SIDBI Secures $215.6 Million from Green Climate Fund for MSME Climate Projects
| Entity | Details |
|---|---|
| Organization | Small Industries Development Bank of India (SIDBI) |
| Funding Approved | $215.6 million |
| Source | Green Climate Fund (GCF) |
| Breakdown of Funding | - $200 million loan- $15.6 million grant for capacity building |
| Purpose | Creation of a $1 billion corpus for Financing Mitigation and Adaptation Projects (FMAP) for MSMEs |
| Additional Funding | $800 million (partly from SIDBI's balance sheet and partly raised from the market) |
| Total Corpus | $1 billion |
| FMAP Facility | Provides 10,000 concessional loans to MSMEs for low-emission, climate-resilient technologies |
| Expected Outcomes | - Reduction in greenhouse gas emissions by 35.3 million tonnes- Substantial water savings- Benefits to 10.8 million beneficiaries |
| Related News | Asian Development Bank (ADB) approved $240 million for rooftop solar projects in India through SIDBI and NABARD |
| Green Climate Fund (GCF) | - Largest dedicated climate fund globally- Portfolio: 270 projects worth $14.9 billion ($58.7 billion including co-financing)- Funding approvals: $1 billion for 17 projects in 35 countries |