New Delhi: European Investment Bank has announced an emergency EUR 250,000 donation from its own funds to India in response to the escalating Covid-19 crisis.
Besides, the European Investment Bank (EIB) and the State Bank of India and the Ministry of Finance signed EUR 300 million investments in urban metro systems in the cites of Kanpur and Pune, and a EUR 25 million investment in NEEV II, an equity fund set up to support small and medium businesses in India with innovative solutions for climate action.
The signatures took place ahead of the EU-India leaders meeting in Portugal this week.
EIB President Werner Hoyer said, “We stands by India during these challenging times and our donation is a sign of solidarity and support. The EIB as the EU Bank is ready to strengthen cooperation with Indian partners to tackle the pandemic and recover as quickly as possible.”
Five years ago, Prime Minister Narendra Modi called upon the EIB to accelerate support for high-impact sustainable transport investment and climate across India. Today’s new agreements will further support transformation of urban mobility for millions of commuters through the construction of new world-class metro networks in Kanpur and Pune, he said.
Francisco Andre, Secretary of State of Foreign Affairs and Cooperation of Portugal, said: “This partnership of the two largest democracies in the world will be key to successful post Covid-19 recovery of the global economy and success of global climate action.”
EU Ambassador to India Ugo Astuto stated, “Climate action and environmental sustainability are the need of the hour to save our planet. Climate change and the green transition will also be key priorities at the upcoming EU-India Leaders Meeting. The EIB has been investing in sustainable infrastructure in India for over 25 years. This latest funding will further strengthen our cooperation with India and help the private sector to develop innovative solutions to tackle climate change.”
Till date, the EIB has invested EUR 2.6 billion in urban metro systems in Bhopal, Kanpur, Pune, Lucknow and Bangalore.
The EIB and the State Bank of India signed a cooperation agreement to support EUR 100 million of clean energy, energy efficiency, water and circular economy investment by Indian business through the new NEEV II investment fund.
Since the beginning of its operations in India in 1993, the EIB has supported 26 projects in the country and invested close to €3.3 billion in transport, energy, agriculture, fisheries and forestry projects as well as India’s small and medium enterprises.