EIB agree to support EUR 6.9 billion of new financing
The new EIB financing includes EUR 1.7 billion of new support for corporate research and development and business investment through direct financing and credit lines with local banks.EIB | Luxembourg City | Updated: 15-11-2019 17:24 IST | Created: 15-11-2019 17:24 IST
The Board of the European Investment Bank (EIB) yesterday agreed to support EUR 6.9 billion of new financing. This includes backing new investment across Europe and around the world to improve communications, renewable energy, sustainable transport, social housing, and education infrastructure.
The meeting also approved a new Energy Lending Policy to further strengthen the impact of EIB support for energy transition and a new strategy to deliver on the EIB's ambition to increase climate action and environmental sustainability over the next decade.
Improving communications for millions of people across Europe
New projects backed by the EIB include the roll-out of ultra-high-speed fiber to more than 5.8 households across France and upgrading the Italian mobile phone network to enable access to high-speed mobile services by 99% of the population.
Accelerating energy transition and scaling up renewable energy
This includes support for new wind farms in Austria and Lebanon, 15 new solar power plants across Spain, as well as small-scale climate action and renewable energy projects in France, Kazakhstan, the South Caucasus, Latin America, and Africa.
Fostering innovation and private enterprise
This includes lending programs to finance innovation investment with leading local banks in Germany and Italy, support for private equity investment in Spain and Slovakia and schemes to enhance access to finance by local SMEs in Austria and Georgia.
Transforming sustainable urban transport
This will support the construction of the first two metro lines in Bhopal and the provision of 330 electric buses and charging infrastructure to replace diesel buses with zero-emission transport in towns across France.
Strengthening agricultural production
Agriculture and bio-industry investment across Europe will be supported by a new EUR 700 million financing scheme approved by the EIB board. This follows the successful implementation of a pilot agriculture financing programme over the last year.
Improving access to social housing and quality education
Households across France and Ireland will benefit from the construction of 80,000 new social housing units to be financed by the EIB in France and new support for energy-efficient affordable housing in Ireland.
The EIB also agreed to finance the construction of 150 new primary schools in Tunisia and upgrading 37 schools, kindergarten and sports centers in Finland.
Enabling sustainable development in vulnerable countries
Projects across the Caribbean that contribute to sustainable development goals will be supported by a new streamlined financing programme approved by the EIB. The Board also approved a new scheme to support projects in Colombia in areas most impacted by recent conflict.
In Brazil, 140,000 households will be connected to clean drinking water for the first time and 300,000 homes benefit from wastewater services under a regional water investment programme backed by the EIB.
EUR 2.2 billion of investment backed by the Investment Plan for Europe