The European Investment Bank (EIB), a Luxembourg-based bank, has announced its intention to extend financing worth 1 billion euros for green hydrogen and renewable energy projects in India. This move aligns with India's vision of achieving net-zero emissions in the future.
EIB Vice President Kris Peeters is set to visit India for a four-day visit to strengthen cooperation with both public and private sectors. The visit will focus on discussing EIB's proposed plan for clean energy investment and its implementation in the country.
EIB Vice President Kris Peeters emphasized the bank's commitment to supporting transformational private and public investment across India. The objective is to improve access to finance for entrepreneurs and address the challenges of climate change. The visit aims to reaffirm EIB's commitment to future investment under the EU-India Connectivity Partnership, supporting the European Green Deal and the EU Global Gateway strategy.
EIB's Support for Transport Projects in India:
During the visit, Vice President Kris Peeters will attend the G20 Infrastructure Investors Dialogue (IID) and hold meetings with banking leaders. The G20 (IID) is an official G20 event organized after the third meeting of finance ministers and governors. Peeters will represent the EIB in a panel discussion on 'Catalysing sustainable finance' for cities of tomorrow.
India is the largest beneficiary of EIB transport financing outside Europe. The bank has provided support for various transport projects in India, including metro investments in Agra, Bangalore, Bhopal, Kanpur, and Lucknow. Since 2016, a total of 2.45 billion euros has been committed to these projects, making India the largest recipient of EIB transport financing outside Europe.
Vice President Peeters will confirm EIB's interest in supporting the recently approved National Green Hydrogen Mission in India. The bank is considering providing up to 1 billion euros to support the nascent Indian green hydrogen ecosystem and renewable energy projects. This demonstrates EIB's commitment to promoting sustainable energy solutions in India.
As part of the visit, the EIB delegation will meet with Sushil Kumar, Managing Director of Uttar Pradesh Metro Rail Corporation (UPMRCL). The Agra Metro project, supported by a 250 million euro EIB loan, is one of the six transport projects backed by the EIB in India.