European Investment Bank makes 200 mn euro loan to SBI for mega-solar projects

European Investment Bank makes 200 mn euro loan to SBI for mega-solar projects

The European Investment Bank (EIB) on Friday announced a euro 200 million (Rs 1,400 crore) long-term loan to the State Bank of India (SBI) to finance mega-solar projects in the country.

The loan will support a total investment of euro 650 million in five different large-scale photo-voltaic solar power projects for India’s National Solar Mission. Four schemes, with a generation capacity of 530MW have been identified for the purpose.

The loan was announced ahead of the inauguration by Finance Minister Arun Jaitley of the EIB’s first permanent presence in India, by EIB President Werner Hoyer and Vice-President Andrew McDowell, responsible for the India and South Asia operations.This symbolically marks the recognition of the strategic depth of the relationship between the EU and India… both of us are extremely important global partners in trying to grow and fulfil the aspiration of our people,” said the Finance Minister while speaking before inaugurating the Delhi office of the EIB here on Friday.

“We are also delighted that you are expanding your investments in India,” Jaitley said.

“There is one of the largest infrastructure creation programmes, the world over, on in India. I think for next two decades, I see India’s hands full in trying to expand this infrastructure and get rid of the deficit that existed in India.

“We need international investment in terms of FDI and also in terms of investment by various development agencies etc.,” he added.

At the event, the EIB announced euro 250 million for construction of the Lucknow Metro that represents the second tranche of a total euro 450 million backing for the project.

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Speaking at the event, Werner Hoyer, President of the EIB, said, “The opening of a regional office of the EIB in the sub-continent will ensure closer ties with public and private partners across the country, where our financial support and technical expertise can strengthen long-term investment crucial for improving lives and transforming economic opportunities across the region.”

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