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SBI inks $277 million pact with Germany based KfW for energy-efficient housing programme in India

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On December 16, 2019, State Bank of India (SBI),an Indian multinational, public sector bank has signed a loan agreement worth of $277 million (about Rs 1,958 crore) with KfW (formerly KfW-Kreditanstalt für Wiederaufbau Bankengruppe),a German state-owned development bank for establishing an energy-efficient housing programme in India.
SBI Capital Markets Ltd.,a wholly owned investment banking subsidiary of State Bank of India will arrange the loan and grant facilities under this programme.SBI, KfW sign $277 mn agreement for energy-efficient housing programmeEnergy-efficient housing programme:

i.It will be a part of Indo-German Development Cooperation,which was signed in October 2019 between the Government of India and the Government of Germany, guided by the 2030 Agenda for Sustainable Development.

ii.Financial assistance will be provided under this programme to both builders & home buyers for developing and purchasing energy-efficient residential projects that achieve at least 25% energy savings in comparison to standard reference buildings.

iii.KfW has also decided to extend a grant of 1.5 million euros to SBI as a technical assistance package,which will be used to support SBI for the preparation, implementation, and monitoring of the programme.

iv.KfW will also invest an outlay of 10 million euros for incentivizing builders to develop housing projects that achieve significantly higher levels of energy savings in comparison to standard reference buildings, which is at least 40% savings.

v.This will help India towards energy conservation in the residential building sector & help reduce the greenhouse gas emissions.

About SBI:
Founded– 1 July 1955 (as State Bank of India)
Headquarters– Mumbai, Maharashtra
Chairman– Rajnish Kumar
Tagline– With you all the way, Pure Banking Nothing Else, The Nation’s banks on us.

About KfW:
Founded
– 1948
Headquarters– Frankfurt, Germany
CEO– Dr. Günther Bräunig