World Economy

India Bank, WB Sign Deal

India Bank, WB Sign DealIndia Bank, WB Sign Deal

Banking behemoth the State Bank of India has gone global to support clean energy, seen as a key to meet the country’s mammoth power requirement while protecting the environment, PTI reported. The bank has inked an agreement with the World Bank for a $625 million credit facility, aimed at supporting solar energy, the lender said in a release issued on Saturday. “With around 300 days of sunshine every year, India has among the best conditions in the world to harness solar energy, said Onno Ruhl, country director, World Bank India.  “The rapid expansion of solar power can improve the quality of life for millions of Indians, especially for its poorest citizens.”