EIB Board approves €5.8 billion for upgrading major energy and transport connectivity projects in Europe and beyond

• Power and water projects to receive €2.2 billion in financing.
• Urban and educational initiatives allocated €1.8 billion.
• Transport sector projects of €1.1 billion approved.
• EIB Board seminar with Civil Society discussed the impact of Group financing.

The Board of Directors of the European Investment Bank (EIB) approved a total of €5.8 billion of fresh financing for projects ranging from clean energy in Poland and schools in France to post-disaster reconstruction in Italy and railway safety in Croatia. The Board also held its annual seminar with civil society groups, to discuss priorities for investment, and how to increase the positive social impact of EIB’s operations.

The EIB Board gave the green light to new financing of €2.2 billion for energy and water, €1.8 billion for urban development and education, €1.1 billion for transport and €765 million to support business innovation in Austria, Finland, Ireland and Slovenia.  

“Less than two years after the devastating floods the EIB is backing post-disaster recovery and climate resilience on the Italian island of Ischia. Other projects approved today will strengthen business competitiveness by fostering innovation across Europe, improving education in France, harnessing clean energy in Austria and Spain and upgrading transport in Ireland, Poland and Slovenia,” said EIB President Nadia Calviño. “We also had good discussions with civil society representatives, whose voice and views are so important for what we do.”

The day before its regular monthly meeting, the EIB Board held its annual seminar with more than 70 representatives of civil society organisations to discuss a variety of issues, including ways to accelerate climate action and the green transition, especially for the benefit of less developed regions and communities that need more support.

Green investments

The €2.2 billion of new energy and water financing approved includes support for large-scale solar power in Croatia, hydropower in Austria and Poland, renewable projects in Spain, and the installation of rooftop solar power and battery storage projects in logistics sites across Europe.

The Board also approved initiatives to accelerate investment in renewable energy and energy efficiency by hundreds of companies in Spain and Jordan.

Furthermore, the latest package of approvals covers projects to finance water investment by small-scale utilities in Italy, improve water supply to coastal communities in Guyana and increase microfinance support water and sanitation by supporting a new impact fund that mobilises institutional investors.

Rail, road, and transport

The €1.1 billion in new transport financing includes upgrading railways in Croatia as well as in Albania. Also approved is a plan for energy improvements, including charging stations for electric vehicles, at the Dublin airport in Ireland. New financing approved today will also support road connections in Poland, Slovenia and Armenia.

Business innovation

The Board also approved €765 million of new financing for corporate innovation and business investment.

This includes venture debt financing for manufacturing innovation and life science research and development in Austria, France, Germany, Italy, the Netherlands and Spain, as well as targeted business financing programmes to support young and female entrepreneurs in Nigeria and green business investment in Mexico.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.