In his meeting with Indian Prime Minister Narendra Modi in New Delhi on Friday 31 March, European Investment Bank (EIB) President Werner Hoyer reaffirmed the EIB’s commitment to supporting investment in green energy and climate and environment protection in the country.
The discussions between Modi and Hoyer “reflected the shared climate and environmental priorities of India and the European Union”, said the EIB in a press release.
Highlighting the unique experience of the EIB as being key to India’s transformation, Modi expressed his gratitude to the EIB for delivering on a promise to open a permanent office in India, made at the EU-India summit in Brussels on 30 March 2016 (see EUROPE 11522).
Modi recognised the EIB as being key to strengthening EU-India relations and said he expected that the new office would strengthen support for infrastructure investment and enable closer cooperation between the EIB and Indian banking sector.
Modi also highlighted India’s commitment to increase renewable energy generation to 175 GW, improve supply of clean water across India and improve waste management in 500 cities around the country.
Hoyer confirmed the EIB’s commitment to support climate-related investment in India and areas where the “unique experience” of the EIB as the world’s largest financier for climate investment and renewable energy could be shared.
The EIB president outlined the Bank’s experience in investment from commercial banks and other investors.
Harnessing private sector support for the gigantic objectives of climate related investment was recognised by both the EIB and India as essential given the limited resources of public budgets.
Hoyer highlighted India’s role as a “key global player” and emphasised the “even greater importance of multilateral cooperation during a period of global political uncertainty”. (Original version in French by Emmanuel Hagry)