Private sector bank City Union Bank has secured a US$50 million commitment from the International Finance Corporation (IFC), a member of the World Bank Group. The financing is aimed at supporting small and medium-sized enterprises in the transition to energy-efficient and cost-effective solutions.
Kamakodi N, Managing Director and CEO of CUB said: “We are now moving towards green finance to support our country in achieving sustainable growth and low carbon emissions.”
Imad N Fakhoury, IFC Regional Director for South Asia, said: “Working with CUB, IFC aims to expand access to sustainable financing and demonstrate the viability of financing the energy transition for this critical sector, while contributing to India’s energy security. Together, we will help small businesses become more competitive, reduce costs and create essential jobs for entrepreneurs in India.”
In a statement, the bank said SMEs play a vital role in India’s economy, contributing 30% to the country’s GDP. “However, high energy costs pose a significant challenge to their competitiveness. Access to renewable and efficient energy sources offers a cost-effective alternative that helps businesses reduce costs, increase efficiency and support sustainable growth,” the bank said.
Published – 31 Oct 2025 22:28 IST
