Sidbi has tied up with the Niti Aayog, World Bank, Korea-World Bank partnership facility and Korean economic development cooperation fund to finance electric vehicles for small and medium industrial units. The financing will be done under a new project called Evolve, which is electric vehicle operations and lending for a vibrant ecosystem, under which Sidbi will give access to affordable commercial financing for EVs, the national bank said in a statement on Monday.

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While Niti Aayog will give technical support to Sidbi, financial assistance will come from the World Bank, Korea-World Bank partnership facility and the Korean economic development cooperation fund, Sidbi said. The bank has already launched two financing schemes -- direct lending to MSMEs and a scheme for lending to N, to help them offer lower-cost financing.
The new scheme seeks to finance 50,000 EVs, S Ramann, chairman and managing director of Sidbi, said.

Kim Kisang, the chief representative from the Korean economic development cooperation fund, said his government will extend support for the Sidbi programme to address the key barriers to the adoption of EVs as well as knowledge sharing between both countries. Gerald Ollivier of the World Bank said Evolve is designed to support around 1.5 million EVs and build the ecosystem in the mobility segment.