EIB Board of Directors approves €5.3 billion investment for climate resilience and business competitiveness

September 19, 2024 by European Investment Bank Leave a Comment

This article is published in association with European Investment Bank.

€3.5 billion for urban development and smart cities
€1.4 billion for business investment and corporate innovation
€350 million for sustainable transport and water
Transparency, accountability and well-being Action Plan welcomed

The Board of Directors of the European Investment Bank (EIB) approved a total of €5.3 billion of new financing to bolster climate resilience of communities across Europe and back business investment that strengthens competitiveness, creates skilled jobs and unlocks innovation and growth.

“The floods that hit Europe in recent days show the human and economic costs of the climate crisis. My thoughts are with the victims and their families. Investments approved today will help cities, businesses and communities in Europe and beyond to become climate neutral, more competitive, and more resilient. We will continue to work with partners and provide support for countries and regions most affected by climate change.” said President Calviño.

The Board also discussed the action plan being implemented to further strengthen transparency, accountability and well-being at the workplace across the EIB Group. The Directors welcomed the plan presented by President Nadia Calviño, which includes the establishment of an independent Ombudsman function to provide confidential support for staff, as well as stronger procedures to protect whistleblowers and deal with any form of misconduct.

Supporting smart cities and urban development

The September Board of Directors meeting approved more than €3.5 billion of financing for investment in towns and cities across Europe.

This includes technical and streamlined financial support to accelerate smart city schemes and new energy efficiency, renewable energy, sustainable transport and urban renewal investment to enable “EU Mission Cities” across Europe to become climate neutral.

The Board also agreed new financing for urban development across Bulgaria alongside EU Structural Funds and upgrading energy infrastructure in the southern German city of Reutlingen.

Supporting Ukrainian refugees in Poland

The EIB approved increased support for accommodation, education and health services for 1.4 million Ukrainian refugees in all 16 regions across Poland. This is part of the EIB’s dedicated Ukraine Solidarity Package and managed by Poland’s national promotional bank BGK.

Backing business growth and innovation

Directors approved new financing for corporate innovation and business investment totalling €1.4 billion. This includes backing automotive and aviation industrial research, alongside development of clean transport, hydrogen and battery technology.

Streamlined financing for sustainable business investment backed by the EIB and EIF across Europe was approved alongside a new business financing scheme in Guinea.

A new initiative to strengthen investment by agricultural companies across Côte d’Ivoire, including enhancing skills and employment opportunities for young people was also approved.

Expanding water and sustainable transport

The Board also agreed €350 million to back investment to upgrade water and wastewater infrastructure in Bratislava and a 44km expansion of the Nagpur metro in India.

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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