This article is published in association with European Investment Bank.
- €3.4 billion for housing and education
- €2.2 billion for clean energy and water
- €1.7 billion sustainable transport and better communications
- €1.1 billion for corporate innovation and business financing
The Board of Directors of the European Investment Bank (EIB) today approved €8.4 billion of new financing to build homes and schools, harness renewable energy, upgrade water, transport and communications networks and bolster business innovation and growth in Europe and around the world.
“Today we approved €8.4 billion for new projects that will improve lives and bring opportunities across Europe and beyond,” said EIB President Nadia Calviño. ”This includes financing for new schools in France, better train connections in Poland and improved water networks in Finland. We also agreed to back construction of thousands of new sustainable and affordable homes in Germany, Spain and Sweden.”
The Board meeting took place ahead of an EIB-hosted housing summit. The event, which will be held on Thursday, July 18, will focus on scaling up investment and share best practice from high-impact sustainable and affordable housing schemes around Europe.
President Calviño added, “Throughout Europe, access to affordable housing is a challenge and we need to rally all relevant public and private European and national players to tackle it. Tomorrow we’ll host a first meeting with more than 300 key stakeholders to scale up financial support to sustainable and affordable homes that are good for climate and European families.”
Investing in new homes and better schools and universities
The Board backed €3.4 billion of financing to alleviate housing shortages, upgrade schools and universities and strengthen local services.
The thousands of planned homes in Germany, Spain and Sweden will be energy efficient, limiting their carbon footprint and reducing heating costs.
New investment to rebuild and upgrade schools in northern France and Germany, including improving energy efficiency and information-technology infrastructure, was agreed alongside financing for construction of university facilities in Portugal.
Harnessing clean energy and improving water networks
Financing of €2.2 billion for new energy and water investment was approved by the Board. This includes backing construction of hydropower plants in Spain and Serbia and solar schemes in Austria.
A new streamlined renewable energy financing programme for solar and wind power, battery storage and grid connections in Estonia, Latvia and Lithuania was agreed, as well as support for better integration of renewables into the electricity distribution network in Slovenia and clean-energy generation in Colombia.
The board also welcomed equity participation in a new fund to accelerate renewable energy, electric transport and industrial energy efficiency across Asia and Latin America.
Furthermore, financing to upgrade water and sewage networks in the Finnish capital Helsinki and wastewater treatment in the German city of Cologne was approved alongside an initiative to unlock innovative funding for climate adaptation in the Caribbean.
Upgrading transport and communications
The Board approved €1.7 billion of new financing for local and regional transport across Europe and for an expansion of high-speed broadband internet networks.
Schemes to upgrade 220 kilometres of long-distance passenger and freight rail lines in Poland, modernise 118 km of railways in Serbia and extend a metro line in Spain were endorsed alongside financing for expansions of port capacity in Denmark and Italy.
Backing for new high-speed fibre-optic internet networks in Germany and Italy was also agreed.
Helping business to grow and innovate
The Board approved new business financing totalling €2.2 billion to support corporate innovation and the growth of small companies.
A streamlined financing programme for research, innovation and digitalisation by companies across Europe was approved alongside backing for local credit lines to improve access to growth finance and accelerate climate-action investment by small businesses in Austria, Denmark, Romania and Spain.
Rebuilding communities devastated by earthquakes in Morocco
EIB support for providing temporary schools and healthcare and for rebuilding roads in areas of central Morocco devasted by earthquakes in September 2023 was also approved by the July board meeting.
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.
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