The World Bank plans to introduce a $100-million credit guarantee scheme to boost India’s rooftop solar programme, which has not gained enough traction. The scheme will allow micro, small, and medium enterprises (MSMEs) to avail concessional debt financing for setting up rooftop solar units.
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The World Bank scheme, along with the State Bank of India (SBI) and the MSME ministry to accelerate the adoption of rooftop solar units, will help MSMEs access credit of around $1 billion. The arrangement will be beneficial for the firms that often do not meet the lending criteria of banks and other financial institutions, with their financial woes been exacerbated by the covid-19 pandemic.
Important takeaways for all competitive exams:
- World Bank Headquarters: Washington, D.C., United States.
- World Bank Formation: July 1944.
- World Bank President: David Malpass.