City Union Bank Secures $50 Million IFC Funding
Dr. N. Kamakodi, Managing Director and CEO of City Union Bank, commented on the partnership, stating, "In the same spirit [of nation-building], we are now stepping toward green financing to support India's journey toward sustainable growth and low-carbon emissions".
City Union Bank Secures $50 Million IFC Funding
Chennai, October 31, 2025: City Union Bank Ltd (CUB), one of India’s oldest private sector banks, has announced a significant milestone in its commitment to sustainable development, securing a USD 50 million commitment from the International Finance Corporation (IFC), a member of the World Bank Group. The agreement was executed on October 31, 2025.
Aiding India's Net-Zero Goal
The substantial funding is specifically aimed at accelerating the green transition for Micro, Small, and Medium Enterprises (MSMEs). The financing will help these enterprises adopt energy-efficient and cost-effective solutions.
MSMEs, which contribute nearly 30% of India's GDP, often face challenges due to high energy costs. The IFC-CUB collaboration seeks to enable MSMEs to utilize renewable and efficient energy solutions, which will ultimately reduce operational expenses, improve productivity, and strengthen their long-term competitiveness.
Dr. N. Kamakodi, Managing Director and CEO of City Union Bank, commented on the partnership, stating, "In the same spirit [of nation-building], we are now stepping toward green financing to support India's journey toward sustainable growth and low-carbon emissions". This partnership is expected to help India move closer to its net-zero emissions goal by 2070.
Imad N. Fakhoury, IFC Regional Division Director for South Asia, reinforced this, adding that the partnership aims to "expand sustainable finance, support India's energy transition, and strengthen energy security".
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
Read Also : Dredging Corporation of India Signs MoUs with 16 organisations