EIB Approves €10.8 Billion in New Investments for Green Energy, Business Innovation, and Infrastructure Development

EIB Approves €10.8 Billion in New Investments for Green Energy, Business Innovation, and Infrastructure Development

(IN BRIEF) The European Investment Bank (EIB) has approved €10.8 billion in new financing to support a diverse range of projects focused on green energy, business innovation, health, housing, education, and infrastructure development. This includes significant investments in clean energy projects, business financing across Europe, and the construction of new homes, hospitals, and schools. The funding also supports sustainable transport and communications projects, alongside climate resilience initiatives in Small Island States. These efforts align with the EU’s goals of enhancing strategic autonomy and promoting sustainable development.

(PRESS RELEASE) LUXEMBOURG, 29-Aug-2024 — /EuropaWire/ — The European Investment Bank (EIB) has announced the approval of €10.8 billion in new financing, aimed at advancing a wide array of critical projects across energy, business, health, housing, and education sectors. This strategic funding decision reflects the EIB’s commitment to bolstering Europe’s energy autonomy, enhancing infrastructure, and promoting sustainable development both within and beyond the EU.

Among the approved financing, €5 billion is allocated to clean energy projects, including the development of a groundbreaking clean energy island off the Belgian coast, solar and wind power initiatives across Europe, and sustainable forestry in Moldova. These investments align with the EU’s RepowerEU programme, designed to accelerate the green transition and ensure energy security.

The EIB is also channeling €2.6 billion into business innovation and job creation, supporting corporate research, digitalization, and sustainable investments across several European countries. This includes targeted financing for healthcare innovation in France, and equity participations in funds supporting the private sector in Vietnam and microfinancing in India.

Further, €3.1 billion has been approved for the construction of energy-efficient homes, new hospitals, and educational facilities across Europe, as well as for initiatives aimed at expanding medical manufacturing and improving healthcare services in Africa.

Additionally, the EIB is dedicating €137 million to enhance transportation and communication networks, including railway upgrades in France and submarine internet connections to West Africa.

EIB President Nadia Calviño emphasized the bank’s focus on reinforcing Europe’s strategic autonomy and energy efficiency, stating, “Today’s decisions are a testament to our commitment to support the green transition and improve resilience through targeted investments.”

This round of financing follows a series of recent EIB initiatives, including the launch of the Wind Initiative in Germany and climate resilience projects in Small Island States like Barbados and Kiribati. The EIB’s continued investments underscore its role as a key driver of innovation, sustainability, and economic growth across the globe.

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