects across a broad range of sectors, including manufacturing, as well as wholesale and retail trade and services, the statement said.
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