EIB backs EUR 3.4 billion new financing for SME’s, environment and transport
Earlier today the Board of Directors of the European Investment Bank approved new financing for small and medium companies (SMEs), education, energy and social housing, as well as water, transport and healthcare schemes across Europe and around the world. Funding approved today totalled EUR 3.4 billion.
“Later this month Europe will mark the anniversary of the Treaty of Rome which created the European Investment Bank. Sixty years on the work of the EIB is more necessary and beneficial than ever. The variety of projects approved today demonstrates our Group’s continued engagement to improve lives, enhance cohesion and foster investment and innovation.” said Werner Hoyer, President of the European Investment Bank.
Meeting at the European Investment Bank headquarters in Luxembourg representatives of the bank’s 28 EU member state shareholders, as well as the European Commission, approved new financing for 21 different projects.
Supporting transformational energy, research and connectivity schemes under the Investment Plan for Europe
Financing approved today and backed by the EU budget guarantee under the Investment Plan for Europe totalled more than EUR 1 billion. This will support 6 projects, including schemes to improve energy efficiency of homes in Germany and Spain; expand energy distribution in Poland; and investment in industrial research, renewable energy, transport and broadband across Europe.
Backing environmental, education and agricultural investment around the world
The Board approved financing for 6 schemes located outside the European Union. These include water projects in Panama and Argentina, upgrading agricultural production in Ukraine, renovating public building and homes in Moldova to improve energy efficiency, and the construction of a new university campus in Morocco.
Financing smaller infrastructure schemes and small business with local partners
Thousands of smaller companies in Portugal, Italy, Bolivia and East Africa will benefit from EUR 1.34 billion lending approved today for distribution by EIB partner banks and institutions in local markets.
The EIB Board approved EUR 260 million funding for specialist funds and small scale projects which will enable new investment in small scale renewable energy, energy efficiency, broadband, transport and water projects across Europe.
Increasing renewable energy use, cutting energy bills and improving environmental protection
The board approved a EUR 450 million loan to improve waste water management along the Emscher River in north-west Germany. This scheme is expected to improve and protect water quality and biodiversity, and strengthen protection against flooding. The loan follows earlier EIB backed investment for the EUR 5.3 billion rehabilitation programme that is helping build more than 400km of new underground sewers and regenerate 350km of river banks. This has already replenished fish population in what used to be one of the most polluted rivers in Europe.
Backing was also given to schemes to cut energy use in buildings in Germany, Spain and Moldova and increase capacity of hydropower plans and windfarms in Austria.
Modernising transport and health infrastructure
The EIB approved financing to increase capacity and efficiency of the Linz river port in Austria and ensure an alternative to road based container transport. It also agreed to finance hospital-based research in Montpellier.
This week’s meeting follows a session of the Investment Committee for the European Fund for Strategic Investments, held on 7th March. The EIB Board approved 5 projects which the Investment Committee had cleared for financing under the Investment Plan for Europe guarantee from the EU Budget.
Negotiations for the approved loans are expected to be finalised in the coming months. All projects, including those earmarked for support under the EU budget guarantee, need to receive approval of the EIB Board prior to loan contracts being finalised. Loans and guarantees approved by the Board of Directors will be finalised in cooperation with promoters and beneficiaries, and figures may vary.