The European Investment Bank (EIB) will provide €500 million support to the Bangalore Metro Rail Corp. Ltd for the purchase of train cars and the construction of metro stations, a European investment bank said Friday.
The EIB also agreed to “a new partnership with the International Solar Alliance to mobilise finance to develop and deploy affordable solar energy in solar rich countries. The EIB also confirmed plans to provide a record EUR 800m for renewable energy investment across India,” a second EIB statement said.
The announcements came after India and the European Union held their 14th summit in New Delhi.
The €500 million for the Bangalore metro is one of the largest EIB loans in India as well as the largest-ever support to sustainable transport outside of Europe, the statement added. Read More…