European Investment Bank approves new €8.6bn funding plan

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New financing to accelerate innovation, water, energy, education, health and housing investment across Europe and around the world. 

New European Investment Bank (EIB) financing plans will see €8.6bn of funding made available for business support and economic and social infrastructure.

The board of directors has approved €4.7bn for business finance and innovation support, $1.8bn for water, energy, transport and agriculture projects and €2bn for health, education, housing and earthquake reconstruction.

Included in the package of funding is also emergency support for Ukraine, with a particular focus on humanitarian aid, temporary bridge replacements and healthcare and housing for internally displaced people.

Werner Hoyer, president of the EIB, said: “Projects the EIB backed today will secure access to finance, water and clean energy for millions of people, including in communities most impacted by a changing climate. The EIB agreed to further strengthen the impact of transport investment, address the impact of the war in Ukraine on vulnerable regions outside Europe, and backed significant new innovation, water-related projects and energy and housing investment. Scaling up climate action, innovation, business and infrastructure investment is especially important when facing inflation and price shocks, as we do today in Europe and beyond.”

Project announcements

Among the largest projects agreed this week, is the EIB-approved climate adaption financing for the Aqaba-Amman Water Desalination and Conveyance Project. This will enable Jordan to adapt to the impact of a changing climate, increasingly scarce water resources and a growing population.

This is the largest infrastructure project in Jordan’s history to be invested in by an international financial institution. It is also the EIB’s largest ever support for water investment outside Europe.

At the same time, the bank also gave the green light to funding for the construction of three large scale solar power schemes in central Spain and to accelerate small-scale wind and solar renewable energy investment in France and Italy.

€500m will support upgrading of research, teaching and student facilities at universities across Italy and improve energy efficiency of university buildings. Italy will also benefit from support to continue reconstruction of buildings damaged in earthquakes in 2016.

The EIB further agreed to support hospital investment in Rotterdam and social housing construction and modernisation investment to benefit nearly 40,000 homes across Germany.

Corporate innovation and business investment

The EIB also approved more than €3.2bn of new venture debt financing to support development of future technologies, green innovation, life science and health investment through streamlined corporate financing to be rolled out of the coming years.

New business financing totalling €1.5bn agreed will back the use of hydrogen to produce steel and also new credit lines for SME investment across Italy.

The EIB backed venture capital fintech, e-commerce and education investment and inclusive microfinance across Africa, environmental and climate investment in India.