SBI, NIIF in pact for funding infra projects

India’s banking behemoth, the State Bank of India (SBI), has signed a memorandum of understanding (MoU) with National Investment and Infrastructure Fund (NIIF) on Monday to boost availability of capital for infrastructure projects, the bank said in a statement. The scope of the agreement includes equity investments, project funding, bond financing, renewable energy support and take-out finance for operating assets. “The objective of this initiative is to aid in filling the gap at a time when the availability of equity and debt financing for infrastructure has moderated,” the statement said.