12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

European Investment Bank to open regional office in Delhi by year-end

EIB that supports long term investments for development projects in India will open a Regional Office for South Asia here by end of the year.

, ET Bureau|
Updated: Apr 04, 2016, 12.00 PM IST
0Comments
EIB that supports long term investments for development projects in India will open a Regional Office for South Asia here by end of the year.
EIB that supports long term investments for development projects in India will open a Regional Office for South Asia here by end of the year.
NEW DELHI: The European Investment Bank or EIB that supports long term investments for development projects in India will open a Regional Office for South Asia here by end of the year to augment its operations in the sub-continent.

Last week Werner Hoyer, the President of the European Investment Bank, announced that the world’s largest multilateral public bank would strengthen engagement to support long-term investment in India.

Speaking alongside Prime Minister Narendra Modi at Brussels last Wednesday, President Werner Hoyer confirmed the European Investment Bank’s firm commitment to supporting long-term investment crucial for environmentally sustainable social and economic development in India and announced the opening of a Regional Representation for South Asia in New Delhi by the end of the year.

“The European Investment Bank has supported long-term investment across India for more than 20 years that has helped to harness renewable energy, strengthened industry and reduced carbon emissions. As the world’s largest multilateral public bank and a global leader in financing climate action, the European Investment Bank recognises that the time is right to increase our engagement in India. The opening of a regional office of the EU Bank in the sub-continent will ensure closer ties with public and private partners across the country, where our financial strength and technical expertise can benefit crucial long-term investment in India” pointed out Hoyer outlining EIB plans.

The summit also provided an opportunity for EIB's largest ever financing in India, a EUR 450 million (Rs.33 billion) investment for the first metro line in Lucknow. Finance contracts for the first tranche of the European Investment Bank long-term loan for the Lucknow Metro were signed by Jonathan Taylor, European Investment Bank Vice President responsible for Asia and Manjeev Singh Puri, Ambassador of India to Belgium, Luxembourg and European Union last Wednesday in Brussels on the sidelines of the 13th edition of the India-EU Summit.

The EUR 450 million long-term loan will be used to finance the first metro line in Lucknow, including both construction of the 23km long new metro line and a fleet of metro trains. The line is the first part of an expected broader metro network planned for the capital of Uttar Pradesh. Once operational the new metro is expected to increase use of public transport from 10% to an estimated 27% in the city of 3 million people.

“Investment in sustainable public transport is essential not only to improve urban mobility, but also to reduce carbon emissions, address health issues and cut time lost in traffic. The European Investment Bank is pleased to support the new Lucknow Metro project and build on our unique track record of supporting long-term investment in sustainable transport around the world. This new support also represents the European Investment Bank’s first sovereign loan to the Republic of India and marks a new era in our engagement in the country” said Jonathan Taylor, European Investment Bank Vice President responsible for lending operation in Asia and climate action worldwide.

President Werner Hoyer and Modi discussed the European Investment Bank’s support to the country in areas of sustainable development and climate action, where the EU Bank has increased its commitment to 35% outside the EU. The European Investment Bank has provided more than EUR 1.34 billion for long-term investment in India since the first operation in 1993.

Also Read

European Investment Bank decision to stop fossil fuel financing will hurt gas-based projects: WoodMackenzie

SBI gets Rs 1,400 crore loan from European Investment Bank

European Investment Bank to open regional office in Delhi by year-end

European Investment Bank to lend $512 million for Lucknow metro

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service