The State Bank of India (SBI) is setting up a specialised unit to address the project financing needs of emerging sectors such as Artificial Intelligence (AI), e-commerce and FinTech.
Ashwini Kumar Tewari, Managing Director, SBI, announced that the initiative will be completed within a year and will include hiring industry specialists. Additionally, the bank is engaging an external consultant to facilitate the unit’s establishment.
Named the “Centre of Excellence (CoE) for Project Financing,” this unit will enhance SBI’s project finance and structuring division, which has traditionally focussed on large-scale infrastructure projects. With growing demand, the bank is shifting its focus towards new-age industries and renewable energy, both of which are becoming key contributors to its financing portfolio.
India’s infrastructure modernisation, led by Prime Minister Narendra Modi, is expected to generate significant opportunities for these sectors. According to SBI’s annual report, the bank financed 48 large projects in FY24 through its project finance and structuring unit.
Beyond providing funding, the new CoE will also act as a knowledge hub, sharing insights and expertise with other financial institutions, Tewari added.
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