0
0
INDIA, 21 June 2023: The Small Industries Development Bank of India (SIDBI) has launched Mission EVOLVE (Electric Vehicle Operations and Lending for Vibrant Ecosystem) to promote affordable commercial EV financing in India. The initiative is supported by the World Bank, Korea-World Bank Partnership Facility, and Korean Economic Development Cooperation Fund (EDCF).
Mission EVOLVE
Mission EVOLVE aims to address the challenge of high-interest rates and limited availability of financing for the EV sector. The program will provide loans to commercial vehicle operators for the purchase of electric vehicles, as well as financing for the installation of charging infrastructure.
In addition to providing financing, Mission EVOLVE will also include the hosting of telematics that will help reduce financing costs and provide data for other financial services. The data collected will be used to create a database of EV ecosystems, which will help policymakers to assess the gaps and further strengthen the EV ecosystem in India.
The first scheme under Mission EVOLVE, ’50K-EV4ECO’, will finance 50,000 electric vehicles. A stakeholder consultation was organized in New Delhi to discuss the scheme, which was attended by a large number of key representatives from the EV ecosystem in India.
Quotes
“SIDBI conceptualized EVOLVE to address the challenge of high-interest rates and limited availability of financing for the EV sector,” said S Ramann, CMD, SIDBI. “In addition to fostering a transition to electric vehicles through affordable financing, EVOLVE will include the hosting of telematics that will help reduce financing costs and provide data for other financial services.”
“To support India’s commitment to EV30@30, the SIDBI Mission 50K-EV4ECO scheme is a step in the right direction,” said Sudhendu Sinha, Adviser (Infra & e-mobility), NITI Aayog. “This shall enable access to affordable financing for electric vehicles.”
Gerald Ollivier, Lead Transport Specialist, The World Bank, said that Mission EVOLVE is being designed to support around 1.5 million EVs and build the ecosystem in the mobility segment.
“The EVOLVE approach will seek to leverage the carbon credit to be generated by the program and the same may be used to mobilize for the benefit of the beneficiaries,” Ollivier added.
Kim Kisang, Chief representative from Economic Development Cooperation Fund (EDCF), stated that the Korean Government will extend support for the EVOLVE program which will address key barriers to the adoption of EVs in India as well as knowledge sharing between both countries.
Mission EVOLVE is a significant step forward in India’s efforts to promote the adoption of electric vehicles. The program will help to make EVs more affordable and accessible, and it will also help to build the EV ecosystem in India.
