Chennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited.

According to the company release the novel deal would assist several SME units, who would be capable of availing a full services package through direction from consistent partners with confirmed knowledge in the Carbon Credit business with the backing of ICICI Bank.

According to the terms and conditions of the MoU, ICICI Bank and MITCON would collaborate and work jointly for making the business leads for all the services linked to carbon credit business.

Om the other hand, MITCON would offer all the services associated with identification of project, registration of the project with Clean Development Mechanism (CDM) executive board and recurring verifications, the ICICI Bank would provide certain services related to commercialization of Certified Emission Reduction Certificates (CERs), co-ordination services and banking related services dependent on the bank's due diligence in the normal course of business and prevailing term and conditions.

In addition, both companies had decided to collaboratively discover joint development of generating business leads for debt financing project.

In addition to the MoU, MITCON would act as a resource group for directing SMEs on Carbon Credit and Green projects, the release added.