European Investment Bank announces support for India to fight Covid

On Friday the eve of the summit with India, Werner Hoyer, president of the European Investment Bank, announced an emergency donation of € 250,000 to India from EU Bank’s own funds in response to the growing COVID-19 crisis. ..

Donations will be sent to UNICEF Luxemburg, Redcross International and Malteser International to acquire life-saving equipment to improve access to oxygen, especially including oxygen production plants, and procure urgently needed oxygen bombs across India. To do.

Donations also help strengthen key emergency services such as ambulances, blood supplies, and 24/7 helplines, as well as communication and awareness campaigns to address false information about COVID-19 vaccinations. Strengthen.

Hoyer has also signed three new sustainable investment projects backed by the EIB. EIB and its Indian partners

The Treasury has invested € 300 million in the urban metro system of the cities of Kampur and Pune and invested in NEEVII, a stock fund established to support SMEs in India with innovative solutions for the climate. Signed an investment of € 25 million. action.

To date, the EIB has invested € 2.6 billion in urban subway systems in Bhopal, Kanpur, Pune, Lucknow and Bangalore.

Heuer said: “The European Investment Bank supports India during these difficult times and our donations are a sign of solidarity and support. The EIB as an EU bank is to tackle the pandemic and recover as quickly as possible. Five years ago, Prime Minister Modi called on the EIB to accelerate influential sustainable transport investment and support for climate across India. I did.

Today’s new agreement will further support the transformation of urban mobility for millions of commuters by building a new world-class metro network in Kanpur and Pune. New collaboration with the State Bank of India through the innovative NEEVII fund will enable companies across India to invest € 100 million in sustainable business. Foresighted and ambitious long-term public and private investment and sharing of best practices is the Indian Green from COVID-19, as outlined in the new EIB-International Solar Alliance study on off-grid solar. The key to strengthening recovery. ”

Francisco Andre, Minister of Foreign Affairs and Cooperation of Portugal, said: “We are honored to see the signing of these three important projects that further strengthen relations between the European Union and India. This partnership of the two largest democracies in the world is after COVID-19. It will be key to the recovery of the global economy and the success of global climate change measures.

The Portuguese President of the Council of the European Union has a great deal of cooperation with the EIB. We helped accelerate green investment in Africa, demonstrating the power behind Team Europe today and providing concrete support for sustainable green transport and innovative investment in the green transition across India. doing. ”

Ugo Astoto, EU Ambassador to India, said: Climate change and green transition will also be important priorities at the next EU-India Summit. The EIB has invested in India’s sustainable infrastructure for over 25 years. This latest funding will further strengthen cooperation with India and help the private sector develop innovative solutions for tackling climate change. ”

In addition to creating affordable and accessible public transport and reliable alternatives to crowded streets, two new metro systems reduce pollution and greenhouse gas emissions in Pune and Campur. Improves air quality. The EIB-supported metrorail system has a positive impact on business and quality of life by facilitating access to the local employment market, resident health care and education, while at the same time providing safety for female travelers. Increases sexual and social and economic mobility.

The new EIB financing is based on the successful progress of two projects using the first EIB financing agreed in 2019.

New EIB – SBI Partnership Supporting € 100 Million Sustainable Business Investment

The EIB and the State Bank of India have signed a cooperation agreement to help Indian companies invest € 100 million in clean energy, energy efficiency, water and the circular economy through the new NEEV II investment fund.

This initiative, managed by SBI CAP, a subsidiary of SBI, will enable innovative and growing Indian companies to use equity finance to accelerate sustainable investment and climate change preparedness.

The EIB is a long-term lending institution of the European Union owned by Member States. Make long-term funding available for sound investment to contribute to EU policy objectives.

Since its inception in India in 1993, the European Investment Bank has supported 26 projects in India and has invested nearly € 3.3 billion in transportation, energy, agriculture, fisheries, forestry projects and Indian SMEs. I did.

European Investment Bank announces support for India to fight Covid

Source link European Investment Bank announces support for India to fight Covid

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