ADB provides $40 million loan to GreenCell Express to produce e-busses

Tags: Economy/Finance

Asian Development Bank (ADB) on 7 November 2022 announced that it has sanctioned a $40 million loan to GreenCell Express Pvt Ltd to develop 255 e-buses with women-centric security features for the domestic market.  

According to the ADB these buses will serve as many as 50 lakh people every year on 56 routes in India, having security features such as panic buttons connected to command controls for immediate response to enhance safety of passengers, especially women, 

Being electric buses, the project will reduce carbon emissions by 14,780 tonnes per year in India.

ADB on Transport sector in India 

According to ADB, India's public transport needs are expected to grow rapidly as the country urbanizes.

According to ADB in 2020, the share of the road transport accounted for 87 per cent of all passenger trips, 18 percent of total energy consumption, and 11.7 percent of greenhouse gas emissions.

GEPL is a wholly owned subsidiary of GreenCell Mobility Private Limited (GreenCell) owned by Green Growth Equity Fund (GGEF).

GGEF is an Indian alternative investment fund managed by EverSource Capital which mobilizes institutional capital into green infrastructure.

Asian Development Bank

• It was set up in 1966.
• Its headquarters is at Mandaluyong City, Manila, Philippines 
• Total member countries : 68 
• President of ADB : Masatsugu Asakawa of Japan