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Add to Preferred SourcesThe European Investment Bank approved a total of EUR 12.6 billion of new financing for 83 projects located across Europe, Asia, Latin America and Africa. This represents a record level of new support ever agreed at a monthly meeting of the EIB Board of Directors.
By endorsing 48 projects for EUR 6.1 billion investment guaranteed by the Investment Plan for Europe, the EIB Board will enable the Juncker Plan’s European Fund for Strategic Investments (EFSI) to exceed its original EUR 315 billion investment target.
Following Board approval, the EIB will finalise new programmes to enhance access to finance by small business in partnership with local banks and support new investment in energy, transport, communications and urban development.
“The Juncker Plan is a success. The EIB Group has exceeded its commitments with financing worth considerably more than the EUR 315 billion targeted for the three years ending this month. We have shown that Europe can respond to economic challenges with energy and creativity. But there is no cause for complacency. Europe still lags behind global competitors and its own goals in terms of investment in innovation, education and other strategic sectors. The EIB continues to focus on increasing Europe’s competitiveness. The EU Bank has proven a key asset for investment and economic policy in Europe. Together with other EU institutions, we must build on this success and on this model to double our efforts and make Europe economically stronger and more inclusive”, said Werner Hoyer, President of the European Investment Bank.
Unlocking private sector investment and job creation
The board approved EUR 4.5 billion of new financing to support business investment across Europe and beyond. It will enable local financial partners to tackle investment gaps across seventeen EU countries and youth unemployment in Bosnia-Herzegovina. A new scheme to support investment by social enterprises across Europe will also be backed.
This includes dedicated lending to agriculture firms in Romania, tourism enterprises in Italy, microenterprises in Poland and Germany, export-focused companies in Slovakia and a leading peer-to-peer platform. New SME and midcap financing will be provided through credit lines with local banks, guarantee structures, debt and equity funds and programmes with national promotional banks.
Harnessing clean energy
The EIB will provide more than EUR 3.4 billion for new investment in renewable energy, energy efficiency, Near Zero Energy Buildings, hydropower and district heating projects.
Energy projects approved yesterday include backing for a new Belgian offshore wind farm, solar power plants in Spain, district heating in Budapest, three hydropower plants in northern Portugal, and new investment to reduce power losses in Jamaica. Support for a new initiative to finance domestic renewable energy in the Netherlands was also confirmed.
Improving sustainable transport
New EIB financing totaling EUR 1.8 billion was agreed to support sustainable transport projects. This includes new commuter rail rolling stock in Berlin, accommodating future growth at Guadaloupe and Venice airports, construction of the first metro line in Bogota, low-emission buses in Warsaw, expansion of electric vehicle charging stations in Italy, a new water transport hub in China and upgrading public transport fleets across Spain.
Upgrading urban infrastructure
Public services, urban regeneration, health care, water, and energy efficient street lighting schemes will benefit from EUR 1.8 billion of new EIB support for investment by cities and local authorities across Europe.
Specific schemes include sustainable urban development in Sardinia, Sicily, northern Germany and the Polish city of Walbrzych, improving energy efficiency in public and private buildings in Latvia, upgrading wastewater in Lebanon and financing domestic renewable energy in the Netherlands. A new partnership will also support smart city investment projects across Belgium.
Original source: EIB
Published on 18 July 2018