The European Investment Bank’s first permanent office in India was opened yesterday.
Finance Minister Arun Jaitley inaugurated the new EIB Regional Representation for South Asia in New Delhi.
The new office will be located with the European Union Delegation to India in Shanti Niketan in New Delhi, Bureaucracy Today has learnt.
At the opening of the European Investment Bank Regional Representation new contracts totalling EUR 450 million were agreed that 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.
The European Investment Bank has supported long-term investment across India for more than 20 years.
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.
The EIB’s decision to open an office in New Delhi is a confirmation of the European Union’s growing engagement with India.
In recent years the EIB has supported sustainable transport, renewable energy, small business and industrial investment across India.
The European Investment Bank has provided more than EUR 1.7 billion for long-term investment in India since the first operation in 1993.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Prime Minister Narendra Modi had met a high level delegation of the European Investment Bank a year ago at the EU-India summit and promised support for establishment of the bank’s regional office in Delhi.