World Bank to help Indian banks

Mumbai: The World Bank has offered to assist Indian commercial banks in financing energy conservation projects. The State Bank of India (SBI), Indias largest public sector bank, has been told that any specific energy conservation project SBI undertakes will be funded by the World Bank. Apart from SBI, other banks involved in the energy conservation project are Bank of Baroda and Syndicate Bank. Initially these banks will look to funding small- and medium-scale enterprises for energy-saving devices on a pilot basis, after which other commercial banks will be roped in. Recently the World Bank had convened a meeting of banks and other institutions involved in energy conservation.

The primary objective of the World Bank is to expand investments in energy efficiency projects in developing countries to increase investments from domestic, commercial and financial institutions. In this regard, its main focus is on the three largest developing countries, namely China, India and Brazil.