Portugal financing from EIB Group surpasses €2 billion in 2024 with record investment in green financing and sustainable energy

This article is published in association with European Investment Bank.

• EIB Group affirms strong commitment to Portugal with €2.1 billion in financing last year.
• Climate and environmental sustainability financing reached 63 % of total amount consolidating the EIB as the Climate Bank in Portugal.
• Record investment of more than €1.1 billion in sustainable energy and natural resources, nearly double last year’s financing.
• Key priorities for 2025 include financing the Porto-Lisbon high-speed rail line and reinforce financing for social infrastructures in the country.

The European Investment Bank (EIB) Group, which comprises the European Investment Bank (EIB) and the European Investment Fund (EIF), reaffirmed its strong commitment to Portugal in 2024, with new financing of €2.1 billion to foster the country’s sustainable economic development. This financing unlocked a total of around €4.9 billion in investments, equivalent to a 1.7 % of the country’s GDP.

A significant part of this support was directed at Portuguese projects promoting climate action and environmental protection, as well as investments in health and transport infrastructure. A record of more than €1.1 billion went to clean energy, marking an unprecedented boost for the green transition.

“Cooperation with the Portuguese authorities is excellent. We have invested more than €2 billion in Portugal in 2024, and we have launched emblematic projects such as the Lisbon Oriental Hospital and the high-speed train between Lisbon and Porto. We will continue to be a very important investment partner for the country to the benefit of Portuguese businesses and citizens”, said EIB Group President Nadia Calviño.

In 2024, EIB Group financing, supported around 10,000 Portuguese companies and sustained almost 230,000 jobs.

Record financing in climate action and energy transition in Portugal

Portuguese projects advancing climate action and environmental sustainability received a record €1.3 billion in EIB Group financing last year, driven by significant investments in sustainable energy. This amount accounts for 63 % of its total investment in Portugal, thus exceeding the 50 % target for the Group in place for 2025.

Financing in sustainable energy and natural resources surpassed €1.1 billion, a record for the country that nearly doubled last year’s investment. Among the biggest operations: two loans to Portuguese electricity supplier EDP to expand renewable energy generation, wind and solar, and to modernize electricity distribution networks, and two loans to finance Galp Energia for the construction of an advanced biofuels plant and a renewable hydrogen unit in the coastal area of Sines.

Other relevant projects contributing to the green financing were the EIB loan signed with ANA to support low-carbon initiatives at nine airports in Portugal, and the loan signed with BPI to finance small and medium-sized enterprises, mid-caps, and public sector entities investing in climate action projects.

Strengthening country’s economic cohesion, innovation and social infrastructure

Beyond green investments, the EIB last year allocated €1.5 billion to initiatives aimed at enhancing Portugal’s economic and social cohesion.

It signed a €107 million loan to finance the construction of Hospital de Lisboa Oriental. The new facilities will replace six old hospitals, spread over more than 100 buildings in the Lisbon centre. This will guarantee access to modern health services and improve the distribution of hospital beds around the city.

Supporting innovation was another priority of the EIB Group in Portugal last year. Special mention deserves the €90 million investment pledged by the EIF into three venture capital funds to accelerate the growth of start-ups in the deep-tech and cybersecurity sectors.

Looking ahead: reinforce support for social infrastructures and finance Porto-Lisbon high-speed rail line

Unlocking investment in social infrastructures that address the most pressing needs of European citizens, will continue being a priority for the EIB Group in Portugal in 2025, together with the financing of the first phase of the high-speed railway line between Porto and Lisbon, reinforcing commitment to sustainable transport and regional cohesion.

Video EIB Group in Portugal in 2024 https://youtu.be/szAUKoTJoP8

Background information  

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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