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 (EVs) for micro, small and medium enterprises (MSMEs).
The financing will be done under EVOLVE (EV operations and lending for vibrant ecosystem), under which SIDBI give access to affordable commercial financing for EVs. The scheme seeks to finance 50,000 EVs (50K-EV4ECO). 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.