World Bank And Niti Ayog Ready Electric Vehicles Financing Push
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♦ The World Bank (WB) and the NITI Aayog (National Institution for Transforming India) are collaborating to support a scheme for faster and easier financing of electric vehicles (EVs).
♦ The State Bank of India (SBI) will serve as the program manager for a $300 million ‘first loss risk sharing instrument’ set up by NITI Aayog and the World Bank.
♦ The present rate of interest on electric two-wheelers and electric three-wheelers, which is at 20-25 percent, is likely to drop to 10-12 percent.
♦ The World Bank is a multilateral financial institution founded in July 1944, the World Bank is headquartered in Washington, DC, and is led by David R. Malpass.