Green Investment Bank (GIB) has announced to initiate a pilot project in India, South Africa and east African nations. The project is to fund overseas ventures in renewable energy sector for approx Rs 1,800 crore.
Reports say that, “GIB will initiate the pilot project in three regions East Africa, South Africa and India in order to focus on investments in renewable energy and energy efficiency,”
The bank aims to invest in green projects on commercial terms. They would mobilise additional private sector capital, the bank statement said.
GIB said that it will now start finalizing the programme details and identifying suitable investment opportunities.