EIB Pledges €10.3 Billion for Climate-Resilient Agriculture, Energy, and Infrastructure in Europe

EIB Pledges €10.3 Billion for Climate-Resilient Agriculture, Energy, and Infrastructure in Europe

(IN BRIEF) The European Investment Bank (EIB) has committed €10.3 billion to support various European sectors, including agriculture, energy, water, education, and innovation. This funding includes €900 million for immediate reconstruction in flood-affected areas and a landmark €3 billion initiative to boost sustainable agricultural practices and food security. Additional investments will back clean energy projects, corporate innovation, and essential infrastructure improvements across Europe. EIB President Nadia Calviño highlighted the need for resilient rebuilding to prepare for future climate challenges.

(PRESS RELEASE) LUXEMBOURG, 7-Nov-2024 — /EuropaWire/ — The European Investment Bank (EIB) has announced major financing initiatives to support recovery, resilience, and growth across key sectors in Europe, including agriculture, clean energy, water infrastructure, education, and innovation. In response to recent floods, the EIB will provide immediate funding for reconstruction efforts, coordinating with national authorities to deploy €900 million toward critical infrastructure repair in impacted areas, especially in Spain and Central Europe.

EIB’s Board of Directors has approved €10.3 billion in total funding, with specific allocations that include:

• €4.1 billion for clean energy and water infrastructure, including offshore wind farms in Poland, solar energy projects in Latvia and Germany, and water supply improvements in France and Papua New Guinea.
• €1.5 billion for corporate innovation and business investment across sectors like semiconductor development, energy-efficient lighting, and digital financial inclusion, with further support for businesses in Poland, Armenia, and Ukraine.
• €1.2 billion to enhance education, transport, health, and urban development, benefiting schools in France and Hungary, public transport in Lyon, and urban infrastructure in Madrid and Poznan.

In its largest-ever investment for the agricultural sector, the EIB has launched a €3 billion Pan-European Agricultural Programme. This initiative will address critical financing gaps in agriculture, focusing on climate resilience, sustainable farming practices, and innovation. The program aims to support young and emerging farmers, encourage gender equality, and align with the EU Green Deal’s environmental targets by prioritizing low-emission projects, biodiversity, and circular economy practices.

Additionally, the EIB approved €465 million for agriculture-related projects in Spain and Kazakhstan and sustainable forestry in Côte d’Ivoire.

EIB President Nadia Calviño emphasized the need to build back better, saying, “The EIB is committed to accelerating financial support to rebuild resilient infrastructure, homes, and businesses, tailored to withstand increasing climatic challenges.”

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