EIB agrees EUR 5.8 billion investment in energy efficiency, social infrastructure and local businesses
- Apr 12, 2018
Meeting in Luxembourg earlier today the Board of the EIB approved a total of EUR 5.8 billion of new financing for 29 projects in the European Union, Africa, and Latin America.
- EUR 1.7 billion support for investment in transport in Europe and North Africa
- EUR 1.1 billion financing for energy and the environment
- High-speed telecommunication network in Ireland supported with EUR 500 million
Meeting in Luxembourg earlier today the Board of the European Investment Bank (EIB) approved a total of EUR 5.8 billion of new financing for 29 projects in the European Union, Africa, and Latin America.
Following today’s approval, the EIB expects to finalise financing for new investment in energy, telecommunications, transport, urban development projects and business lending programmes. This includes EUR 1.4 billion for the metro extension in Stockholm and the acquisition of trains in the Italian Lombardy region.
The Board of Directors also held preparatory discussions for the annual meeting of its Board of Governors, which will take place in June in Luxembourg.
“Projects approved today strengthen the EU Bank’s action in the fields of energy efficiency, social infrastructure and the support for SMEs. Initiatives backed by the EU Budget guarantee under the Investment Plan for Europe and approved today have taken us closer to the Plan’s original EUR 315 billion investment target. The use of EU resources to back loans and guarantees is working: we are getting investment back on track in the European Union”, said Werner Hoyer, President of the European Investment Bank.
Investment Plan for Europe
Financing totalling EUR 987 million for 9 projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totalling EUR 7 billion.
Today’s approvals included the extension of the Stockholm metro, a high-speed telecommunications network in Ireland, a hospital in the Netherlands, renewable energy projects in Spain and the United Kingdom as well as support for small and medium sized companies in Greece, France and Spain.
Improving transport by upgrading airport accessibility, roads and railway capacity
The EIB Board approved EUR 1.7 billion of new transport investment to improve mobility and accessibility in Europe.
It agreed to EUR 788 million support for the construction of three extensions of the Stockholm metro with a total length of 19.6 km and 11 underground stations. The Bank will also support the acquisition of 161 new trains to reinforce the rolling stock of the Italian Lombardy Regions.
EUR 350 million will go to the upgrade of Dublin airport’s infrastructure including the construction of a parallel taxiway and the improvement of aircraft parking stands.
The Board agreed to finance the construction of a 200 km long expressway in Poland with EUR 500 million. It also approved financing to acquire 18 new trains for the Tunis Goulette Marsa suburban line in Tunisia with EUR 45 million.
Support for renewable energy and the environment
The EIB Board approved support for investment in renewable energy production with the financing of an electricity biomass generation plant in Spain and an off-shore wind farm project in the United Kingdom with a total investment of EUR 455 million.
Furthermore it gave the green light for financial support to climate action related projects, mainly in the water and wastewater and energy sectors in France and Germany, adding up to EUR 500 million.
Large renewable energy projects in Latin America were also approved. The EUR 150 million funding provided will contribute to the addition of clean, renewable energy generation in Brazil and Mexico pursuant to the UN Sustainable Development Goals (SDGs) of ensuring access to affordable, reliable and sustainable energy.
Strengthening research and education
The Bank agreed to support research and development projects in France, Germany, Italy, the Netherlands and Denmark with EUR 230 million for innovative process technologies with applications in the food, pharmaceutical, chemical and marine sectors.
The Board also decided to support the 2016-2020 investment plan of the development of the Luiss Rome University Campus in Italy with EUR 95 million.
Investing in health
The development plan of a regional hospital in the Netherlands will be supported with EUR 150 million following the EIB Board decision. The project consists of the rehabilitation, extension and modernisation of the hospital.
The Bank also approved the financing of the construction of a new hospital and backing for a company providing nursing homes and day care in Finland for EUR 128 million.
EUR 100 million will be provided for the modernisation, rehabilitation and consolidation of five public hospitals in Austria.
Improving internet and mobile communications
The Board agreed to finance with EUR 500 million the roll-out of a high-speed telecommunications network to cover up to 542 000 households in Ireland, in support of the National Broadband Plan.
Backing construction of Near Zero Energy Buildings
EUR 100 million of EIB financing was approved to support the construction of near zero energy buildings in Denmark, comprising six buildings in the Copenhagen Metropolitan Area.