SBI to sign 200 mln euro LoC with EIB for climate action projects

New Delhi: State Bank of India (SBI) Thursday said it will sign a 200 million euro (about Rs 1,800 crore) Line of Credit (LoC) with the European Investment Bank (EIB) for supporting climate action projects in the country.

The agreement will be signed December 21 at the bank’s IFSC Gift City Branch in Ahmedabad, SBI said in a regulatory filing.

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The loan document will become operational, subject to necessary approvals, it said.

Earlier this month, SBI signed a 70 million euro (about Rs 630 crore) LoC with German Development Bank KfW for promoting solar projects in the country.

The LoC is aimed at supporting Solar Photovoltaics (PV) projects in India.