Gift City (Gujarat) [India], August 30 : State Bank of India (SBI) has signed a Line of Credit agreement of EUR 100 million with Agence Francaise de Developpement (AFD) at its GIFT City branch.
According to a statement from the Indian lender, the funds mobilised through this partnership will be utilised in Climate Mitigation Actions aimed at reducing greenhouse gas emissions to slow down global warming and climate adaptation measures designed to adjust systems, practices, and infrastructure to minimize the damage caused by current or anticipated impacts of climate change.
The partnership is a strategic step towards SBI's goal of achieving a green portfolio constituting 7.5-10 per cent of its domestic gross advances by 2030.
Additionally, it will also enable the bank to provide competitive financing solutions that would further strengthen India's green transition drive, it said.
The collaboration allows SBI to leverage AFD's expertise in climate finance and align with global sustainability frameworks. This includes support for innovative green technologies, project structuring, and ESG integration to ensure measurable environmental and social impact.
One of the SBI Senior Officials stated, "The Bank has been raising LoCs from MDBs and DFIs and deploying the funds to support specific green/sustainable activities."
"Through this collaboration with AFD, we are not only advancing our green finance roadmap but also enabling impactful climate solutions across India. This partnership reflects our unwavering commitment to sustainability and the vision of Viksit Bharat by 2047," the senior SBI official was quoted in the statement.