A $1 billion fund may soon be launched by the government in collaboration with the World Bank, and the Small Industries Development Bank of India (SIDBI). The fund will be used to provide guarantees against defaults on loans taken to buy electric two or three-wheelers, a report in the Economic Times (ET) stated. The  will be the facilitating agency of the project. It will aim to facilitate faster and easier financing of EVs.

The ET report further said that initially a $300 million fund will be put in place as a “first loss risk sharing instrument.” The funds will be available to all financial institutions.

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