The European Investment Bank (EIB)has announced that it has approved 800 million euros ($937 million) for renewable energy projects in India and another 500 million euros for the expansion of the Bengaluru Metro project, the second longest operational metro network in India.
The EIB also announced a new collaboration with the International Solar Alliance, launched by India, to mobilize financing for development and deployment of solar energy in countries rich in this natural resource.
The announcements were made at the 14th India â€“ European Union summit, which is taking place in New Delhi .
EIB Vice President Andrew McDowell said in a press release,â€œGlobal cooperation is essential to tackle climate change and closer cooperation between the International Solar Alliance and the European Investment Bank will mobilize international climate finance and improve sharing of technical experience,â€.
The EIB confirmed an 800 million euro backing for small scale renewable energy projects in India during 2017, the largest energy investment in Asia by the bank.
On the other hand, the bank announced a financing of 500 million euros for the expansion of the metro in Bengaluru, the largest individual credit granted by the EIB to India to date.
It will also be the first time that the EIB and the Asian Infrastructure Investment Bank will co-finance a project.
The Solar Alliance was launched jointly by India and France during the COP21 UN climate change conference in Paris in December 2015 and has a membership of 121 countries so far