E-Paper
EU bank announces donation of 250,000 euros for India’s Covid-19 response
EIB president Werner Hoyer announced the donation from the EU bank’s own funds in response to the escalating Covid-19 crisis in India. The funding will go to UNICEF Luxembourg, Red Cross International and Malteser International to acquire life-saving equipment, including oxygen generation plants and oxygen cylinders, urgently needed across India.
The European Investment Bank (EIB) on Friday announced an emergency donation of 250,000 euros to support India’s response to a second wave of Coronavirus infections by improving access to life-saving equipment and oxygen.
The member states of the European Union (EU) have already provided equipment and supplies, including large oxygen generation plants, worth 100 million euros and the bloc has extended emergency support worth 2.2 million euros for the WHO to help with testing.
EIB president Werner Hoyer announced the donation from the EU bank’s own funds in response to the escalating Covid-19 crisis in India. The funding will go to UNICEF Luxembourg, Red Cross International and Malteser International to acquire life-saving equipment, including oxygen generation plants and oxygen cylinders, urgently needed across India.
The donation will also help reinforce key emergency services such as ambulances, blood supply and a 24/7 helpline. It will step up communication and awareness campaigns to address misinformation on Covid-19 immunisation, EIB said in a statement.
Ahead of the virtual India-EU Summit on Saturday, the EIB and the State Bank of India and India’s finance ministry signed agreements for three sustainable investment projects – investments of 300 million euros in the metro systems in Kanpur and Pune, and a 25-million euro investment in NEEV II, an equity fund that backs small and medium businesses in India with innovative solutions for climate action.
Hoyer said: “The EIB stands by India during these challenging times and our donation is a sign of solidarity and support. The EIB, as the EU Bank, is ready to strengthen cooperation with Indian partners to tackle the pandemic and recover as quickly as possible.”
The new agreements signed by EIB will support the transformation of urban mobility for millions of commuters through the construction of world-class metro networks in Kanpur and Pune.
“Our new cooperation with the State Bank of India, through the innovative NEEV II fund, will unlock 100 million euros of sustainable business investment by companies across India,” Hoyer said.
EIB has so far invested 2.6 billion euros in urban metro systems in Bhopal, Kanpur, Pune, Lucknow and Bangalore. The two new metro systems will reduce pollution and greenhouse gas emissions and improve air quality in Pune and Kanpur. The new EIB financing builds on progress on the two projects using initial financing from the EU bank agreed in 2019.
