Axis Bank and GuarantCo, through PIDG, are announcing a USD 300 million program-sized guarantee platform to accelerate the transition to the electric vehicle ecosystem in India.

Mumbai (Maharashtra) [India], November 17 (ANI / NewVoir): Axis Bank, India’s third largest private sector bank and private infrastructure development group (PIDG) guarantee branch, GuarantCo has announced a partnership and intent to implement an umbrella guarantee framework of USD 200 million (INR). Equivalent) with a program size of USD 300 million to accelerate e-mobility ecosystem in India.

The event was announced during COP26 in Glasgow, which was also announced by the Prime Minister of the United Kingdom as part of the UK Clean and Green Initiative.

The framework covering the scope of Electric Vehicle (EV) Guarantee in India and the relevance of this partnership was jointly announced by Amitabh Chaudhary, MDCEO, Axis Bank, Philip Walahu, CEO, PIDG and Yukiko Omura, Chairman of the Board of Guarantees. PIDG Board Member. Certain documents, subject to internal and regulatory approvals, are expected to be formally signed by the end of 2021.

The program includes Capex Financing for a wide range of organizations involved in the construction, distribution or servicing of electric vehicles, batteries, components and charging infrastructure. The ramp-up period of the program will be two years from the date of signing.

Speaking on the occasion, Axis Bank MDCEO Amitabh Chaudhary said, “As a responsible financial institution, we want to further strengthen our commitment to achieving the Sustainable Development Goals, which will build a more inclusive, equitable economy and a healthier planet.” – Supporting the mobility sector is an important milestone in our ESG journey. It will serve as a significant strength factor for India’s EV sector, which is expected to cross 6 million units annually within the next decade. ” “We are very excited about this partnership with Axis Bank and the potential for expansion in this important area. Investment in the electronics mobility market will be critical to meeting challenging climate goals in the coming years. And we look forward to working together,” said Phil Philip Vallahu, CEO of PIDG. Emily Bushby, Garretco’s interim CEO, said: “We are pleased to partner with Axis Bank to support Garrett. The EV ecosystem in India. Will be a catalyst for a push that supports PIDG and GuarantCo’s goal of building their own climate mitigation and adaptation portfolio. Does

In addition, the bank has committed to electrify 5 percent of its two-wheeler loan portfolio by FY 2024 as part of its larger commitments towards positive climate action and sustainable development goals (Axis Bank is India’s third largest private sector bank). Axis Bank offers a full spectrum of services covering customer segments covering large and medium corporations, SMEs, agriculture and retail businesses.

As of September 30, 2021, Axis Bank’s network is spread across 2,658 centers across the country, including its 4,679 domestic branches (including extension counters) and 10,970 ATMs, enabling the bank to reach a large cross-section of customers with Arre. Products and services. Axis Group includes Axis Mutual Fund, Axis Securities Limited, Axis Finance, Axis Trustee, Axis Capital, ATRDS Limited, Freecharge and Axis Bank Foundation.

To read more about the bank, please visit GuarantCo mobilizes private sector local currency investments for infrastructure projects and supports the development of financial markets in low-income countries across Africa and Asia. GuarantCo is part of the Private Infrastructure Development Group (PIDG) and is funded stand-by by the governments of the United Kingdom, Switzerland, Australia and Sweden through PIDG Trust, the Netherlands, FMO and PIDG Trust, France. Convenience and Global Affairs Canada through a repayment facility. GuarantCo is rated by AA – Fitch and A1 by Moody’s. GuarantCo’s activities are managed by the GuarantCo management company which is a part of Cardano development.

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure development and finance organization that promotes and mobilizes private investment in pioneering infrastructure in the border markets of sub-Saharan Africa and South and Southeast Asia to fight economic growth and poverty. PIDG pursues its ambitions in line with the values ​​of opportunity, accountability, security, integrity and influence.

Since 2002, PIDG has supported the financial closure of 157 infrastructure projects and provided access to new or improved infrastructure to 209 million people. PIDG is funded by six governments (United Kingdom, Netherlands, Switzerland, Australia, Sweden, Germany) and IFC.

This news is thanked by NewsVoyer. ANI will in no way be responsible for the content of this article. (ANI / NewsViewer)

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