The partners have also declared their intention to jointly promote solar energy in the countries where the two organizations operate.
EBRD president Suma Chakrabarti said: “This is a very important agreement for the EBRD, which has always been eager to share its expertise with new partners and also to learn from them.
“With the ISA we share the vision of sustainable development and of green energy, which ultimately benefits the global economy.”
Additionally, the partners will collaborate and exchange information in recognition of their mutual goal of fostering sustainable development, EBRD said.
ISA interim director general Upendra Tripathy said: “Promoting energy security and increasing the use of solar energy are the two most important objectives of the ISA.”
The ISA, which was launched in 2015, has created a platform for promoting installation of solar energy across its 121 member countries.
The first ISA summit is scheduled to take place during French President Emmanuel Macron visit to India scheduled in December 2017.
As part of 2015 Paris Agreement, EBRD has agreed to dedicate 40% of its total annual investment to green finance by 2020.
Recently, EBRD granted $500m financing for solar energy project in Egypt. The bank’s other recent investments included important projects in Serbia, Mongolia, Kazakhstan, Greece and Turkey.
Image: EBRD and ISA will jointly promote solar energy. Photo: courtesy of European Bank for Reconstruction and Development.
