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India signs Grant Agreement with IBRD for additional financing of MSMEs Project

Dec 14, 2016 13:17 IST

India on 13 December 2016 signed a Grant Agreement of USD 5.19 million with International Bank for Reconstruction and Development (IBRD) for Additional Financing for Financing Energy Efficiency at MSMEs Project- Programmatic Framework for Energy Efficiency.

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The agreement was signed by Raj Kumar, Joint Secretary at Department of Economic Affairs on behalf of the Union Government and Junaid Ali Ahmad, Country Director of World Bank (India) on behalf of IBRD.
IBRD acts as an Implementing Agency of the Global Environment Facility.

Highlights of the agreement

• The additional financing will be used to scale up the initiatives that were taken up under the parent project.
• It will bridge the gap in understanding among different stakeholders mainly energy professionals or technology suppliers, banks and financial institutions.
• It will be implemented through a three pronged approach- (i) Capacity building (ii) Direct involvement to augment EE investments at MSME level and (iii) Escalating the EE knowledge base to scale up and replicate the project initiatives such as by establishing key performance indicators.

Background
• This agreement was signed under the parent project India: Financing Energy Efficiency at MSME Project (FEEMP) that was initiated in September 2010 with the Grant amount of US$ 11.3 million.
• It aimed at increasing the demand for energy efficiency investments in selected micro, small and medium enterprise clusters.
• Currently, the parent project has a satisfactory rating towards attainment of Project Development Objective (PDO) and implementation performance.

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Read more Current Affairs on: India , Grant Agreement , IBRD , World Bank , additional financing , MSMEs Project

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