Private sector bank City Union Bank has secured $50 million commitment from International Finance Corporation (IFC), a member of the World Bank Group. The financing is aimed at supporting MSMEs in transitioning to energy-efficient and cost-effective solutions.
Kamakodi N, Managing Director and Chief Executive Officer of CUB said: “We are now stepping towards green financing to support our country in achieving sustainable growth and low-carbon emission.”
Imad N Fakhoury, IFC Regional Division Director for South Asia, said: “By partnering with CUB, IFC aims to expand access to sustainable finance, and demonstrate the viability of financing the energy transition for this critical sector, while also contributing to India’s energy security. Together, we will help small businesses enhance competitiveness, lower costs, and create essential jobs—all toward building a more resilient energy ecosystem for India’s entrepreneurs.”
The bank mentioned in a statement that MSMEs play a vital role in India’s economy, contributing 30% of the country’s GDP. “However, high energy costs pose a significant challenge to their competitiveness. Access to renewable and efficient power offers a cost-effective alternative, helping enterprises lower expenses, improve efficiency, and support sustainable growth,” the bank said.
Published – October 31, 2025 10:28 pm IST
