European Investment Bank affirms support for Indian sustainability

18 July 2023 14:39

GBI

New Delhi - During his visit to India, European Investment Bank Vice President Kris Peeters is expected to confirm the bank’s support for renewable energy, including a €1 billion facility for green hydrogen and other renewable energy projects and a €250 million loan for the Agra Metro project in Uttar Pradesh.

The vice president of the European Investment Bank, Kris Peeters, is visiting India this week to support the country’s sustainability goals. Peeters is expected to confirm the bank’s interest in advancing a €1 billion facility for green hydrogen and other renewable energy projects.

“The European Investment Bank, the EU bank, is committed to supporting transformational private and public investment across India, improving access to finance by entrepreneurs and addressing the challenges of a changing climate,” said Peeters in a press release. “My financial and technical colleagues and I look forward to discussing how to strengthen resilience to existing and new challenges and enhance the impact of future EIB engagement in India.”

The €1 billion facility is how the European Investment Bank will support India’s National Green Hydrogen Mission, which aims to transform India into a major producer and exporter of green hydrogen. The country is now building out infrastructure and expanding its technological capacity to generate energy from carbon-free hydrogen production.

European Investment Bank officials will also meet representatives of the Uttar Pradesh Metro Rail Corporation. The bank gave the corporation a €250 million loan for the Agra Metro project.

Since 2016, the Bank has also provided €2.45 billion in financing for other transportation investments in Agra, Bangalore, Bhopal, Kanpur, and Lucknow. India is the largest beneficiary of bank transportation funding outside Europe.

Peeters’ agenda also included meeting banking leaders at the G20 Infrastructure Investors Dialogue in Gandhinagar where he will appear on a panel to discuss catalyzing sustainable finance for cities in the future.

“The EIB is seeking to build on its considerable expertise in the urban mobility sector and renewable energy by continuing to support these sectors,” the press release said. ce/jd

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