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EIB allocates €5 bn for clean energy, water, forestry
The European Investment Bank (EIB) announced allocating €5 billion for clean energy, water and forestry; €2.6 billion for corporate innovation and business financing; €3.1 billion for health, housing and education; and €137 million for sustainable transport and better communications.
EIB President Nadia Calviño said “Today´s Board had a strong focus on reinforcing Europe´s strategic autonomy, energy efficiency and security. We approved new financing for energy projects, including solar, wind and energy storage and the construction of a pioneering clean energy island off the Belgian coast. Outside Europe we are supporting countries, including small island states, to better protect their environments and communities.”
The August Board of Directors had a strong focus on projects related to the green transition, strategic autonomy, energy efficiency and security. All EU projects discussed were financed under the RepowerEU program to drive the energy transition in the EU.
Investments were approved to support new solar power schemes in Italy, Poland, Romania and Spain, climate action investments in France, upgrade of district heating networks in Lithuania, onshore and offshore wind projects in the Netherlands and better integration of renewables into the electricity distribution network in Poland and Spain.
The European Investment Bank (EIB) announced allocating €5 billion for clean energy, water and forestry; €2.6 billion for corporate innovation and business financing; €3.1 billion for health, housing and education; and €137 million for sustainable transport and better communications.
Furthermore, the Board approved an important project to support sustainable forestry in Moldova.
In addition, new business financing totaling €2.6 billion will help smaller companies to grow and unlock corporate research and development.
This includes support for innovation projects in Austria, France, Germany, Italy, the Netherlands, Romania and Sweden, digitalization schemes in Italy, targeted financing for healthcare companies in France and sustainable business investment in Belgium and Germany.
The Board also welcomed two equity participations in investment funds to support the private sector in Vietnam and microfinancing in India. And a financing program for SMEs in West Africa.
The Board backed €3.1 billion for constructing affordable homes, building new hospitals and healthcare facilities and upgrading schools.
This includes thousands of new energy-efficient homes in Austria, Germany, Italy and Spain, medical research investment in Spain, new hospital and medical facilities in Finland and a new secondary school in Germany.
Backing for a new initiative to expand medicine and vaccine manufacturing and improve medical diagnostic services across Africa was also agreed.
The Board also approved €137 million new financing to upgrade railway rolling stock in France and submarine internet connections to West Africa.
Moreover, the first operation of cross-guarantees under the Wind Initiative was launched in Germany, and two flagship projects were approved to support Small Island States at the frontline of climate change: the debt for climate conversion in Barbados and the technical assistance project to assess the feasibility of a port in Kiribati, Christmas Islands, to provide a refuge for people living on islands expected to disappear under rising sea levels.
In the past weeks, investment have also been approved for cutting-edge heart surgery technology, student loans, lithium mining in Finland, the modernization of Poland’s railway system, and the world’s first zero-emissions tire factory in Romania.
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