[Funding News] SIDBI Project Obtains $215.6M Funding from Green Climate Fund

The Green Climate Fund (GCF) has granted approval for a loan facility of $215.6 million to one of the projects of the Small Industries Development Bank of India (SIDBI).

The financing is intended for the implementation of Financing Mitigation and Adaptation Projects (FMAP) in small enterprises in India.

It aims to assist Indian micro, small, and medium companies (MSMEs) in implementing low-emission and climate-resilient technology, thereby helping the government achieve its net-zero targets.

The initiative would offer concessional loans to small enterprises in India to facilitate the adoption of diverse mitigation and adaptation technologies.

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The funding comprises a $200 million facility for concessional loans, along with $15.6 million in grant support from GCF. The grant support will be used to enhance the capacity of different stakeholders, including MSMEs and PFIs, to comprehend and adopt low-emission and climate-resilient technologies.

The FMAP initiative is projected to achieve a reduction of 35.3 million tonnes in greenhouse gas (GHG) emissions. Additionally, the adaptation measures will not only result in significant water conservation but also enhance the ability of vulnerable communities to withstand challenges. This will benefit over 10.8 million beneficiaries.

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