The European Investment Bank is providing a long-term loan of EUR 200 million to the Indian Renewable Energy Development Agency (IREDA) to help finance projects in the renewable energy and energy efficiency sector in the country. EIB Vice-President Magdalena Álvarez Arza and Shri Debashish Majumdar, Chairman and Managing Director of IREDA, signed the loan agreement in Delhi today.

EIB Vice-President Magdalena Álvarez stressed that “the Framework Loan will make long-term loans available to support renewable energy and energy efficiency projects in India, a priority for the Bank’s lending activity” and highlighted “the excellent cooperation with IREDA in this operation.”

Ambassador of the European Union to India, Dr João Cravinho, stated: “This agreement significantly strengthens an important dimension of our relationship with India, and it opens up new perspectives for cooperation between the EU and India in a sector that is of great interest for both. The private sector is the global engine of growth and the primary source of new investments and the EU is committed to encouraging such investments in India.”

Tags: European Investment Bank