The Board of the European Investment Bank (EIB) today agreed EUR 8.4 billion of new financing. This includes support for new investment across Europe and around the world to improve sustainable transport, clean energy, social housing, telecommunications and water infrastructure.
The EIB also approved EUR 3 billion of new support for business investment through both direct financing and credit lines with local banks.
“Improving sustainable transport and strengthening clean energy are key investment priorities to enable Europe’s sustainable transition to a “net-zero” emissions economy. In recent weeks political leaders have called on the EIB to build on the EU Bank’s unique experience to accelerate investment to support green and sustainable development. The range of projects approved today and strategic issues discussed demonstrate our firm commitment to helping address these challenges in the years ahead and especially to support the EU’s climate action agenda and the “New European Green Deal” envisaged by Ursula von der Leyen incoming President of the European Commission.” said Werner Hoyer, President of the European Investment Bank.
EIB Energy Lending Policy expected to be approved at next meeting
The meeting also discussed the draft EIB Energy Lending Policy following a first reading at last month’s meeting. After a constructive debate, it decided to continue the discussion at the next Board meeting on November 14, with a view to reaching a final approval. The additional weeks will be used for further bilateral exchanges and technical clarifications.
“The new Energy Lending Policy is a milestone on the EIB’s road to transform itself into the EU Climate Bank. I am pleased about the important progress made today and am confident of securing a final approval in November,” said Andrew McDowell, EIB Vice President responsible for energy.
The new EIB Energy Lending Policy is intended to increase support for clean energy innovation and energy infrastructure essential for long-term decarbonisation of energy supply and phase out financing for gas distribution and power generation.
The policy has been drafted following the most comprehensive public consultation ever held by the EIB.
Over the last five years, the European Investment Bank has provided more than EUR 65 billion of new financing for global renewable energy, energy efficiency and energy distribution investment.
Improving sustainable transport connections
The EIB approved more than EUR 2 billion of new support for transport investment in Austria, Germany, Hungary, Italy, Spain and Sweden, as well as Bosnia-Herzegovina and Ukraine.
In Germany, the EIB will finance investment in cities across the country to renew and improve bus services and reduce pollution, and provide 60 new trains to replace regional diesel services in North Rhine Westphalia. In Spain, commuters travelling to Madrid will benefit from new investment to provide 211 high-capacity trains to replace outdated rolling-stock.
The EIB will also finance hybrid vaporetti and regional transport investment in Venice, the extension and improvement of the tram network in Graz and will address congested roads in Bosnia-Herzegovina and Ukraine.
Expansion of the Baltic port of Ystad in southern Sweden supported by the EIB will remove transport bottlenecks and accommodate an expected increase in cargo and tourism over the next decade.
Increasing the impact of business investment
The EIB agreed EUR 2.95 billion of new direct and indirect financing to support business investment.
This includes support for corporate innovation in Austria, Germany and Spain, large-scale tourism investment in Croatia and a new programme to increase automation and digitalisation of Poste Italiane.
The EIB agreed to finance local financing programmes to accelerate energy efficiency and small scale renewable energy projects in Germany, Spain and Brazil and reduce energy use by industry in Paraguay.
Separate schemes will finance youth employment in Spain and small scale corporate innovation in the Netherlands, as well as help companies in Estonia, Latvia, Lithuania, Belarus and Egypt to expand.
The EIB will contribute to three regional equity funds that will enable high-impact private sector investment to support economic development in Africa and the Caribbean.
Harnessing renewable energy and improving local energy infrastructure
The EIB approved financing to construct 4 new onshore wind farms near Poznan in Poland, to upgrade regional energy distribution in central Austria and to convert waste to clean energy in Hamburg.
Improving social and affordable housing and upgrading urban services
The EIB will support investment to increase the availability of affordable housing in the greater Paris region and Potsdam, Germany.
Small-scale urban investment in Bosnia and financing to improve public services across Germany, including dedicated local investment schemes in the states of Saxony and Brandenburg were also approved.
Enhancing education and research
The EIB agreed to support the expansion of Murcia’s university, Spain and the construction of a new university campus in Madrid.
EUR 5.4 billion of investment backed by the Investment Plan for Europe
Eleven projects approved by the EIB board today will be guaranteed by the European Fund for Strategic Investments (EFSI), the financial pillar of the Juncker plan.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Overview of EIB Energy Lending Policy consultation and draft policy
Overview of projects approved by the EIB Board:
Overview of projects approved by the EIB Board of Directors following positive assessment by the EFSI Investment Committee:
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