European Investment Bank agrees $5.5bn of energy, transport and social projects

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EIB-funded projects include renewable energy grids, rail networks, new hospitals, urban development and more.

The board of directors of the European Investment Bank has approved huge funding agreements for projects all over Europe and the wider world.

In combination, the projects announced amount to €5.5bn of EIB backing, which includes €2.4bn for clean energy, €614m for urban development and housing and €501m for sustainable transport.

Energy

Commenting on the high value of energy investment, EIB president Werner Hoyer, said: “The EIB’s backing for transformational renewable energy projects approved today demonstrates our firm commitment to support the REPowerEU plan with additional clean energy financing to enable Europe to end dependency on imported fossil fuels. These are crucial matters for European citizens, and we intend do even more in the future.

“Businesses and households around the world are facing the impact of energy shocks. Today’s board strengthened the EIB’s support for new investment to cut energy bills and accelerate the development and connection of renewable energy.”

Investment in energy includes streamlined financing for new renewable energy projects across France, expansion of energy transmission grids in Iceland, Portugal and Romania, further grid investment in Brazil to connect renewable energy schemes and construction of three new solar power generation plants in Uzbekistan.

Financing is also bring provided to reinforce the electricity distribution network in Hungary and support priority energy investment across Lithuania.

Business and climate innovation

The EIB agreed €1.3bn to strengthen private sector initiatives in cooperation with local banks and lending partners in Morocco and Serbia, while also targeting projects that support climate action and energy efficiency in Portugal and across Africa, the Caribbean and Pacific.

Additional projects will focus on strengthening research compressor and vacuum technology, development of industrial enzymes and proteins and adoption of renewable energy at food production plants in Poland and Romania.

Urban development and housing

The EIB approved financing to construct four new residential areas in Berlin, including affordable housing, kindergartens, accommodation for vulnerable groups, assisted living and care facilities. At the same time, the bank announced support for energy efficient affordable housing in Milan and new high energy efficient residential buildings across Finland.

New financing to improve solid waste collection and treatment, alongside rehabilitation of existing landfill sites, has been announced for Portugal.

Sustainable transport

€501m of new funding was announced to strengthen sustainable transport in Europe and Africa.

Projects include rehabilitation of a 167km TEN-T rail link in Montenegro, provision of double-decker regional passenger trains in Austria and enhancing capacity, efficiency and safety of the Port of Leixões in Portugal.

The EIB also agreed to support construction of a new 14km bus rapid transit line in Nairobi, alongside acquisition and charging facilities for 120 electric buses.

Health and education

A new 875-bed hospital for Lisbon, and expanded student housing and campus development in the same city have received EIB funding. So has the upgrade of campus facilities at the University of Bologna and refurbishment of publicly owned sports and cultural facilities across Italy.

New private and public sector health, pharmaceutical and medical investment has also been announced for Africa, with the aim of streamlining project finance there.

The EIB also announced backing for water and wastewater infrastructure investment in Romania and the expansion of strategic cereal storage facilities in Tunisia to improve food security.