CHENNAI: CityI Union Bank Ltd, a private bank established in 1904, announced that it has secured $50 million commitment from International Finance Corporation (IFC), a member of World Bank Group. The financing is aimed at supporting MSMEs in transitioning to energy-efficient and cost-effective solutions.
IFC’s investment will help further the Bank’s commitment to supporting sustainable development. By driving innovation and the adoption of green energy solutions, this partnership will support India’s efforts to accelerate its transition to net-zero by 2070 and in doing so, promote long-term economic resilience.
Kamakodi N, Managing Director and Chief Executive Officer of CUB said, “City Union Bank is one of the oldest private sector bank with more than 120 years of service to the nation. The bank has received several accolades for successful implementation of Government initiatives that were aimed at nation building. In the same vein, now we are 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; “Access to reliable, affordable energy is critical for MSMEs to scale, compete, and contribute to India’s growth story. By partnering with City Union Bank, 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.”