EUR 7 billion EIB backing for communications, renewable energy and innovation

EUR 7 billion EIB backing for communications, renewable energy and innovation

The Board of the European Investment Bank (EIB) agreed to support EUR 6.9 billion of new financing. This includes backing new investment across Europe and around the world to improve communications, renewable energy, sustainable transport, social housing and education infrastructure.

The new EIB financing includes EUR 1.7 billion of new support for corporate research and development and business investment through direct financing and credit lines with local banks.

The meeting also approved a new Energy Lending Policy to further strengthen the impact of EIB support for energy transition and a new strategy to deliver on the EIB’s ambition to increase climate action and environmental sustainability over the next decade.

Improving communications for millions of people across Europe

The EIB approved more than EUR 1.3 billion new financing to enhance mobile and broadband communications for millions of people in France, Italy and Hungary.

Accelerating energy transition and scaling up renewable energy

The EIB agreed EUR 1.5 billion of new financing to support renewable energy and energy efficiency projects around the world.

Fostering innovation and private enterprise

At the November meeting the EIB approved EUR 1.6 billion of new direct and indirect financing for corporate innovation and private sector business investment.

Transforming sustainable urban transport

2.3 million people living in the Indian city of Bhopal and commuters across France will benefit from the new sustainable transport investment agreed by the EIB.

Strengthening agricultural production

Agriculture and bio-industry investment across Europe will be supported by a new EUR 700 million financing scheme approved by the EIB board.

Improving access to social housing and quality education

Households across France and Ireland will benefit from construction of 80,000 new social housing units to be financed by the EIB in France and new support for energy-efficient affordable housing in Ireland.

Enabling sustainable development in vulnerable countries

Projects across the Caribbean that contribute to sustainable development goals will be supported by a new streamlined financing programme approved by the EIB.

EUR 2.2 billion of investment backed by the Investment Plan for Europe

The European Fund for Strategic Investments (EFSI), the financial pillar of the Juncker plan will support EUR 2.2 billion of new investment for projects approved by the EIB board.

Original source: EIB
Published on 15 November 2019