ICICI Bank signs MoU with MITCON

Chennai, Aug 14 (UNI) ICICI Bank has signed a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited for providing one-stop solutions to industries for Clean Development Mechanism (CDM) projects and Carbon Credit business.

The new arrangement would benefit a large number of SME units, who would be able to avail a complete package of services through guidance from reliable partners with proven experience in the Carbon Credit business with the backing of ICICI Bank, a release here said today.

As per the terms of the MoU, ICICI Bank and MITCON would co-operate and work together for generating the business leads for all the services related to carbon credit business.

While MITCON would provide all the services related to identification of project, registration of the project with Clean Development Mechanism (CDM) executive board and recurring verifications, the ICICI Bank would provide certain services related to commercialization of Certified Emission Reduction Certificates (CERs), co-ordination services and banking related services subject to the bank's due diligence in the normal course of business and prevailing term and conditions.

Furthermore, both companies had agreed to collaboratively explore joint development of generating business leads for debt financing project.

In addition to the MoU, MITCON would work as a resource agency for guiding SMEs on Carbon Credit and Green projects, the release added.

UNI