EIB Approves €5.3 Billion for Climate Resilience, Urban Innovation, and Business Growth

EIB Approves €5.3 Billion for Climate Resilience, Urban Innovation, and Business Growth

(IN BRIEF) The European Investment Bank (EIB) has approved €5.3 billion in new funding to enhance climate resilience, urban development, and business innovation across Europe and beyond. The investments include €3.5 billion for smart city projects and sustainable infrastructure, €1.4 billion for corporate innovation in clean transport, hydrogen, and battery technology, and €350 million for water and transport projects in Bratislava and India. Additionally, the EIB will continue its support for Ukrainian refugees in Poland. An action plan to boost transparency and accountability within the EIB, including the creation of an Ombudsman, was also welcomed by the Board.

(PRESS RELEASE) LUXEMBOURG, 19-Sep-2024 — /EuropaWire/ — The European Investment Bank (EIB) Board of Directors has approved €5.3 billion in new financing to support climate resilience, urban development, and business innovation across Europe and beyond. The approved investments include €3.5 billion aimed at smart city projects, energy efficiency, renewable energy, and sustainable transport in cities across Europe, as well as €1.4 billion for business innovation in sectors such as clean transport, hydrogen, and battery technology. An additional €350 million will be allocated for water and wastewater infrastructure upgrades in Bratislava and the expansion of the Nagpur metro in India.

EIB President Nadia Calviño highlighted the urgency of addressing the climate crisis, referencing recent floods in Europe and emphasizing the importance of investments in making cities and businesses more climate-resilient and competitive. She also introduced an action plan to enhance transparency, accountability, and well-being at the EIB, which includes the creation of an independent Ombudsman and stronger protections for whistleblowers.

In addition to climate-focused projects, the EIB also approved expanded support for Ukrainian refugees in Poland, providing accommodation, education, and healthcare for over 1.4 million refugees across the country. Further investments were approved to support business growth in Guinea and agricultural development in Côte d’Ivoire.

This package of initiatives reflects the EIB’s continued focus on addressing the most pressing global challenges through sustainable development and innovation.

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