According to a recent press report ICICI bank and The Energy and Resources Institute (TERI) have signed a ‘soft loan agreement’ in order to promote research and development in the areas of nano-biotechnology, energy efficient technology, micro enterprise systems and other vital areas of sustainable development.
The agreement was signed by General R. K Pachauri, Director, TERI and Ms. Chanda Kochhar, Managing Director and CEO of ICICI Bank. ICICI bank has given financial assistance amounting to Rs.22 crore under the ‘Technology Institution Programme’ of the World Bank, to strengthen the activities of TERI related to the development of the entire spectrum.
It is said that TERI has planned to make use of the loan amount to make energy efficient improvements in Indian industry. The loan will help TERI to invest in new infrastructure and research facilities which will help in the technological development involving sustainable solutions for the energy sector and for other vital natural resources. He said that efficient use of natural resources required technological development and innovation on a unique scale. It is refreshing to see banks that give Home loans and car loan contributing their support to the environment too!