EIB backs €6.6 billion energy, business, transport and health investment around the world
- EIB Board of Directors approves €2.1 billion for climate action and clean energy
- Another €2.2 billion for sustainable transport, €1.9 billion for business investment and €403 million for education and regional development also approved in October’s meeting
The Board of Directors of the European Investment Bank (EIB) today approved €6.6 billion of new financing to support energy and climate action investment and impact driven business financing, transform sustainable transport, improve education, and strengthen health and regional development in Europe and around the world.
“Today the EIB confirmed new support for investment to improve economic opportunities, transform sustainable transport and local services, and continue delivering on climate action. At a time of high interest rates and tightening financial conditions the EIB is playing a crucial counter-cyclical role amid an economic slowdown fuelled by geopolitical instability, war, and energy price volatility.” said Werner Hoyer, President of the European Investment Bank.
Renewable energy and water
The EIB Board of Directors approved new financing to increase renewable energy generation and upgrade water infrastructure.
This includes backing construction of two large scale photovoltaic plants in south-western Spain with more than 250,000 solar panels producing 375 MWh of electricity a year.
Streamlined project financing for utility scale renewable energy plans in Spain, Portugal, Italy, Ireland and France, and financing for small-scale solar photovoltaic and wind power plants across France was also approved.
The EIB will finance new investment to reinforce and expand electricity transmission and distribution, as well as improving electricity connections to energy intensive battery manufacturing facilities across Hungary.
Water networks and wastewater treatment in Italy and the Czech Republic will be upgraded, and storm water drainage in towns transformed across the west African country of Benin by new EIB backed investment approved today.
The EIB Board also approved technical support for a new initiative to decarbonise electricity supply on the Greek islands.
Regional transport and electric vehicles
Sustainable passenger transport will be benefit from EIB financing for new battery-powered trains for routes in southern Germany and new electric trains and modernisation of rail lines and depots in central France.
The EIB will also back upgrading of 90km track of the railway between Koscierzyna and Gdynia in Poland, and electrification of the 88km line railway in north Macedonia between Kumanovo and the Bulgarian border.
Electric car use in Spain will also be facilitated by new support for 1,800 new electric vehicle charging points across Spain.
Corporate innovation and business investment
New financing to support business investment in Austria, Estonia, Germany, Italy, Latvia and Lithuania will be enhanced by lending programmes agreed with local financing partners.
The EIB will also finance corporate innovation to improve mobile data networks and advanced manufacturing of microelectronic components.
Access to equity finance by high-growth companies across Africa and debt finance by smaller companies supporting renewable energy generation in emerging markets will also be strengthened by new initiatives approved today at the meeting of the EIB’s Board of Directors.
Education and regional development
The EIB will support construction of a new university medical school and research centre Krakow in Poland.
Urban development to improve cultural facilities in the Czech Republic and investment to improve local transport, energy efficiency in public buildings and parks in the Croatian city of Dubrovnik will also be supported.