The European Investment Bank (EIB), the foreign lending arm of the European Union, has pledged to provide total 395 million euro for supporting the green transition in Bangladesh.

The funding includes 350 million euro loans, and 45 million euro grants.

The projects aim to boost environmental sustainability and advance efforts to mitigate and adapt to climate change, in line with Bangladesh’s sustainable development goals, says a press release issued by the finance ministry on Monday.

The announcement came on the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB). The EIB, the EU’s primary lending arm, has been working in Bangladesh since 2000 and has invested around EUR 635 million in six ongoing projects in health, water supply, transport, and communications.