EIB Approves €15.1 Billion For Business, Climate Action, Sustainable Transport, Innovation and Urban Investment

• €6.1 billion for business investment and corporate R+D
• €4.4 billion for climate action, clean energy and water
• €3.3 billion for sustainable transport
• €1.3 billion for health, education, urban development and housing

The Board of Directors of the European Investment Bank (EIB) approved €15.1 billion of new financing to accelerate private sector investment, climate action, sustainable transport and urban development across Europe and around the world.

“The world is going through an unprecedented energy crisis as a result of Russia’s invasion of Ukraine and as the President of the European Commission highlighted this morning, families and businesses are facing tough choices. Visionary new investment is crucial to secure the supply of clean energy and the EIB looks forward to working with partners to scale up production of green hydrogen and implement projects already identified. The EIB approved broad ranging new investment to scale up generation and distribution of renewable energy, accelerate the use of sustainable transport and cut business and household energy use. New projects agreed and implemented by forward thinking partners will help to better protect vulnerable communities in Europe, Africa and the Caribbean from the impact of a changing climate and enable a just transition in regions strongly affected by changes to traditional energy use”, said Werner Hoyer, President of the European Investment Bank.

€6.1 billion for targeted business financing and corporate innovation

The EIB Board of Directors meeting in Luxembourg backed new targeted private sector financing to support sustainable business investment and dedicated credit lines to be managed by local financial partners.

This includes direct support for corporate research to develop more efficient batteries and household heating systems and strengthen aerospace innovation.

New lending schemes to accelerate agricultural investment in Italy and ensure access to finance by young farmers in France, strengthen leasing finance for sustainable business transport in Romania and increase support for female led business in Africa were also approved.

The Board agreed pioneering initiatives to provide streamlined financing for green and sustainable business investment in Egypt and in countries across the Caribbean.

€4.4 billion for climate action, clean energy and water

New EIB financing to improve energy transmission, harness clean energy and adapt local water infrastructure to a changing climate was approved by the Board.

This includes support for new financing initiatives targeting wind, photovoltaic, hydro and geothermal power in France, small-scale solar power in Italy and larger scale wind farms in central Spain. The EIB also confirmed support for waste management schemes in Grenoble and large scale recycling projects in the Netherlands and Belgium.

New projects to increase secure supply of water in Sao Tomé and upgrade treatment of groundwater by one of the largest water supply companies in the Netherlands were also approved.

€3.3 billion for sustainable transport

The EIB Board authorised financing for new metro trains in Paris and Sofia, regional rail in Munich and train-trams in Karlsruhe alongside a new scheme to accelerate investment in low-emission business vehicle fleets across Europe.

Support for road safety investment in Romania, modernising the S1 Expressway in Poland and upgrading road links between landlocked Chad and coastal ports was also approved.

€1.3 billion for health, education, urban development and housing

The EIB agreed to support construction of a new regional hospital in the Netherlands and research activities by the regional government in Madrid.

The Board backed a pioneering initiative to ensure Just Transition through wide-ranging new investment in lignite dependent Western Macedonia in northern Greece.

Communities across Europe will benefit from new EIB backed investment to build thousands of energy efficient and affordable homes in Sweden and Austria, enhance fibre optic networks in Poland and accelerate urban development across Spain and regional development in Poland.

Source: European Investment Bank (EIB)