EIB to support flood recovery projects across the EU and provide new financing for farmers

November 7, 2024 by European Investment Bank Leave a Comment

This article is published in association with European Investment Bank.

EIB plans to back recovery and resilience projects in response to floods
Board of Directors approves biggest ever support for European farmers and agribusiness
Board approves a total of €10.3 billion for agriculture, clean energy, water, education and innovation projects

The European Investment Bank (EIB) will finance recovery and reconstruction in regions affected by the recent devastating floods, and significantly step up its support for Europe’s farmers.

More specifically, the EIB’s Board of Directors:

Approved €10.3 billion for energy, water, education and business investment projects, including €4.1 billion financing for energy and water, €1.5 billion for corporate innovation and business investment and €1.2 billion education, health and transport.
Adopted the largest-ever EIB programme for agriculture and agribusiness across Europe, a €3 billion facility.
Gave its support to an immediate response to recent floods.

“The European Investment Bank has moved quickly to speed up financial support for the repair and reconstruction of homes, businesses and infrastructure. We need to make sure we build back better: with an approach which is adapted to the new reality, that protects against increasingly frequent and intense climatic shocks,” said Nadia Calviño, President of the EIB Group.

The EIB will be making available an initial financing package, in coordination with national authorities, using €900 million from existing initiatives, to support reconstruction of critical infrastructure. This will expedite the deployment of urgent resilient measures by regional authorities and public bodies in impacted areas in Spain, as was done earlier in the year for regions in Central Europe.

€3 billion agriculture and agribusiness investment initiative

The EIB Board approved its largest-ever financing initiative for the agricultural sector, the €3 billion Pan-European Agricultural Programme.

The initiative will address financing gaps for a key economic activity to Europe’s food security and strategic autonomy, empower young farmers, advance green investment to support the EU Green Deal’s sustainability goals and support gender equality.

The new initiative covers agriculture, agribusiness, and the bioeconomy, catalysing investment in key areas that foster climate resilience, innovation, and sustainable practices. It will streamline financing for sustainable agriculture, digital agriculture tools, water management systems, and working capital for climate resilience and crop adaptation.

The scheme will also support innovation, training in sustainable agricultural practices, and infrastructure improvements to reduce post-harvest losses.

The Pan-European Agricultural Programme will proactively support young and new farmers and established agribusinesses seeking to enhance sustainability. It will prioritise investment that reduce greenhouse gas emissions, increase biodiversity, and promote circular economy practices.

The board also approved €465 million for additional initiatives to support agriculture in Spain and Kazakhstan, as well as sustainable forestry in Côte d’Ivoire.

€4.1 billion for clean energy and water

New energy financing approved includes support for Polish offshore wind farms, solar schemes in Latvia and Germany, improving energy efficiency in Germany, and upgrading electricity distribution networks in Italy, Slovenia and the Czech Republic, crucial for accelerating Europe’s clean energy transition.

Projects to expand water supply in France and provincial towns in Papua New Guinea, improve drinking water treatment in Tunisia and water networks in India were also backed.

€1.5 billion corporate innovation and business financing

The board approved new support for development of semiconductors, energy efficiency lighting and digital financial inclusion, alongside backing business investment in Poland, Armenia and Ukraine.

€1.2 billion for education, transport, urban development and health

New financing to improve schools in northern France and Hungary, expand transport in Lyon, and upgrade urban infrastructure in Madrid and Poznan was agreed, alongside support for health resilience in Lebanon.

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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