EIB approves €1 billion loan for Rebuilding Ischia’s Public and Private Infrastructure 1

EIB approves €1 billion loan for Rebuilding Ischia’s Public and Private Infrastructure 1

(IN BRIEF) The European Investment Bank (EIB) has signed the first €150 million tranche of a €1 billion financing package to support the reconstruction of Ischia, which was heavily impacted by a 2017 earthquake and 2022 landslide. The funding will aid the restoration of residential and public infrastructure, improve energy efficiency, and address hydrogeological risks through measures like slope stabilization and riverbed restoration. The project, guided by EIB’s technical assistance, emphasizes climate adaptation and sustainability, offering financial savings and a resilient future for the island.

(PRESS RELEASE) LUXEMBOURG, 26-Nov-2024 — /EuropaWire/ — The European Investment Bank (EIB) has officially signed the first €150 million tranche of a €1 billion financing package to support the reconstruction of public and private buildings in Ischia, an Italian island affected by the 2017 earthquake and 2022 landslide. This agreement, formalized with Italy’s Ministry for the Economy and Finance, marks a crucial step in rebuilding efforts and enhancing the region’s resilience to future natural disasters.

Supporting a Fragile Yet Treasured Region

The funds will support the Commissioner’s Office in its efforts to restore and secure Ischia’s infrastructure. The project encompasses the renovation of residential and non-residential buildings, schools, public facilities, water infrastructure, and roads. All restored structures will adhere to stringent energy efficiency standards, contributing to the island’s sustainability goals.

To address hydrogeological risks and foster climate adaptation, the financing will also support slope stabilization, riverbed restoration, and the construction of risk mitigation structures. These measures aim to protect Ischia’s delicate landscape while preparing it for future extreme weather events.

A Partnership Rooted in Sustainability

This financing is the latest chapter in the EIB’s collaboration with Italy on initiatives of national significance, such as high-speed rail development and post-earthquake reconstruction in central regions. The EIB’s free technical assistance, provided to the Commissioner’s Office in 2022, played a pivotal role in identifying key interventions, technical specifications, and climate adaptation strategies.

EIB Vice-President Gelsomina Vigliotti highlighted the bank’s role:
“This agreement underlines the EIB’s commitment to helping Italy address the challenges of climate change and natural disasters. Our financing and advisory support ensure Ischia’s reconstruction is aligned with sustainability principles, securing a safer and more resilient future for its residents.”

Strengthening Resilience and Sustainability

Commissioner Giovanni Legnini emphasized the transformative impact of the EIB’s support:
“The EIB’s financial and technical contributions are pivotal for Ischia’s recovery. This project not only accelerates reconstruction but also integrates climate change adaptation into its design—an unprecedented step in our rebuilding efforts. We look forward to leveraging this partnership to ensure environmental sustainability throughout the process.”

Financial and Environmental Benefits

The EIB’s favorable interest rates, coupled with its technical guidance, offer the Italian government significant cost savings over the 25-year financing period. This collaboration ensures that reconstruction efforts align with climate goals, reinforcing Ischia’s infrastructure while safeguarding its natural heritage.

With the initial tranche in place, the project advances its mission to rebuild Ischia, providing a model for sustainable recovery and resilience in regions vulnerable to natural disasters.

European Investment Bank (EIB)

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that can contribute to EU policy. EIB projects strengthen competitiveness, foster innovation, promote sustainable development and improve social and territorial cohesion while supporting a fair and rapid transition towards climate neutrality. In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

Media Contact:

Lorenzo Squintani
l.squintani@eib.org
+352437982528

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank