European Union’s Global Gateway Initiative Supports Sustainable Projects in South America

European Union’s Global Gateway Initiative Supports Sustainable Projects in South America

(IN BRIEF) The European Investment Bank (EIB) has announced the signing of multiple loans during the European Union-Community of Latin American and Caribbean States (CELAC) Summit of Heads of State and Government. These loans will provide financing for climate action projects in Argentina, Brazil, and Chile as part of the European Union’s Global Gateway initiative. The projects include support for energy-efficient housing units, the renewable hydrogen industry, electricity transmission networks, renewable energy and energy efficiency projects, integrated waste management programs, and the installation of solar photovoltaic plants. These initiatives highlight the commitment to combat climate change and promote sustainability. The loans exemplify the partnership between the European Union and Latin American and Caribbean countries in their shared pursuit of a greener future.

(PRESS RELEASE) LUXEMBOURG, 14-Jul-2023 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union is pleased to announce the signing of multiple loans during the European Union-Community of Latin American and Caribbean States (CELAC) Summit of Heads of State and Government. These loans will provide vital financing for climate action projects in Argentina, Brazil, and Chile. The initiatives form an integral part of the European Union’s Global Gateway initiative, which aims to enhance global and regional connectivity across various sectors, including digital, climate, transport, health, energy, and education.

The forthcoming projects encompass a wide range of sustainable initiatives. Noteworthy highlights include the pioneering support for residential mortgage-based loans, facilitating the development of energy-efficient housing units beyond the borders of the European Union. In addition, the EIB will provide crucial backing for the renewable hydrogen industry, enabling advancements in clean energy solutions. Furthermore, the loans will contribute to expanding, modernizing, and enhancing the resilience of electricity transmission networks. The EIB’s financing will also facilitate the implementation of renewable energy, energy efficiency, and bioeconomy projects, underscoring the commitment to a sustainable future. The integrated waste management programs will receive financial support, further bolstering efforts to address environmental challenges effectively. Lastly, the installation of solar photovoltaic plants in individual homes, small and medium-sized enterprises (SMEs), and local businesses will promote the adoption of renewable energy sources.

These initiatives reflect the European Union’s steadfast dedication to combating climate change and promoting sustainable development on a global scale. By supporting vital projects in Argentina, Brazil, and Chile, the EIB is facilitating the transition towards a greener future. The loans announced at the EU-CELAC Summit exemplify the strong partnership between the European Union and Latin American and Caribbean countries in their joint pursuit of a sustainable and resilient world.

Background information

About EIB Global in Latin America

EIB Global has been providing economic support for projects in Latin America since 2022, facilitating long-term investment with favourable conditions and offering the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America in 1993, it has provided total financing of around €13 billion to support more than 150 projects in 15 countries in the region.

About the Global Gateway initiative

EIB Global is a key partner in the implementation of the European Union’s Global Gateway initiative, supporting sound projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. Investing in connectivity is at the very heart of what EIB Global does, building on the Bank’s 65 years of experience in this domain. Alongside our partners, fellow EU institutions and Member States, we aim to support investment of €100 billion (around one-third of the overall envelope of the initiative) by the end of 2027, including in Brazil and Latin America.

Media contact:

Enrico Possenti
e.possenti@eib.org
+352 4379 – 82144

Press Office

press@eib.org
+352 4379 – 21000

SOURCE: European Investment Bank