EIB Group invests €12.3 billion in Spain in 2024, with record investments in climate action, energy, innovation and housing

 

• The Group's financing unlocked more than €45 billion to support growth in the Spanish economy and to boost its competitiveness, contributing to EU priorities and improving the quality of services available to citizens.
• It invested a record amount of over €5 billion in energy, consolidating Spain’s position as the country of renewables, and doubling investment in distribution, and transport networks and storage.
• Record financing in innovation and venture capital, with more than €2.4 billion, which involved strengthening the startup ecosystem in Spain and investing in the very first Spanish mega fund for technology scale-ups.
• The Group scaled up investments in social infrastructure in areas such as housing – providing €1 billion – with one in every three euros that the Group invested in housing in the European Union going to Spain.
• The EIB Group also invested record sums in water management infrastructure – ten times more than the average for previous years – and also provided support to the areas affected by the severe flooding caused by the catastrophic storms that hit the country in October.
• Over €2.7 billion was channelled via the financial system to support Spanish small businesses and mid-caps, with one in every five euros raised by venture capital funds in 2024 coming from the EIF.

The European Investment Bank Group (EIB Group), which comprises the European Investment Bank (EIB) and the European Investment Fund (EIF), signed new financing worth €12.3 billion in Spain in 2024 – around 14% of the Group’s total financing figure.

It is estimated that this financing has mobilised over €45 billion in public and private investment – equivalent to 3% of Spain’s gross domestic product (GDP) – to support economic growth, competitiveness and productivity in the country, as well as to improve services available to residents and to accelerate the green and digital transitions. Spain was once again among the main recipients of EIB Group financing in 2024.

“The EIB Group has broken records for green investments in Spain. Of all European countries, Spain received the most financing for the energy sector, boosting priority areas for citizens, such as housing, healthcare, education and water management. EIB Group investments have a tangible positive impact on people’s lives and its operations in Spain are a successful example of this,” said EIB Group President Nadia Calviño.

 EU Climate Bank reports record investments aiming to accelerate the green transition and reinforce strategic autonomy

The EIB Group is consolidating its Climate Bank brand in Spain, breaking its record financing figure for green projects for the third year running, providing over €7.2 billion in 2024. Climate action – a strategic priority and cross-cutting line of action for the Group – accounts for around 60% of its total investment in Spain, thus exceeding the 50% target for the Group in place for 2025.

The following areas deserve a special mention:

• Investments in energy security were higher in Spain than in any other EU country, totalling more than €5 billion. The EIB provides financing for the energy transition and to secure energy supply along the entire value chain. This includes projects for renewable energy generation, electricity distribution and transmission networks, electricity storage, energy efficiency, cleantech innovation and the production of parts required to generate renewable energy.
• It provided a total of €1.54 billion in financing – roughly double last year’s investment – to expand, modernise and digitalise electricity grids to make them more resilient and to better integrate renewable energy sources.
• The Group invested in sustainable transport, contributing to large high-speed rail infrastructure projects such as the Y vasca project, helped to expand zero-emission bus fleets in Madrid and Valencia, and made the network of airports safer and more resilient.

At a time when the effects of climate change are becoming increasingly prevalent, leading to tragic events such as the catastrophic flooding seen in October 2024, investing in damage prevention and climate adaptation measures has never been so important. The EIB responded quickly to provide finance to support efforts to repair and rebuild damaged infrastructure, while also channelling additional financing via financial institutions to support small and medium-sized enterprises (SMEs) and mid-caps affected by the floods. Following this initial response, donations have been made to NGOs working on the ground.

The EIB Group also provided record amounts of financing for water management infrastructure in 2024, investing ten times more than the average for previous years,  €550 million to finance projects to improve the water supply in towns and cities and to using wastewater treatment and recycling to make water use more efficient.

Boosting innovation with a focus on technology, the energy transition and biotechnology

The EIB Group is one of the biggest innovation finance providers in Spain, having lent a record amount of over €2.4 million for innovation in 2024. Support for innovation has been prominent in areas such as:

• Cleantech, for which over €500 million was provided for climate action technologies such as those used to generate wind power.
• Biotechnology and medical technology (medtech), for which over €160 million was invested in innovative projects, such as those involving the use of AI to detect cancer early.
• Digitalisation and space, involving projects to digitalise power grids and roll out low-orbit satellites to expand 5G coverage in remote areas.
• Deep tech, which the Group – and particularly the EIF – has supported by financing venture capital funds focusing on startups that are working on the most advanced technologies.
• Technology scale-ups, which have received support thanks to the momentum of the European Tech Champions Initiative (ETCI), leading to an investment in Kembara, the first venture capital mega fund based in Spain with a focus on climate and deep tech scale-ups. Three Spanish scale-ups have already received financing via ETCI, companies operating in medtech, human resources software and digital solutions for business travel.

There was increased investment in social infrastructure to widen the range and improve the quality of services available to people

For the EIB Group, modernising, expanding and adapting social infrastructure to climate change is a strategic priority. With this in mind, it has reinforced its partnership with regional and local authorities to:

• improve access to affordable and sustainable housing by investing more than €1 billion – equivalent to one in every three euros that the Group invested in housing in the European Union. This includes financing to build new housing, to increase the supply of green mortgages and to improve energy efficiency in residential buildings, among other projects;
• invest in health infrastructure, including hospitals and health centres, benefiting 4.2 million people in Spain. Healthcare-related cooperation with the private sector was also strengthened to invest in research and innovation;
• bolster educational infrastructure, with over €540 million for primary and secondary schools in regions such as Andalusia, Catalonia, Castilla y León, Galicia, Madrid and Valencia.

The Group provided a record sum of financing in cohesion regions, where investment is most needed

Economic and social cohesion is another of the EIB Group’s strategic priorities and is a cross-cutting line of action present in many of its operations. In 2024, €6.13 billion contributed to cohesion, financing projects in regions where per capita income is below the European average – a record sum that makes up 50% of the Group's total financing in Spain.

There were also co-financing agreements totalling more than €1.2 billion under EU regional development funds for autonomous communities that qualify as cohesion regions. This investment was earmarked for areas such as green projects, innovation, agricultural development and infrastructure projects.

The EIB Group helped make Spanish SMEs and midcaps more competitive, innovative and resilient

In 2024, the EIB Group provided over €2.71 billion in financing for projects undertaken by 186 800 SMEs and mid-caps. It is important to note the EIF’s 56% growth in 2024, as well as the joint operations carried out by the EIB and the EIF on securitisations and guarantees to commercial banks. These agreements establish the Group as a key player in ensuring access to finance, thereby highlighting the significance of its role in boosting the competitiveness of Spanish businesses.

This financing helped to:

• secure over 2.4 million jobs;
• address the liquidity needs of SMEs and mid-caps;
• fostering social female entrepreneurship, micro-enterprises and inclusion;
• make investments in climate change adaptation measures and energy efficiency;
• encourage investment in digitalisation.

Regional Resilience Fund

The EIB Group has sped up the implementation of the Regional Resilience Fund. In just six months, both the EIB and EIF have approved projects to support investments in strategic areas such as power grids, education, water and sewerage, and support for SME projects in innovation, digitalisation and sustainability.

Recording of the press conference here

Resources photos of the EIB here

Background information

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers.

Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.