ICICI Bank Unveils Rs 100Cr Fund For SMEs

NEW DELHI: ICICI Bank on April 26, declared a Rs 100-crore fund to support innovation and development of green businesses in India. The fund will give short to medium-term loans ranging between Rs 5 lakh and Rs 40 lakh to small and medium enterprises(SMEs). The bank has not identified any particular sector for lending but will concentrate on energy-efficient and environment-friendly ventures. The Rs 100-crore fund is an initial effort, let''s see how we take it forward. In 2005-06, ICICI''s microfinancing was to the tune of Rs 2,200 crore and the bank expects significantly higher funding this fiscal. New Ventures India''s goal is to attain at least $15 million investments in 20 sustainable and green businesses by 2008. These include areas of green building materials, energy efficiency products and services, renewable energy and water products.