European Investment Bank on Friday confirmed a EUR 200 million long-term loan to State Bank of India to support large-scale solar projects in India.
The decision came soon after EIB President Werner Hoyer met Prime Minister Narendra Modi in New Delhi.
During the meeting, the Prime Minister explained India’s policies in the areas of climate change and environmental sustainability, a PMO statement said.
Hoyer appreciated India’s strong and proactive measures in the field of climate change, and expressed the Investment Bank’s continued support for India’s efforts in this direction, the statement said.
The European Investment Bank has lent over one billion Euros to India towards environmentally sustainable projects including the Lucknow Metro, the PMO said.
Modi 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 on Friday.