United Kingdom: EIB confirms GBP 5.6 billion record UK lending
- Jan 14, 2016
The EIB today confirmed record lending totalling GBP 5.6 billion (EUR 7.7 billion) for long-term investment in 40 projects across the United Kingdom. Lending by the European Investment Bank Europe’s long-term lending institution in 2015 represented the largest annual engagement since the start of EIB lending in the UK in 1973 and supported nearly GBP 16 billion of overall investment.
The European Investment Bank today confirmed record lending totalling GBP 5.6 billion (EUR 7.7 billion) for long-term investment in 40 projects across the United Kingdom. Lending by the European Investment Bank Europe’s long-term lending institution in 2015 represented the largest annual engagement since the start of EIB lending in the UK in 1973 and supported nearly GBP 16 billion of overall investment.
Last year the European Investment Bank backed construction at 77 schools, 5 university campuses and 4 hospitals, upgraded energy links and backed renewable energy projects, strengthened water infrastructure with 5 of the largest water providers in the UK, improved broadband access in rural areas and supported transport investment that will benefit millions of commuters at two of London’s busiest stations.
“The European Investment Bank is firmly committed to supporting long-term investment that improves lives, unlocks economic opportunities and strengthens services by backing projects that benefit nearly everyone in the United Kingdom. EIB lending in the UK has increased every year since 2012. This reflects both the strong engagement of the EIB and the diverse range of investment opportunities where the EIB can make a difference.” said Jonathan Taylor, European Investment Bank Vice-President.
The European Investment Bank is the world’s largest international public bank and owned by the 28 European Union member states, including a 16% share held by the UK government. In 2015 the European Investment Bank Group provided unprecedented lending, totalling EUR 84.5 billion, to support investment in crucial infrastructure and improve access to finance across Europe and around the world.
The United Kingdom was also the largest single beneficiary of lending supported by the EUR 315 billion Investment Plan for Europe. GBP 692 million of EIB lending for three projects, a new hospital in Birmingham, an offshore windfarm in the North Sea expected to use the world’s largest turbines and a scheme to install 7 million smart meters across the country, was backed by the new European Fund for Strategic Investments initiative under the Investment Plan for Europe.
The EIB also supported more climate related investment in the UK than any other country worldwide.
Looking ahead the EIB has a strong pipeline of projects currently under appraisal with significant education, energy, transport and social housing announcements expected in the coming months.
Although publicly owned the European Investment Bank is self-financing and the largest supranational borrower and bond issuer on international capital markets.