The visit’s goal is to underline EIB responsibility for upcoming energy investments made under the EU-India Connectivity Partnership in support of the European Green Deal and the EU Global Gateway initiative.

Supporting programmes that significantly reduce greenhouse gas emissions is a key component of supporting India’s ambitious agenda on climate, renewable energy, connectivity, and sustainable financing.

Peeters will attend the G20 Infrastructure Investors Dialogue (IID) and meet with banking executives.

He will participate in a panel discussion on “Catalysing sustainable finance for tomorrow’s cities” as a representative of the EIB, which chairs the D20 Long-Term Investors Club.

“The European Investment Bank, the EU bank, is committed to supporting transformational private and public investment across India, improving access to finance by entrepreneurs and addressing the challenges of a changing climate. India is a key country of operations for the EIB and hosts the EIB regional representation for South Asia. Over the last 30 years, the EIB has supported public and private sector investment in the country. My financial and technical colleagues and I look forward to discussing how to strengthen resilience to existing and new challenges and enhance the impact of future EIB engagement in India,” added Peeters.

Peeters will reaffirm the EIB’s desire to contribute up to €1bn ($1.1bn) to the National Green Hydrogen Mission, which was newly approved, in order to promote the developing green hydrogen ecosystem in India and renewable energy initiatives.

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The EIB delegation is also scheduled for a meeting with Shri Sushil Kumar, the managing director of the Uttar Pradesh Metro Rail Corporation (UPMRCL), to see the Agra Metro project, which is supported by a €250m ($279m) EIB loan, and to strengthen the operational cooperation.

With a commitment of €2.45bn ($2.73bn) since 2016, the Bank has supported transit in India by financing metro investments in Agra, Bangalore, Bhopal, Kanpur, and Lucknow.

India now receives the most EIB transport financing outside of Europe.

By continuing to assist these industries while also looking into other ones of strategic relevance to India and the EU, the EIB hopes to expand on its great expertise in the field of urban mobility and renewable energy.