EIB agrees EUR 5.8 billion investment in energy efficiency, social infrastructure and local businesses

BRUSSELS, Meeting in Luxembourg today, the Board of the European Investment Bank (EIB) approved a total of EUR 5.8 billion of new financing for 29 projects in the European Union, Africa, and Latin America.

Following today’s approval, the EIB expects to finalise financing for new investment in energy, telecommunications, transport, urban development projects and business lending programmes. This includes EUR 1.4 billion for the metro extension in Stockholm and the acquisition of trains in the Italian Lombardy region, the EIB said in a press release.

“Projects approved today strengthen the EU Bank’s action in the fields of energy efficiency, social infrastructure and the support for SMEs. Initiatives backed by the EU Budget guarantee under the Investment Plan for Europe and approved today have taken us closer to the Plan’s original EUR 315 billion investment target. The use of EU resources to back loans and guarantees is working: we are getting investment back on track in the European Union”, said Werner Hoyer, President of the European Investment Bank.

The EIB Board approved support for investment in renewable energy production with the financing of an electricity biomass generation plant in Spain and an off-shore wind farm project in the United Kingdom with a total investment of EUR 455 million.

Furthermore it gave the green light for financial support to climate action related projects, mainly in the water and wastewater and energy sectors in France and Germany, adding up to EUR 500 million.

Large renewable energy projects in Latin America were also approved. The EUR 150 million funding provided will contribute to the addition of clean, renewable energy generation in Brazil and Mexico pursuant to the UN Sustainable Development Goals (SDGs) of ensuring access to affordable, reliable and sustainable energy.

The Board approved financing to acquire 18 new trains for the Tunis Goulette Marsa suburban line in Tunisia with EUR 45 million.

Source: Emirates News Agency