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EIB sets up first Indian office

The world’s largest multilateral public bank has also signed agreements of €450m for transport and clean energy projects in India.

The European Investment Bank has opened its first permanent office in New Delhi, with new agreements of €450 million for transport and clean energy projects in India.

The agreements, signed at the formal opening of the new outpost last week, include an €250 million funding for construction of the Lucknow Metro and an €200 million loan to the State Bank of India to finance large-scale solar power schemes across the country.

The Lucknow Metro financing represents the second tranche of a total €450 million backing for the $2 billion metro system in the state of Uttar Pradesh. The loan to India’s state bank is expected to support plans to install 20GW of grid-connected solar power by 2020 under the Jawaharlal Nehru National Solar Mission.

The office will be headed by Donal Cannon, who has previously managed financial transactions supporting infrastructure and corporate investment across Africa, Asia and the Pacific, during his 18-year career with EIB.

“The presence of EIB staff in New Delhi will enable greater private sector investment in the country by ensuring better access to the EIB’s products and initiatives and providing direct guidance on possible technical and financial support provided by the Luxembourg headquarters,” said the EIB.

The EIB has provided more than €1.7 billion for long-term investments in India since its first operation in 1993. However, the new outpost marks the first ever permanent presence of EIB in the country.

In recent years, EIB has focused on supporting sustainable transport, renewable energy, small business and industrial investment across the South Asian nation.