India signs $5.19 million grant agreement with IBRD for MSMEs

India has signed a Global Environment Facility (GEF) Grant of USD 5.19 Million for “Additional Financing for Financing Energy Efficiency at MSMEs Project- Programmatic Framework for Energy Efficiency” with International Bank for Reconstruction and Development (IBRD) for financing energy efficiency at micro, small and medium enterprises (MSMEs) project. The parent project named “India: Financing Energy Efficiency at MSME Project (FEEMP)” had its beginning on September 29, 2010 with a GEF grant amount of $11.3 million. Its objective was to increase demand for energy efficiency investments in select MSME clusters and increase their capacity to access commercial finance. The additional grant is expected to scale up the initiatives taken up under the parent project. At present, the parent project has earned a Satisfactory rating towards the achievement of Project Development Objective (PDO).