The nation's largest lender State Bank of India (SBI) today said Prime Minister Narendra Modi launched the country's first low-income state infrastructure equity partnership (or the Neev fund) in London.
The event was also attended by British Prime Minister David Cameron.
The two prime ministers recognised the importance of infrastructure for sustainable development and launched the country's first low-income state infrastructure equity partnership with co-investment from the British department of international development and SBI, the bank said in a late evening statement.
The fund aims at providing equity partnerships for small infrastructure development in sectors like water and sanitation, clean energy and urban infrastructure.
Commenting on the product, Bank chairperson Arundhati Bhattacharya said, "SBI is proud to be associated with the British department for international development to launch this fund that will invest in small infrastructure projects in eight low-income states. This fund will help small projects raise capital in the long-term and expressed hope that the fund will give an impetus to more equitable growth.
