India and EIB to Sign Loan Pact for Clean Energy Projects

    European Investment Bank (EIB) said it will ink an agreement on Saturday to provide loan for small and big clean energy projects in India, which will be part of its Euro 800 million investment in the country.

    “..on March 10, President Werner Hoyer will be signing a new loan for large and small clean energy projects all over India. This is part of a EUR 800m EIB investment in renewables in India – most of which will be solar – announced last year,” a statement by European Investment Bank said.

    Werner Hoyer, the President of the European Investment Bank (EIB or the public Bank of the European Union) will be participating in the first summit of the International Solar Alliance (ISA) in Delhi on December 11, 2018.

    The bank said that the initiative by Prime Minister Narendra Modi and French President Emmanuel Macron to organise ISA Summit will spread solar and provide affordable energy to the 121 countries by improving financing, sharing technology and crowding in the private sector.

    The EIB claimed that it is the world biggest financier of climate action and clean energy projects. In 2017 the EIB financed EURO 19.6 billion of climate action projects, which is about 28 per cent of its total financing.

    Last year, the EIB signed a partnership with the International Solar Alliance aimed at supporting the initiative with EIB financing and expertise in particular the experience of crowding in the private sector.

    Hoyer is in Delhi for the summit to be held on March 11.

    On March 9, an all women round-table of Delhi-based gender campaigners, environmentalists and finance experts will join the head of the EIBs Global Partners Division Maria Shaw Barragan for a Facebook Live debate in Delhi with a live audience to debate how to Make Climate Action Count and ask who really benefits, and how to make sure projects take the concerns of women on board.

    ELE Times Research Desk
    ELE Times Research Desk
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