SBI inks MoU with Germany-based KfW Carbon Fund

Mumbai, May 20 (UNI) State Bank of India (SBI) today announced its tie-up with Germany-based KfW Carbon Fund, for jointly exploring and financing sustainable clean development mechanism (CDM), opportunities in various development and industrial sectors.

The Memorandum of Understanding (MoU) was signed by SBI Managing Director and Chief Credit and Risk Officer S K Bhattacharya and KfW Carbon Fund Vice President Karin Sittler, a SBI release said today.

The association with KfW, Germany's promotional Bank, would increase SBI's capabilities in Carbon Credit segment especially in development of CDM projects, Mr Bhattacharya said.

''As I see it, the association with KfW Carbon Fund will benefit a large number of small and medium scale units in India as they will get the benefit of a complete package of services and working with reliable partners with proven experience in the Carbon Credit business,'' he added.

While Ms Sittler stated that the proposed tie-up would leverage on the increased reach of SBI and provide a forum for joint cooperation of two large Banks in mitigating the effects of climate change.

UNI PP RN SKB2056