Business Daily from THE HINDU group of publications
Saturday, Nov 17, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Nov 17, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Environment USAID with CII, ICICI group sets up fund for eco-friendly tech Our Bureau Mumbai, Nov. 16 The United States Agency for International Development (USAID) along with Confederation of Indian Industry and ICICI Group would be setting up a $250-million fund to support ventures in environmentally friendly technologies. The fund is likely to be launched in the next six months. The fund has also earmarked $50 million for taking equity in small companies, which are developing the technologies. ICICI would be investing about $20 million in the fund. Yes Bank, SIDBI and Nabard have show interest in the fund but their financial commitment is not know. Talking to reporters on Friday at a seminar, Mr George Deikun, Mission Director, USAID, said that that fund will create an ecosystem for small and medium enterprises (SMEs). USAID is also exploring the possibility of underwriting some of the loans given under the fund, he said. Mr Deikun said that the focus of the fund would be to support technologies, which will reduce impact on the environment. Energy saving LED lighting system and cooling systems, technologies for green buildings are some of the ventures which can get funding, he said. Mr S. Raghupathy, Senior Director of CII, said that the fund has a separate equity component as many of the SMEs have a weak equity position and therefore they cannot raise equity from the market. The fund will invest in projects with a minimum requirement of $100,000, there is no upper limit to the size of the projects. More Stories on : Environment | Industry Associations
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