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Niti Aayog, World Bank ready electric vehicles financing push

Sumit Arora Published On November 5th, 2021 Leave a comment

NITI (National Institution for Transforming India) Aayog and the World Bank (WB) are working together to facilitate a program for faster and easier financing of electric vehicles (EVs). NITI Aayog and World Bank are setting up a $300-million ‘first loss risk sharing instrument’, with the State Bank of India (SBI) as its program manager. The current rate of interest for electric two-wheelers & electric 3 Wheelers, which is in the range of 20-25 per cent is expected to be reduced to 10-12 per cent.

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World Bank Founded: July 1944;
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World Bank President: David R. Malpass.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.