EIB approves EUR 7.7 billion financing for business, transport, urban investment and COVID testing

• EUR 2.9 billion for sustainable transport
• EUR 2.6 billion for private sector financing
• EUR 1.3 billion for clean energy and energy efficiency
• EUR 825 million for urban, health and education

On 15 December the Board of Directors of the European Investment Bank (EIB) approved EUR 7.7 billion of new financing for 40 projects to enhance private sector access to finance, strengthen sustainable transport, increase clean energy use and accelerate priority investment in towns and cities across Europe and around the world.

“Unfortunately the COVID-19 pandemic is far from over and health systems around the world remain under pressure. The EIB Group has been working since the first days of the pandemic with clients and stakeholders to strengthen both economic and health resilience. We are also strengthening efforts to deliver global climate action. Today the EIB backed transformational new investment that will create opportunities by enabling business to invest, improve lives through better health and education and build a better future by harnessing green energy.” said Werner Hoyer, President of the EIB.

The EIB Board also adopted a strengthened approach to supporting the Just Transition Mechanism across the EU and accelerating Just Transition globally. Just Transition aims to help deal with the social costs involved in decarbonisation and deliver Europe’s ambitious climate objectives

EUR 2.9 billion for sustainable transport

Travellers and commuters around the world will benefit from cleaner, safer and quicker transport under investment backed by the EIB.

This includes upgrading and expanding bus, tram and metro services in Lyon, France and new regional trains in Baden-Württemberg, Germany, rail investment in Italy and the Netherlands, and increasing use of electric delivery vehicles in Italy.

The EIB Board approved financing for the rehabilitation of the historic Széchenyi chain bridge in Budapest, upgrading Air Traffic Control management in Portugal and construction of the S14 Expressway Lodz Western Bypass in Poland.

The EIB also agreed to back construction of the first metro network and new trains in the Indian city of Agra, home to 2.3 million people and one of the most polluted cities in the world.

EUR 2.6 billion for business investment and COVID economic resilience

New business financing approved by the EIB includes backing corporate innovation by leading consumer health and pharmaceutical companies and upgrading advanced production technology for electric vehicle, electricity and telecom network components.

The Board also gave the green light for new business initiatives with local financial partners to accelerate investment by sustainable and social focused companies in the Western Balkans, increase climate and environmental investment by small business in Germany and companies across Italy.

EUR 1.3 billion for clean energy and energy efficiency

The EIB board agreed to support a range of large and small renewable energy generation schemes, energy distribution projects and energy efficiency initiatives.

This includes financing wind and solar projects across Brazil, support for new solar power plants in Spain and backing local small scale renewable energy and energy efficiency projects in Overijssel in the Netherlands.

Streamlined financing for renewable energy projects across France and Germany and support for specialist investment in off-grid solar power in sub-Saharan Africa was also approved.

The EIB also agreed to back a reinforcement of the Czech electricity transmission network and an upgrade of electricity distribution in Flanders.

EUR 825 million for urban development, health, education and water

New financing approved by the EIB will accelerate high-impact investment to improve local health, education and water services and unlock urban development.

This includes backing sustainable and environmental urban investment in Tallinn and Grenoble, improving water infrastructure in Riga, Montpellier and the Netherlands and the construction of new kindergartens and schools across Finland.

The EIB will also support emergency COVID-19 vaccination and testing for 2.8 million people living in the German state of Brandenburg and digitalisation of services provided by Greek government agencies.

Strengthening EIB support for Just Transition

The EIB also approved a comprehensive proposal to support the Just Transition Mechanism and deliver the European Green Deal.

The enhanced EIB engagement will address the socio-economic impact of the transition towards a low-carbon economy and the environmental legacy of past activities. Details will be published in the coming weeks.

Overview of projects approved by the EIB Board