EIB Approves €5.5 Billion Investment for Energy, Business, Transport, Health, and Cities
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- €2.4 billion for clean energy
- €1.3 billion for business investment and corporate innovation
- €614 million for urban development and housing
- €501 million for sustainable transport
The Board of Directors of the European Investment Bank (EIB) has approved €5.5 billion of new financing to support new green energy, business, transport, health and education across Europe and around the world.
“The EIB’s backing for transformational renewable energy projects approved today demonstrates our firm commitment to support the REPowerEU plan with additional clean energy financing to enable Europe to end dependency on imported fossil fuels. These are crucial matters for European citizens, and we intend do even more in the future”, said Werner Hoyer, President of the European Investment Bank. “Businesses and households around the world are facing the impact of energy shocks. Today’s board strengthened the EIB’s support for new investment to cut energy bills and accelerate the development and connection of renewable energy.”
€2.4 billion for energy
The EIB Board of Directors meeting today backed €2.4 billion new support for energy investment.
This included streamlined financing for new renewable energy projects across France, backing expansion of the energy transmission grid in Iceland, Portugal and Romania, grid investment in Brazil to connect renewable energy schemes and construction of three new solar power generation plants in Uzbekistan.
The board also confirmed financing to reinforce the electricity distribution network in Hungary and support priority energy investment across Lithuania.
€1.3 billion for business investment and innovation
The EIB also agreed €1.3 billion backing to strengthen private sector financing initiatives in cooperation with local banks and lending partners in Morocco and Serbia and targeted support for climate action and energy efficiency business investment in Portugal and across Africa, the Caribbean and Pacific.
New direct EIB financing will strengthen research compressor and vacuum technology, development of industrial enzymes and proteins and adoption of renewable energy at food production plants in Poland and Romania.
See related article: Iberdrola and EIB Sign €150 Million Green Loan To Build Renewable Energy Plants in Italy
€614 million for urban development and energy efficient housing
The EIB approved financing to construct four new residential areas in Berlin, including affordable housing, kindergartens, accommodation for vulnerable groups, assisted living and care facilities, support for energy efficient affordable housing in Milan, and new high energy efficient residential buildings across Finland.
New financing to improve solid waste collection and treatment, alongside rehabilitation of existing landfill sites across Portugal.
€501 million for sustainable transport
The EIB Board agreed €501 million new financing to enhance sustainable transport in Europe and Africa. This includes backing rehabilitation of a 167 km TEN-T rail link in Montenegro, provision of double-decker regional passenger trains in Austria and enhancing capacity, efficiency and safety of the Port of Leixões in Portugal.
The EIB also agreed to support construction of a new 14km bus rapid transit line in Nairobi alongside acquisition and charging facilities for 120 electric buses.
€486 million for health and education
The EIB approved financing for construction of a new 875 bed hospital and expanding student housing and campus development, both in Lisbon. The EIB also agreed support for upgrading campus facilities at the University of Bologna and refurbishment of publicly owned sports and cultural facilities across Italy.
New private and public sector health, pharmaceutical and medical investment across Africa will also be unlocked by streamlined financing approved today.
€132 million for water and agriculture
The EIB also support for water and wastewater infrastructure investment in Romania, strengthening food security in Tunisia by expanding strategic cereal storage facilities and supporting development of sustainable fishing and agriculture in Madagascar.
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