European Investment Bank (EIB) agreed to support renewable energy projects in India by committing a 20-year 150-million euro loan facility to the Exim Bank.
Exim Bank would use the fund under the facility to lend for energy projects, notably wind, solar photovoltaic, concentrated solar power, hydro-power, geothermal, biomass and efficient co-generation.
These projects contribute to climate change mitigation, Exim bank said in a statement. This is the second credit line extended by the EIB to Exim Bank.
The EIB, owned by the member-states of the European Union, is a major long-term lending institution with annual loan approvals exceeding $80 billion.
Exim Bank has been raising foreign currency resources from the international markets, which constituted around 51 per cent of its borrowings as on March, 2013.
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