EIB approves €11.2 billion for clean energy, business, climate action, sustainable transport, health, education and urban investment

• Board backs EUR 30 billion additional clean energy financing over next 5 years to support REPowerEU
• €5.5 billion for clean energy, climate action and water
• €4 billion for business investment and corporate R+D
• €1 billion for health, education and urban development
• €705 million for sustainable transport

The Board of Directors of the European Investment Bank (EIB) today approved €11.2 billion of new financing to accelerate business investment, clean energy and climate action, health, education and sustainable transport across Europe and around the world.

“In two weeks world leaders and climate partners will meet in Egypt for the COP 27 climate conference, at a time when households and businesses are threatened by soaring energy costs and millions of people are vulnerable to the impact of a changing and extreme climate. Today the EIB backed sustainable initiatives across Europe and around the world that will help cut energy bills, reduce emissions, enhance food security, and accelerate clean energy innovation. We must fight the global energy disruption caused by Russia's invasion of Ukraine by investing more and more quickly in green energy, which are key to enhancing Europe’s strategic autonomy and to help address climate heating. Strengthening cooperation between climate and clean energy partners is more crucial and urgent than ever”, said Werner Hoyer, President of the European Investment Bank.

EUR 5.5 billion for clean energy, cutting energy use and climate action

The EIB Board of Directors meeting in Luxembourg today backed new wind power schemes in the Baltic states and Peru, solar power in Brazil, solar and wind in South Africa and streamlined renewable energy financing investment in Germany.

The EIB also decided to support the Celtic interconnector between France and Ireland, a 185km transmission link in southern Germany, and upgrade distribution and transmission networks in Poland, Spain and Argentina.

The Board approved new initiatives to help reduce energy use by businesses in Austria, Hungary and Spain and build energy efficient housing in Chile, alongside investment to strengthen security of drinking water in Djibouti, targeted financing to enhance agricultural resilience in vulnerable countries and improve irrigation and agricultural practices in central Spain.

Board backs support to RePowerEU with EUR 30 billion additional clean energy financing over next 5 years

The EIB board also backed €30 billion in additional financing over the next five years to support the REPowerEU plan seeking to reduce to end dependency on Russian fossil-fuels.

The package of new targeted financing supporting REPowerEU will increase financing for clean energy and energy efficiency in the EU demonstrating the EIB’s unwavering commitment to deploy the full scale of its financial tools and resources in response to the unfolding crisis. 

€4 billion for business investment

Today the EIB board agreed new streamlined private sector financing to support business investment and back dedicated credit lines to be managed by local financial partners.

This includes direct support for corporate research to improve hearing aids, strengthen innovation in the chemical industry, electrify personal transport and enhance cloud computing services.

New lending schemes to accelerate sustainable business investment across Europe, business leasing finance in the Czech Republic, trade financing in southern Africa and targeted support for both female entrepreneurs and blue economy business in Tanzania were also approved.

The board also agreed EIB equity backing for investment in financial services, healthcare and growth companies across Africa, alongside a two new initiatives to increase digitalisation of businesses across Africa and enhance e-government in the Republic of Congo.

€1 billion for health, education, urban development

New EIB financing to support modernisation of a regional hospital in the Netherlands, accelerate education investment across Serbia and back a number of urban development projects in Lodz was also agreed.

€705 million for sustainable transport

The EIB Board further backed new sustainable transport investment, including financing for new intercity trains in Hungary and trams in Alexandria.

Overview of projects approved by the EIB Board