State Bank of India (SBI), the largest public sector lender, announced that Prime Minister Narendra Modi launched first low income state infrastructure equity partnership Neev Fund in the presence of David Cameron, PM, United Kingdom.

In a joint statement, the two Prime Ministers recognized the importance of infrastructure for sustainable development and launched India's first Low Income State Infrastructure Equity Partnership with co-investment from the UK Department of International Development and the State Bank of India. This aims to provide equity partnerships for small infrastructure development in sectors like water & sanitation, clean energy and urban infrastructure.

This high-profile launch reiterates the confidence in Neev Fund to achieve the ambition it is set out for, demonstrating sustainable and inclusive development through small infrastructure projects within target sectors.

On the occasion, Arundhati Bhattacharya, chairman, SBI said, ''State Bank of India is proud to be associated with the Department for International Development (DFID) Government of UK for launching of the fund which will invest in small infrastructure projects in eight low income states of the country. This fund will help small projects raise capital and in the long term it will give an impetus to the growth of the nation.''

Shares of the bank gained Rs 3.75, or 1.56%, to trade at Rs 243.95. The total volume of shares traded was 536,152 at the BSE (12 noon., Monday).