According to reports, the Asian Development Bank plans to provide a $100 million credit line to ICICI Bank. This is to fund renewable energy and energy efficiency projects in India.
The central bank’s board approved the sanction on Wednesday.
The credit line will target only projects identified by ADB and ICICI Bank. This is taking into consideration Indian government objectives and overall impact assessment, according to ADB.
The bank’s support will help in developing renewable energy and energy efficiency in priority sectors. It will also catalyse local commercial bank financing to support the development of smaller and medium-sized renewable energy and energy efficiency projects that are too small for ADB to support on a project-by-project basis, the central bank said.