EIB Approves EUR 4.1 Billion Financing for Renewable Energy, Clean Transport and COVID Recovery
The European Investment Bank (EIB) on June 17 approved EUR 4.1 billion of new financing to accelerate renewable energy investment, support COVID-19 economic resilience by backing private sector investment, improve sustainable transport and upgrade schools and social housing.
“The projects approved today highlight the EIB’s engagement across Europe and around the world to unlock private and public investment that addresses local priorities and global challenges. Tomorrow I will update the EIB’s Governors, EU finance and economy ministers, on the EU Bank’s rapid response to challenges caused by the COVID-19 pandemic and our strong and growing support for green transition and climate action across the world”, said Werner Hoyer, President of the European Investment Bank.
The Board of Directors of the EIB, meeting today via video conference, approved new financing to support high-impact investment across Europe and around the world.
EUR 1.4 billion for renewable energy
The EIB approved new support for large scale solar power generation across Spain, small scale renewable energy projects in Germany, support investment in clean energy and energy efficiency by companies in Austria, and geothermal power in East Africa. The Board also approved financing and technical support to increase sustainable and reliable energy supply and improve energy efficiency in schools, hospitals and businesses across Africa.
EUR 1.2 billion to strengthen pandemic recovery and corporate RDI
Local banking partners will provide business financing agreed by the EIB to help companies in Italy, Spain and Portugal most hit by the COVID-19 pandemic invest, expand and adapt their activities during these challenging times. The EIB will also provide direct financing to scale up pharmaceutical research and development to improve treatment of heart and respiratory diseases and diabetes. New EIB financing will help strengthen support for social impact and sustainable investment by companies in the Netherlands.
The EIB agreed to back new high-impact equity investment, by an experienced development finance partner, to support rural microfinance institutions working with low-income smallholder farmers across Africa that will tackle the limited access to finance in fragile regions, support rural development and reduce poverty.
Poverty, inequality, environmental degradation, climate change—the world faces enormous challenges. The European Investment Bank helps developing countries find innovative solutions to promote sustainable growth, human rights, reduce poverty and inequality, and improve lives. ECOPNET (European Cooperation and Partnership Network) underlines that the role of EIB is crucial and it promotes the EU's principles, values and objectives and contributes to stable growth in the countries beyond its borders.
EUR 946 million to transform rail transport and maritime connectivity
Logistics services that enable an efficient alternative to road transport, provided by the largest private rail freight operator in Spain and Portugal, will be transformed by acquisition of new intermodal rolling stock and locomotives approved by the EIB. The EIB also approved support for new hydrogen and battery powered trains in Berlin and Brandenburg, and to reduce congestion at the Polish Baltic port of Szczecin.
Passenger and freight transport in Romania, connecting Hungary to Black Sea ports, will also benefit from upgrading the Arad-Sighisoara rail route to enable higher speeds and more efficient signalling, backed by the EIB, under a previously agreed infrastructure investment initiative.
EUR 306 million for education, healthcare and social housing
The EU Bank agreed financing in Alsace to support the construction of new secondary schools and upgrade and expand existing facilities, and improve acute and long-term care and assisted living services provided by a regional healthcare in the Netherlands. The EIB will also support a new initiative to increase the supply of affordable social housing by housing cooperatives and municipal authorities in several locations in Poland.
Source: European Investment Bank Newsroom