The EIB Group provided close to EUR 2bn to finance 26 operations in Portugal
Major increase of financing for climate action and infrastructure
Portugal ranked third among the EU countries benefiting the most from EIB support as a percentage of GDP
Investment Plan for Europe: Portugal among the leading EU countries in terms of investment expected to be mobilised relative to GDP
The European Investment Bank Group (EIB Group) signed 26 operations in Portugal in 2018 for a total financing amount of EUR 1.98bn, equivalent to around 1% of Portuguese GDP. The activity of the EU bank in the country continued to increase. As a result, Portugal ranked third among the EU countries benefiting the most from EIB support as a percentage of GDP.
EIB Vice-President Emma Navarro presented the EIB Group’s activity in Portugal for last year today in Lisbon, stating: “2018 was another very positive year for the activity of the EU bank in Portugal. The almost EUR 2bn in EIB Group financing is helping to support very important projects for the Portuguese economy, which are promoting sustainable growth, employment and action against climate change. We are very pleased to continue increasing our financing in the country, showing the firm commitment of the EIB Group to supporting the Portuguese economy. I am also very happy to confirm that Portugal continued to be one of the countries benefiting the most from the Investment Plan for Europe.”
Supporting action against climate change and infrastructure
The EU bank’s financing activity contributing to climate action continued to grow. In 2018, this financing represented 41% of the Bank´s activity in the country, contributing to the development of projects promoting the implementation of more energy-efficient production processes and fostering the use of renewable energies. The financing of infrastructure also increased to reach a total of EUR 499m, mainly dedicated to financing the rehabilitation and expansion of irrigation infrastructure in rural areas and the modernisation of Portuguese ports, among other projects.
As in previous years, the EIB Group maintained its strong support for small and medium-sized enterprises (SMEs) in Portugal in 2018: EUR 904m went to providing credit on favourable terms to around 4 000 Portuguese SMEs and mid-caps employing 153 000 people.
Investment Plan for Europe in Portugal
From the launch of the Investment Plan for Europe in 2015 and up until 2018, the EIB Group approved financing for 39 projects in Portugal under this initiative amounting to around EUR 2.5bn, which is expected to mobilise EUR 8.8bn of additional investments. In terms of GDP, Portugal is among the top beneficiaries, as it ranks third in terms of the investment expected to be mobilised relative to GDP under the “Juncker Plan”.
This funding is helping to support major projects fostering innovation and the introduction of the latest technologies to enhance the competitiveness of Portuguese companies and to support the implementation of new, more environmentally friendly production processes.
Overall EIB Group results
Total EIB Group financing last year amounted to EUR 64.19bn, EUR 55.63bn of which corresponded to EIB loans and EUR 10.06bn to the activity of the European Investment Fund (EIF), the EIB Group subsidiary specialising in providing risk financing solutions to financial intermediaries to support SMEs and boost innovation in Europe.
Furthermore, since 2015 and up to December 2018, the EIB Group approved total financing of EUR 70.4bn under the Investment Plan for Europe in the EU as a whole, making it possible to mobilise an estimated EUR 375.5bn in additional investment.
The EIB and Unión de Créditos Inmobiliarios (UCI) are set to finance green investments in Iberia ranging from the refurbishment of existing buildings to the construction of Nearly Zero-Energy properties. These investments will be possible thanks to the provision of energy efficiency mortgages and consumer loans to the market by UCI.
The EIB Group today joined a global fundraising effort in the fight against the coronavirus. The European Union-led global Pledging Conference, co-chaired by the President of the European Commission Ursula von der Leyen and other world leaders, aims to raise an initial €7.5 billion to end this pandemic.
During COP 25, the 25th annual Conference of Parties to the United Nations Framework Convention on Climate Change, the EIB has announced that it has provided EUR 45 million to Eólica da Linha, S.A, fully owned by EDP Renováveis S.A (EDPR), to build three wind farms in Portugal. These wind farms have a total nominal capacity of 96 MW creating 240 jobs during the implementation phase. Banco Português de Investimento (BPI) is co-financing the project