The European Investment Bank’s first permanent office in India was formally opened last week by Finance Minister of India, Arun Jaitley. President of the European Investment Bank, Werner Hoyer, European Investment Bank, Vice President responsible for South Asia, Andrew McDowell and Ambassador of the European Union to India, Tomasz Kozlowski were also present.
At the opening of the European Investment Bank Regional Representation new contracts totalling EUR 450 million were agreed which will support sustainable transport and renewable energy investment in India. This includes a new EUR 250 million for construction of the Lucknow Metro that represents second tranche of a total EUR 450 million backing for the project.
A EUR 200 million loan to the State Bank of India to finance construction of new large scale solar power schemes across the country was also signed at the office opening. This will support plans to install 20 GW of grid connected solar power by 2020 under the Jawaharlal Nehru National Solar Mission.
The new office, to be located with the European Union Delegation to India in Shanti Niketan in New Delhi, will strengthen links between countries across South Asia and the European Investment Bank, the world’s largest international public bank. The presence of EIB staff in New Delhi will enable greater private sector investment in the country by ensuring better access to the EIB’s products and initiatives and providing direct guidance on possible technical and financial support provided by the Luxembourg headquarters of the EIB.
The new Regional Representation represents the first ever permanent presence of the European Investment Bank in India. The office will be headed by Donal Cannon an experienced banking specialist who during an18year career with the EIB has previously managed financial transactions supporting infrastructure and corporate investment, across in Africa, Asia and the Pacific.
President of the European Investment Bank, Werner Hoyer said, “The European Investment Bank has supported long-term investment across India for more than 20 years. This has included harnessing renewable energy, strengthening industry and reducing carbon emissions.”
“As the world’s largest multilateral public bank and a global leader in financing climate action, the EU Bank recognises that the time is right to increase our engagement across South Asia. This is part of the European Union’s efforts to strengthen its important relationship with India and South Asia as a whole.
Vice President of the European Investment Bank, Andrew McDowell said, “Opening of the EIB New Delhi office will unlock new opportunities for the European Investment Bank to support transformational investment and broader activities across South Asia. Visits to see the flagship Lucknow Metro and transformational upgrading of waste-water infrastructure in the Sri Lankan capital Colombo in recent days have shown how EIB backed new investment is helping to improve the lives of millions of people across the sub-continent.”