Social housing, energy, innovation and urban development backed by EUR 10 billion new EIB financing approved today
- Release date: 15 June 2017
- Reference: 2017-153-EN
The Board of the European Investment Bank today approved new financing totalling EUR 9.8 billion to support investment in 38 new projects to strengthen infrastructure and investment across Europe and around the world. This includes EUR 2 billion for earthquake reconstruction in Italy and the EIB’s first ever support for PPP investment in social housing, through a new initiative in Ireland. Outside Europe the Board agreed on financing for the EIB’s first dedicated backing for new investment to improve the quality of healthcare in sub-Saharan Africa and for projects in three African counties to provide clean drinking water for millions of people.
Transforming strategic infrastructure, improving communications and urban development
Financing for new schemes approved by the EU member state shareholders and the European Commission include expanding mobile broadband networks in Greece, upgrading electricity distribution networks across Spain and in Hamburg and rehabilitation of public buildings, social housing and cultural heritage in Florence.
EUR 5 billion for growing companies
The EIB board approved new schemes to support lending programmes by local banks in Spain, Portugal, Cyprus, Hungary, the Netherlands, Ireland and Morocco. These will support investment by SME and mid-cap firms and by social impact focused companies.
Unlocking investment to cut climate emissions and protect the environment
More than EUR 1 billion of new financing was approved for climate related investment, unlocking private investment essential to tackle climate change.
“Climate change is one of the greatest challenges facing our planet and future generations. Ten years ago the EIB issued the world’s first green bonds and this pioneering engagement to support climate action and the EIB’s long-standing commitment to unlock climate related investment essential to reduce emissions is reflected in the broad range of schemes approved today”, said Werner Hoyer, President of the European Investment Bank.
New climate projects approved today include wind farms in the Canary islands, zero-energy buildings in Scandinavia, replacement of obsolete oil fired power plants in Croatia, support for small scale renewable energy schemes in the Netherlands, biomass investment in France and cutting energy use at pulp mills in Finland.
Supporting world class innovation
The EIB board also approved new support for development of next-generation semi-conductors, innovation of new glass technology and research into industrial enzymes and microorganisms.
Improving water supply, social housing and enterprise in Africa
Millions of people currently without access to safe drinking water are expected to benefit from the expansion of water distribution in Africa’s fastest growing city, Bamako, in the capital of Cote d’Ivoire, Abidjan, and in communities on the Kenyan shores of Lake Victoria following completion of new projects financed by the EIB following today’s meeting.
The Board also approved new support for investment in affordable and energy efficiency housing in Southern Africa, in Namibia and Botswana and backing for long-term lending and leasing for companies in Morocco.
Investment Plan for Europe support for housing, internet, transport and energy projects
Financing for twelve projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totalling EUR 3 billion in nine EU countries.
Today’s approvals include support for social housing, zero-energy buildings, industrial innovation, and energy efficiency, as well as information technology in public services.
This week’s EIB board follows a meeting of the EFSI Investment Committee, held on 13 June. It approved 10 projects which the Investment Committee had cleared for financing under the Investment Plan for Europe guarantee from the EU Budget and the EIB.
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.