EIB Board of Directors approves €10.8 billion of new financing for energy, business, health, housing and education

August 30, 2024 by European Investment Bank Leave a Comment

This article is published in association with European Investment Bank.

€5 billion for clean energy, water and forestry
€2.6 billion for corporate innovation and business financing
€3.1 billion for health, housing and education
€137 million for sustainable transport and better communications

The Board of Directors of the European Investment Bank (EIB) today backed €10.8 billion of new financing to support renewable energy, restore degraded forests, build affordable homes, new hospitals and better schools, upgrade water, transport and communications networks, and enable businesses to innovate and create jobs.

EIB President Nadia Calviño said “Today´s Board had a strong focus on reinforcing Europe´s strategic autonomy, energy efficiency and security. We approved new financing for energy projects, including solar, wind and energy storage and the construction of a pioneering clean energy island off the Belgian coast. Outside Europe we are supporting countries, including small island states, to better protect their environments and communities.”

Supporting clean energy and improving resilience

The August Board of Directors had a strong focus on projects related to the green transition, strategic autonomy, energy efficiency and security. All EU projects discussed were financed under the RepowerEU programme to drive the energy transition in the EU.

Financing of €5 billion was approved for new energy, water and forestry investment.

This includes backing construction of a pioneering island 45 kilometres off the Belgian coast to channel clean energy from the North Sea to the mainland, connecting several European countries.

Investments were approved to support new solar power schemes in Italy, Poland, Romania and Spain, climate action investments in France, upgrade of district heating networks in Lithuania, onshore and offshore wind projects in the Netherlands and better integration of renewables into the electricity distribution network in Poland and Spain.

Furthermore, the Board approved an important project to support sustainable forestry in Moldova.

Enabling business to create jobs and innovate

In addition, new business financing totalling €2.6 billion will help smaller companies to grow and unlock corporate research and development.

This includes support for innovation projects in Austria, France, Germany, Italy, the Netherlands, Romania and Sweden, digitalisation schemes in Italy, targeted financing for healthcare companies in France and sustainable business investment in Belgium and Germany.

The Board also welcomed two equity participations in investment funds to support the private sector in Vietnam and microfinancing in India.

Building new homes, hospitals and schools

The Board backed €3.1 billion for constructing affordable homes, building new hospitals and healthcare facilities and upgrading schools.

This includes thousands of new energy-efficient homes in Austria, Germany, Italy and Spain, medical research investment in Spain, new hospital and medical facilities in Finland and a new secondary school in Germany.

Backing for a new initiative to expand medicine and vaccine manufacturing and improve medical diagnostic services across Africa was also agreed.

Upgrading transport and communications

The Board also approved €137 million new financing to upgrade railway rolling stock in France and submarine internet connections to West Africa.

Launching the Wind Initiative and helping small island states to survive the climate crisis

Today´s Board meeting follows from the strong activity of the EIB over the past weeks.

The first operation of cross-guarantees under the Wind Initiative was launched in Germany, and two flagship projects were approved to support Small Island States at the frontline of climate change: the debt for climate conversion in Barbados and the technical assistance project to assess the feasibility of a port in Kiribati, Christmas Islands, to provide a refuge for people living on islands expected to disappear under rising sea levels.

In the past weeks, investment have also been approved for cutting-edge heart surgery technology, student loans, lithium mining in Finland, the modernisation of Poland’s railway system, and the world’s first zero-emissions tyre factory in Romania.

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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