World Bank, SIDBI launches fund for financing purchase of 2/3 wheelers EV

World Bank, SIDBI launches fund for financing purchase of 2/3 wheelers EV : The govt will launch $1 billion fund in collaboration with World Bank and Small Industries Development Bank of India (SIDBI).

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Aim: To provide guarantees against loan default to lenders financing purchase of 2/3 wheelers EV and facilitate faster and easier financing of EVs.

The NITI Aayog will be the facilitating agency of the project. Initially a $300 million fund will be used as a “first loss risk sharing instrument.”

Implementing institution: SIDBI.