Did you know that there is a version of The Construction Index for the USA? Visit the site No thanks
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Thu December 14 2017

Related Information
Related Information
Related Information

News » International » India secures €1.3bn in European loans for rail and solar » published 9 Oct 2017

India secures €1.3bn in European loans for rail and solar

The European Investment Bank (EIB) has agreed to provide a €500m (£449m) loan for railway expansion in Bangalore and €800m (£718m) for renewable energy projects across India.

The €500m loan will support the construction of a new 18 station rapid transit line in Bangalore and the purchase of 96 train cars for use on the line. This support for investment to expand the second longest urban metro system in the country is the largest-ever EIB loan in India and also the largest-ever support for sustainable transport outside Europe.

The new support for investment by Bangalore Metro Rail Corporation will cut travel times for some journeys from 2 hours today to 15 minutes when the new line is complete. Once operational in 2021 the new 22km Reach 6 metro line will transform transport in the southern Indian city. The project includes both underground tunnels and elevated tracks.  

The loan agreement was formally exchanged at the 14th India-European Union summit, where EIB also formalised an agreement with International Solar Alliance to mobilise finance to develop and deploy affordable solar energy in solar-rich countries. The bank has confirmed plans to provide a €800m for renewable energy investment across India.

“Global cooperation is essential to tackle climate change and closer cooperation between the International Solar Alliance and the European Investment Bank will mobilise international climate finance and improve sharing of technical experience,” said European Investment Bank vice president Andrew McDowell. “This new agreement reflects our shared commitment to successful implementation of the Paris Climate Agreement and ensuring that solar-rich economies can harness solar power to increase the supply of affordable clean energy.”

MPU

Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 9 Oct 2017 (last updated on 9 Oct 2017).

More News Channels