The European Investment Bank (EIB) Group announced that its Board of Directors has approved €3.2 billion of new financing for a series of projects to support climate action, businesses managing the impact of the COVID pandemic, and sustainable transport and education.

According to the EIB, €1.3 billion of the financing will be allocated to sustainable transport, renewable energy, and water. This includes financing for the construction of 15 solar power plants in Castilla La Mancha and Castilla y Leon in Spain. Additionally, a new EIB financing initiative will back a water investment across Caribbean islands impacted by climate change.

The Group stated that it will allocate €1.2 billion for education, health, housing, and urban renewal, with agreements to support projects in Brussels, France, Warsaw, and Germany. €630 million will be used for private sector investment and COVID economic resilience, with business financing in Spain and industrial investment in France.

The EIB also announced the approval of its new Environmental and Social Sustainability Framework, with a Group-wide Environmental and Social policy, which outlines its vision on how to address environmental and social issues. Through the framework, the EIB will focus on sustainable and inclusive development and will support the transition to climate and disaster-resilient, low-carbon, sustainable, and more resource-efficient economies and communities.

Werner Hoyer, President of the EIB, said:

“The EIB Group ambition is second to none when it comes to setting high social and environmental standards for all its projects. This week’s constructive discussions with leading civil society experts will help to further strengthen our commitment. Today the EIB Board confirmed our first Group-wide environmental and social policy, underlining the EU Bank’s leadership in environmental and social sustainability, as well as in climate action.”