Mar 21, 2023
Prime Minister of Bhutan Dr Lotay Tshering today made his first visit to Luxembourg headquarters of the European Investment Bank, the world’s largest multilateral bank and leading global financier of renewable energy.
The working visit provided an opportunity to discuss possible European Investment Bank financial and technical support for new solar and hydropower generation projects in the country and to explore potential future European Investment Bank support for investment to scale up renewable energy, reduce energy use and cut carbon emissions, improve sustainable urban transport and adapt infrastructure to a changing climate.
“Bhutan is highly vulnerable to the impact of climate change and committed to scaling up energy access without increasing carbon emissions. Today’s fruitful discussions with experts at the European Investment Bank, a global leader in climate finance, will help to unlock renewable energy projects across Bhutan in the years ahead.“ said Dr Lotay Tshering, Prime Minister of Bhutan.
“The European Investment Bank works with partners across Asia and around the world to accelerate green energy, reduce carbon emissions and adapt to a changing climate. The EIB welcomes Prime Minister Tshering on this historic visit to the EIB headquarters and congratulates Bhutan on graduation from a Least Developed Country following successful completion of the UN criteria. Today’s discussions further strengthen our close cooperation with Bhutan and we look forward to supporting transformational sustainable investment in Bhutan in the years ahead.” said Kris Peeters, Vice President of the European Investment Bank.
European Investment Bank Vice President Kris Peeters, responsible for South Asia welcomed Prime Minister Tshering, Foreign Secretary Choden and colleagues from the Royal Bhutanese Embassy in Brussels and confirmed the European Investment Bank’s ability to provide competitive long-term financing for climate action and infrastructure investment in Bhutan.
The visit follows the signature and ratification of the Framework Agreement between the European Investment Bank and the Royal Government of Bhutan in January 2022 and the meeting between Prime Minister Tshering and European Investment Bank experts at the United Nations LDC summit in Doha earlier this month.
Prime Minister Tshering is currently visiting Europe and in recent days discussed renewable energy investment with the German Chancellor and other European leaders.
Over the last five years the European Investment Bank has provided more than EUR 45 billion high-impact energy investment around the world and since 2018 the EIB has provided more than EUR 5.2 billion for climate action investment across Asia.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe , alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world .