European Investment Bank President calls on PM Modi

Dr. Werner Hoyer, President of the European Investment Bank called on Prime Minister Narendra Modi today and appreciated India's strong and proactive measures in the field of climate change, and expressed the bank's continued support for India's efforts in this direction.

The Prime Minister 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. This office was inaugurated today.

In course of the conversation today the Prime Minister explained India's policies in the areas of climate change and environmental sustainability.

The European Investment Bank has lent over one billion Euros to India towards environmentally sustainable projects including the Lucknow Metro.

The EIB has also confirmed EUR 200 million long-term loan to State Bank of India (SBI) to support Indian large scale solar projects.

The EUR 200 million (INR1,400 Crores) long-term loan will support total investment of EUR 650 million in five different large-scale photo-voltaic solar power projects and contribute to India's National Solar mission and reduce dependence on fossil fuel power generation. Four schemes across the country, with a generation capacity of 530 MWac, have already been identified.