The Energy and Resources Institute (TERI) and ICICI Bank on Wednesday signed a ‘soft loan agreement' 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 between TERI Director-General R. K Pachauri and ICICI Bank Managing Director and CEO Chanda Kochhar here.
The financial assistance amounting to Rs.22 crore from ICICI Bank under the ‘Technology Institutions Programme' of the World Bank will strengthen TERI's activities working on the entire spectrum of sustainable development. TERI plans to utilise the loan to focus on energy efficient improvements in Indian industry
Speaking on the occasion, Dr. Pachauri said the imperatives for efficient and sustainable use of natural resources required technological development and innovation on an unprecedented scale. This soft loan being provided by ICICI Bank would enable TERI to invest in new infrastructure and research facilities that would help accelerate technological development involving sustainable solutions for the energy sector and for other vital natural resources, he added.
Ms. Kochhar said innovation and investment in new technology was critical to sustain the competitiveness of Indian businesses.