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2010-10-08

IDBI Bank ties up with WRI

In a bid to boost the energy saving initiatives especially for the micro, small and medium enterprises (MSME) segment, IDBI Bank has entered into an agreement with World Resource Institute (WRI) an en

In a bid to boost the energy saving initiatives especially for the micro, small and medium enterprises (MSME) segment, IDBI Bank has entered into an agreement with World Resource Institute (WRI) an environmental research organisation whose headquarter is in US, for providing consultancy services to its borrowers on energy cost reduction and adopt more energy efficient steps. The cost involved in putting these energy efficient steps in use will be taken care of by the IDBI Bank and WRI will guarantee the savings.

Elaborating on this new tie-up T.R. Balajia, Executive Director and Head MSME at IDBI Bank said, “The MoU with WRI envisages IDBI Bank as the official partner/ financier which would enable the Bank to develop financial products to meet the needs of ESCO (Energy Saving Company) projects, besides implementing the ESCO projects in select MSME’s who have potential for energy savings in their units. As WRI has analysed the investment potential of the ESCO industry in India, this tie-up would go a long way in helping both partners to grow in this niche segment.”

The steps taken by IDBI bank is a part of the initiatives taken to promote and promote the SME sector in the country. Earlier, IDBI Bank and SIDBI entered into a special partnership for joint financing of MSME clients.  

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