EIB to Sign Loan Agreement with India for Renewable Energy Projects on March 10

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 percent of its total financing.

Andrew McDowell, EIB Vice President and PM Narendra Modi

In a significant development, 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,” according to a statement issued by European Investment Bank said.

According to the bank, 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.

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 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 percent of its total financing.

In 2017, 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.

Source: PTI

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