The EIB announced a 250,000 Euros donation to India via the EU bank. India is dealing with a second wave of the Coronavirus pandemic. This time it is deadlier and more powerful. India is aiming at global support to combat the virus.
The EU Bank Provides Funding to India
The EU bank has earlier supplied various medical equipment to India. Besides medical equipment, they have also provided life-saving oxygen. The European Investment Bank (EIB) was generous enough to do so. Due to the sudden rise in cases, India is lacking medical supplies. Though its vaccination drive is on point, it is still lacking somewhere. India witnessed a sudden explosion in the number of infections a few days back. Over 4 lakh new infections are being recorded in India on a daily basis. However, the EU bank has already supplied oxygen generation plants worth 100 Euros to India. The union has also extended 2.2 million Euros to WHO for testing.
EU Bank Announces Supply of Essentials
EIB President, Werner Hoyer announced the donation from the EU (European Union) bank. The funding will go to UNICEF Luxembourg, Red Cross International, and Maltster International. Hence, these unions will provide essential medicines, oxygen, and other equipment to India. The donation will also help increase ambulance services, blood supply, and helpline. It will also help eradicate misinformation regarding COVID-19. They will also spread vaccination awareness.
The EU-India Summit
An EU-India summit took place on Saturday. Two major deals were signed at the summit. Firstly, a 300 million Euros metro project in Kanpur and Pune. Secondly, a 25 million Euros investment in NEEV 2. NEEV 2 is an equity fund that backs small and medium businesses in India. It helps them to restructure via innovative solutions. The EIB said that they stand with India in these tough times. However, their donation is a sign of solidarity and support. He further added, that EIB along with EU bank, stands by India’s side. They will do all the possible help in eradicating the virus.
EU and EIB Invest in India’s Metro System
So far, EIB has invested 2.6 million Euros in the urban metro system in India. They are investing again in Kanpur and Pune program. It is rumored that these two metro systems would be eco-friendly. They will be designed to improve air quality in both cities. Both EIB and the EU have invested in India generously. Even in tough times, they are lending helping hands. Apart from these organizations, India is receiving help from nations worldwide. Russia, America, China, and many more have come forward to help India combat the virus.