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India steps on the gas to set up World Solar Bank, may take up 30% equity

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NEW DELHI: India is looking to expedite the International Solar Alliance’ (ISA) playbook of setting up a World Solar Bank (WSB), that may require a total equity capital of $10 billion and a paid-up capital of $2 billion, said two people aware of the development.

The plan being explored at the top levels of the National Democratic Alliance (NDA) government may involve the Bank being headquartered here, and comes in the backdrop of Beijing taking the lead in creating Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB).

According to initial proposed plans reviewed by Mint, India may become the lead member by taking a 30% stake in WSB, requiring a $3 billion commitment.

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