European Investment Bank VP Kris Peeters Visits India to Strengthen Cooperation in Clean Energy and Transport

EIB Vice-President aims to boost EU-India partnership and support India’s climate and renewable energy goals

European Investment Bank (EIB) Vice-President Kris Peeters is set to embark on a four-day business visit to India this week. The purpose of the visit is to enhance cooperation with Indian public and private sector partners and to discuss EIB’s support for clean energy investment and transportation in the country.

During his visit, Vice-President Peeters aims to reaffirm EIB’s commitment to future investments under the EU-India Connectivity Partnership.

These investments will align with the European Green Deal and the EU Global Gateway strategy, as well as support India’s ambitious agenda on climate, renewable energy, connectivity, and sustainable finance. The focus will be on backing projects that offer substantial climate action benefits.

One of the key events Vice-President Peeters will attend is the G20 Infrastructure Investors Dialogue (IID), which takes place during the third meeting of finance ministers and central bank governors in Gandhinagar, Gujarat, India. At the IID, he will meet banking leaders and participate in a panel discussion titled “Catalysing sustainable finance for cities of tomorrow” as a representative of the EIB, which leads the D20 Long-Term Investors Club.

Vice-President Peeters expressed the EIB’s dedication to supporting transformative investment in India, facilitating access to finance for entrepreneurs, and addressing the challenges posed by climate change.

He emphasized India’s significance as a country of operations for the EIB, which has been supporting public and private sector investments in India for the past three decades.

The visit will provide an opportunity to explore ways to enhance the resilience of existing and new projects and maximize the impact of future EIB engagement in India.

During his visit, Vice-President Peeters will also confirm the EIB’s interest in supporting the recently approved National Green Hydrogen Mission.

The EIB is willing to provide a facility of up to €1 billion to support India’s nascent green hydrogen ecosystem and renewable energy projects.

Additionally, the EIB aims to bolster India’s renewable energy ambitions by supporting renewable energy generation, energy storage technologies, and infrastructure for power transmission and distribution.

The EIB delegation will meet with Shri Sushil Kumar, Managing Director of Uttar Pradesh Metro Rail Corporation (UPMRCL), to visit the Agra Metro project.

This project has received a €250 million loan from the EIB, and the meeting will further strengthen the operational partnership between the two entities.

Transportation in India is a key area of EIB’s support, with significant financing provided for metro investments in cities such as Agra, Bangalore, Bhopal, Kanpur, and Lucknow. Since 2016, the EIB has committed a total of €2.45 billion to transport projects in India, making it the largest recipient of EIB transport financing outside of Europe.

Building on its expertise in the urban mobility sector and renewable energy, the EIB seeks to continue supporting these sectors while exploring other strategic areas of importance for both India and the European Union.

The visit will pave the way for further collaboration and investment opportunities between the EIB and Indian stakeholders.