>@Richard Willis/University of Latvia 2017
©Richard Willis/ University of Latvia 2017

The Board of the European Investment Bank approved a total of EUR 4.1 billion of new financing today. This includes investment to improve sustainable transport, healthcare, education and corporate research, as well as support for lending to small companies by local financial partners across Europe and around the world.

“At a time of economic and political uncertainty the time is right to consider how to strengthen the role of multilateral banks such as the EIB.” said Werner Hoyer, President of the European Investment Bank. “On many occasions in recent weeks the EIB has highlighted the strong impact and unique benefits of our engagement in Africa, Asia and Latin America, as well as across Europe. Today we have reaffirmed our commitment to climate action and global economic resilience by approving over half a billion in loans for projects across the world. And this, without neglecting our strong drive towards relaunching investment in Europe through the Investment Plan for Europe.”

Meeting at the European Investment Bank headquarters in Luxembourg, representatives of the bank’s 28 EU Member State shareholders and of the European Commission approved new financing for 29 different projects, including 8 outside Europe.

Investment Plan for Europe support for transformational energy and research projects

Six projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totalling EUR 590 million.

This includes support for hospital and healthcare research in Romania, France and Italy; university research in Latvia; investment to improve energy efficiency in housing and to support small businesses across Spain; and corporate research and development in Italy.

Strategic infrastructure investments

More than EUR 1 billion of new lending will support the extension and upgrading of the Warsaw Metro. The Board also approved investment to improve municipal services in Tallinn, renovate a teaching hospital in Kuopio in Finland, roll out 4G telecommunications in Poland, upgrade electricity distribution in Italy and the Netherlands, as well as lease financing for new rail locomotives in Germany, Austria and Italy.

Cutting energy bills in public buildings and private homes

The EIB gave the green light to support for new investment that will renovate buildings and cut energy use in Spanish homes, develop social housing in Berlin, public buildings in the Armenian capital Yerevan, and innovative zero energy buildings in Sweden.

Corporate investment and small business financing

The board approved support for corporate research by leading companies in Spain, Italy and France. It also agreed lending to back new investment by small businesses in Germany, France, Spain and the Netherlands.

Supporting climate action and private enterprise outside Europe

For projects outside of Europe, the EIB approved EUR 662 million.

This includes support for industrial investment and urban development in Morocco, sustainable transport in Nicaragua, private enterprise in Lebanon and New Caledonia, and climate related investment in Mexico, Lebanon and across Africa.

This week’s EIB board meeting follows a meeting of the EFSI Investment Committee, held on 3rd April. It approved 6 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.