Exim Bank secures 150-million euro loan to fund green projects

The Exim Bank today said it has signed an agreement for a 20-year 150-million euro laon from the European Investment Bank (EIB) to support projects that contribute to climate change mitigation.

The borrowings under the facility will enable Exim Bank to lend for energy projects, notably wind, solar photovoltaic, concentrated solar power, hydro-power, geothermal, biomass and efficient co-generation, 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.