EIB Greenlights €5.8 Billion to Drive Global Energy, Transport, and Innovation Advancements

EIB Greenlights €5.8 Billion to Drive Global Energy, Transport, and Innovation Advancements

(IN BRIEF) The European Investment Bank (EIB) Board has approved €5.8 billion in new financing to support various projects across Europe and beyond. This includes €2.2 billion for clean energy and water projects, €1.8 billion for urban development and education, and €1.1 billion for transport infrastructure improvements. Notable investments include renewable energy projects in Croatia and Spain, post-disaster recovery in Italy, and railway upgrades in Croatia and Albania. The Board also approved €765 million for business innovation, targeting sectors like manufacturing and life sciences, with additional support for young entrepreneurs in Nigeria and green investments in Mexico.

(PRESS RELEASE) LUXEMBOURG, 17-Oct-2024 — /EuropaWire/ — The European Investment Bank (EIB) Board of Directors has approved €5.8 billion in new financing for a wide array of major infrastructure, energy, and transport projects both within Europe and beyond. This funding will be directed towards advancing clean energy initiatives, educational development, transport upgrades, and post-disaster recovery efforts across several countries, including Poland, France, Italy, and Croatia. Additionally, a significant portion of the financing will support business innovation and microfinance projects.

Among the approved projects, €2.2 billion is earmarked for energy and water infrastructure. This includes investments in large-scale solar power in Croatia, renewable energy projects in Spain, and hydropower facilities in Austria and Poland. Another €1.8 billion will support urban development and educational projects, such as school improvements in France and post-disaster recovery efforts on Italy’s Ischia island following severe flooding. Transport projects will receive €1.1 billion, with funding directed towards upgrading railways in Croatia and Albania, as well as improving road networks in Poland, Slovenia, and Armenia.

EIB President Nadia Calviño highlighted the bank’s role in fostering innovation, energy transition, and infrastructure upgrades across Europe, noting the importance of the approved projects in strengthening competitiveness and addressing pressing challenges like climate resilience. She also emphasized the productive discussions held with civil society representatives, reinforcing the EIB’s commitment to social impact.

Furthermore, the EIB Board’s approval includes €765 million for business innovation, targeting corporate innovation in manufacturing and life sciences research across several European countries. Additionally, venture debt financing will support young and female entrepreneurs in Nigeria and facilitate green business investments in Mexico.

The seminar with civil society, which took place prior to the EIB Board meeting, focused on accelerating climate action and ensuring the benefits of green transitions are accessible to less developed regions. Representatives from over 70 civil society organizations engaged with the Board to offer their insights on shaping impactful investment strategies.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.

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SOURCE: European Investment Bank