World Bank And Niti Ayog Ready Electric Vehicles Financing Push

Highlights:

• The World Bank and Niti Ayog are ready to financially push the EV’s in India.
• 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 %, is likely to drop to 10-12 %.
• 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.