EIB approves EUR 4.8 billion of transport, business, urban and energy financing and meets with civil society organisations

The European Investment Bank on February 5 approved a total of EUR 4.8 billion of new financing for the private sector, transport, energy, housing, and water investment. This included EUR 864 million support for investment outside Europe.

“The EU Bank is all about impact. It is important to us that all EIB financed projects meet the highest environmental and social standards, reflect local concerns and follow policy best practice. Yesterday’s dialogue with leading international and national NGO’s and industry bodies provided valuable new input for our work. The relevance of EIB activity across Europe and around the world is reflected in the diverse range of projects agreed today from improving local services and education facilities in Europe to enhancing access to clean energy across Africa.” said Werner Hoyer, President of the European Investment Bank.

Supporting private sector investment

The EIB board approved EUR 2.3 billion of new direct and indirect financing that will enhance access to finance by companies across Europe and Africa.

This includes support for agriculture and tourism investment in Italy, financing for sustainable and climate-related investment by companies in the Benelux and backing for private sector financing in Egypt.

Strengthening sustainable transport

The EIB Board approved more than EUR 1 billion of financing for rail, urban and electric transport. The board also confirmed financing for the first new direct rail link to London’s Luton airport.

Accelerating clean energy investment

The EIB Board backed EUR 670 million of investment that will support renewable energy in Europe, Africa and Asia. It also agreed on financing for an upgrading of the Finnish national electricity transmission grid.

The new financing will support the increased use of solar energy by households and small companies in Africa and Asia alongside new investment in large-scale renewable energy and energy efficiency across Africa.

Backing for the construction of 500 roof-top solar systems on schools managed by the Palestinian Authority that will significantly reduce energy costs was also approved.

Enhancing higher education

The EIB also agreed to support investment to improve research and teaching facilities at the faculties of Aerospace Engineering and Applied Chemistry at the Bucharest Polytechnic University in Romania and construction of a new Science Faculty at the University of Namur in Belgium.

Original source: EIB
Published on 05 February 2019