Discussions earlier today between Indian Prime Minister Modi and EIB President Werner Hoyer reflected the shared climate and environmental priorities of India and the European Union.
Prime Minister Modi took the opportunity to express his gratitude to the EIB for delivering on a promise to open a permanent office in India made at the EU-India summit in Brussels a year ago.
The role of the EIB was recognised as key to strengthening EU-India relations and the Prime Minister emphasised that he expected that the new office would strengthen support for infrastructure investment and enable closer cooperation between the EIB and Indian banking sector.
The Prime Minister further highlighted India's commitment to increase renewable energy generation to 175 GW, improve supply of clean water across India and improve waste management in 500 cities around the country.
President Hoyer used the opportunity to confirm the EU Bank's commitment to support climate related investment in India and areas where the unique experience of the EIB as the world's largest financier for climate investment and renewable energy could be shared.
The President of the EIB outlined the EIB's own experience of crowding-in investment from commercial banks and other investors. Harnessing private sector support for the gigantic objectives of climate related investment was recognised by both the EIB and India as essential given the limited resources of public budgets.
The EIB President highlighted India's role as a key global player and emphasised the even greater importance of multilateral cooperation during a period of global political uncertainty.
The EIB's experience of strengthening support for sustainable investment through cooperation with international capital market participants and the EIB's pioneering role as the first issuer of green bonds worldwide ten years ago.
President Hoyer, Andrew McDowell EIB Vice President responsible for South Asia, Donal Canon EIB Regional Representative to South Asia, and Tomasz Kozlowski, Ambassador of the European Union to India called on the Prime Minister at his official residence following the inauguration of the EIB's Regional Representation to South Asia opening in New Delhi by Indian Finance Minister Arun Jaitley earlier.
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