European Investment Bank Current Affairs - 2019
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Indian Renewable Energy Development Agency (IREDA) and European Investment Bank (EIB) have signed loan agreement for second line of credit (LoC) of Euro 150 million on non-sovereign basis for renewable energy financing in India. The LoC has tenure of 15 years including grace period of 3 years. It will be used for financing Renewable Energy and Energy Efficiency projects in India. It will benefit more than 1.1 million households especially from clean energy produced with these funds.
European Investment Bank (EIB)
EIB is long-term lending institution of European Union owned by its member states. It is also engaged in multilateral financing and works closely with other EU institutions to implement EU policy. More than 90% of its activity is in Europe but it is also big investor globally. EIB’s activities focus on four priority areas including innovation and skills, access to finance for infrastructure, smaller businesses and climate & environment.
Indian Renewable Energy Development Agency (IREDA)
IREDA is dedicated financing arm of Ministry of New and Renewable Energy for financing renewable and energy efficiency projects. It has been spearheading growth of renewable energy in country for over three decades. To meet financing requirement, it has been raising resources from various bilateral and multilateral agencies, Masala bonds and domestic – taxable and tax-free bonds. It has financed renewable and energy efficiency projects of financial value of over Rs. 34,534 crore till date.
Government has signed Finance Contract with European Investment Bank (EIB) for lending of €300 million for Bangalore Metro Rail Project Phase II Line R6.
The Phase II of metro project is jointly financed by EIB (€500 million) and Asian Infrastructure Investment Bank (€300 million). The project envisages extension of East-West & North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations.
Bangalore Metro Phase II
The objective of project is to bring in quantum improvement in transportation sector in city in tandem with Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport. It aims to ensure modern transport facility for the commuters.
The spinoffs of the project will include employment opportunities, reduction of number of vehicles on road, benefits to economy, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also improvement in aesthetic value of city.