EIB loan to mitigate climate change and support EU presence in India

The European Investment Bank (EIB) is providing 150 million Euro to the Export-Import Bank of India (EXIM Bank).

The European Investment Bank (EIB) is providing 150 million Euro to the Export-Import Bank of India (EXIM Bank) to part-finance investments that will contribute to the mitigation of climate change or to support European Union (EU) presence in India. T.C. Venkat Subramanian, Chairman and Managing Director of EXIM Bank, and EIB Vice-President Carlos Costa signed the loan agreement recently in Luxembourg.

"The financing operation we are signing today directly follows on the Joint Statement issued at the EU-India summit held one year ago and support the EU-India Strategic Partnership, which we wish to see developing further in the near future", said EIB Vice-President Costa.

EXIM Bank will make available the proceeds of the loan to final beneficiaries carrying out investments that contribute to one of the following objectives: (a) climate change mitigation, through projects in the renewable energy and energy efficiency sectors, an objective that is expected to use up some two thirds of the loan, or (b) increase EU presence in India, through direct investment or transfers of technology and know-how from Europe, where one third of the loan is focussed. 

This is the second operation of the Bank in India, where the first operation dates back to 1993, a loan to Power Grid Corporation of India to upgrade the national electricity grid.

Source: Neurope.eu