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World Bank and SIDBI Join Hands to Launch Fund Against Loan Default

Published on September 29, 2022
Current Context: The World Bank and the Small Industries Development Bank of India (SIDBI) have partnered to launch a fund against loan default to lenders financing the purchase of two and three-wheeler electric vehicles (EVs).
World Bank and SIDBI Join Hands to Launch Fund Against Loan Default
  • The fund of USD 1 billion will be launched by the Government of India, in collaboration with the World Bank and SIDBI.
  • The whole process is assisted by a South Korean grant secured by the World Bank and was signed with SIDBI on September 26.
  • The NITI Aayog will act as the facilitating agency of the project and will aim to facilitate quicker and easier financing of EVs.
  • The initial process of funding will include USD 300 million funds as a “first loss risk sharing instrument” which will be available to all financial institutions.
  • SIDBI is a Government of India-owned company, responsible for licensing and regulation of the MSMEs and was established in 1990 with its headquarters in Lucknow, Uttar Pradesh. The current Chairperson and MD of the company are Sivasubramanian Ramann.
  • The World Bank was established in 1944 with its headquarters in Washington DC. The current President of the World Bank is David Malpass.

Question:

Q.1 SIDBI announced the launch of a fund against loan default to lenders financing the purchase of two and three-wheeler electric vehicles with the collaboration of ______.
a. UNESCO
b. World Bank
c. IMF
d. ADB
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