Belgium: Green light from EIB Board of Directors to support Wallonia in the climate crisis

• The EIB Board of Directors has given its in-principle approval for a record €1.1 billion operation for Wallonia
• Energy efficiency and flood resilience are in the spotlight
• Financial agreements should be signed before the end of the year

On 17 November, the European Investment Bank (EIB) Board of Directors gave its in-principle approval for financing of €1.1 billion for the Walloon Region to support its energy efficiency and flood resilience projects. It should be implemented rapidly via financial agreements to be finalised soon by the EIB teams and the Walloon Region.

This amount — the largest ever provided by the EIB in a single operation in Belgium — will make it possible to improve the thermal performance of Walloon social housing stock and strengthen regional water infrastructure to adapt it to future extreme climate events.

EIB Vice-President Kris Peeters said: “We are reaching the first milestone in a new financial partnership with the Walloon Region by granting a record amount for Belgium and supporting major projects that are vital for the future of the people of Wallonia. These are fully in line with the EIB's strategic priorities as the climate bank. The active front in the fight against climate change involves reducing the carbon footprint of the social housing sector. It also requires adaptation and anticipation in the face of the risk of disasters like those we saw last summer, performing numerous works to reinforce river banks. The EIB answered the Walloon Region's call. We will provide the financing needed to make these high priority investments quickly.  We must work together to overcome the challenge of the century and preserve our planet for future generations.”

About the European Investment Bank (EIB)

Operating in around 160 countries, the EIB is among the world's largest multilateral lenders to climate action projects. It recently adopted the EIB Group Climate Bank Roadmap to help it to implement its ambitious programme aiming to support the mobilisation of €1 trillion in climate action and environmental sustainability investment from 2021 to 2030, and to bring the share of its investment it dedicates to these areas to 50% by 2025. In line with the Roadmap, all new EIB Group operations have also been aligned with the goals and principles of the Paris Agreement since the beginning of 2021.

WALLONIA SOC HOUSING ENER EFF & FLOOD RESILIENCE (eib.org)