SBI signed a loan agreement for 100 million Euro with European Investment Bank

Jan 24, 2015 12:55 IST

State Bank of India (SBI) on 19 January 2015 signed a loan agreement for 100 million Euro with the European Investment Bank (EIB).

EIB is a long-term lending institution of the European Union. The agreement was facilitated by SBI Capital Markets.

The loan will be utilised to support the private sector’s development—in particular small and medium-sized enterprises, social and economic infrastructure as well as climate change mitigation and adaptation in India. The EIB funds will be earmarked for financing projects across a broad range of sectors, including manufacturing, as well as wholesale and retail trade and services.

This is third tranche of a total sanction of 200 million Euro by EIB. A first tranche of 55 million Euro and second tranche of 45 million Euro were signed in June 2014 and November 2014 respectively.

About European Investment Bank

The European Investment Bank (EIB) is the European Union's nonprofit long-term lending institution. EIB was established in 1958 under the Treaty of Rome.

As a policy-driven bank whose shareholders are the member states of the EU, the EIB uses its financing operations to bring about European integration and social cohesion.

The EIB is a publicly owned international financial institution and its shareholders are the EU member states. Thus the member states set the bank's broad policy goals and oversee the two independent decision-making bodies—the board of governors and the board of directors.

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