Network Address Translation (NAT) device is used to control the inbound connections from the Internet and initiate outbound connections for the instances for an IPv4 address to the Internet.
You can connect an instance in the private subnet to the Internet through the NAT device as it has an Elastic IP address. The elastic IP address is connected to the Internet through an Internet gateway that routes traffic from the instance to the Internet gateway.
If your VPC is associated with IPv6 address and instances are assigned to IPv6 addresses, you can initiate outbound connections to the Internet through an egress-only Internet gateway.