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EIB to provide €150 million loan to combat climate change in India

World Cement,

The European Investment Bank (EIB) and EXIM Bank will provide a €150 million loan to finance projects carried out by public and private sector companies in India that focus on combating climate change. A series of investments will be available for such projects, including renewable energy projects for the production of electricity and heat, as well as energy efficiency projects. EXIM will on-lend the loan to companies for small, medium-scale and some larger projects.

The loan will play a part in the EU-India Strategic Partnership, which aims towards sustainable energy and climate change mitigation. This is the second such operation carried out by the EIB with EXIM Bank of India. It follows a framework loan signed in 2008, which has now been undertaken successfully.

Lending operations for projects outside of the EU form part of the EU’s cooperation policy with third countries. In 2011, the EU established the 2011 – 2013 Climate Change Mandate worth €2 billion, allowing the EIB to support climate change mitigation. In 2007, the EIB set up a €4.5 billion financing facility to supplement its traditional external lending mandates so that it could finance projects looking at renewable energy and energy efficiency, in addition to climate change and adaptation projects in other sectors in emerging countries.

Adapted from press release by Louise Fordham.

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