Credit and finance for MSMEs: SIDBI, the principal financial institution for MSMEs in India, on Monday said it has launched mission EVOLVE (Electric Vehicle Operations and Lending for Vibrant Ecosystem) in association with NITI Aayog, World Bank, Korean-World Bank and Korean Economic Development Cooperation Fund (EDCF) to finance MSMEs in the EV space.
Under the initiative, SIDBI said it will give MSMEs access to affordable commercial financing for EV loans including hosting of telematics that could help reduce financing costs and provide data for other financial services.
The programme comes in the backdrop of SIDBI’s aim to support India’s target for 30 per cent EV penetration by 2030 or EV30@30.
