EIB to support EUR 3.4 billion new investment in business, innovation, agriculture and tourism
16 May 2019
EUR 2 billion of support for private sector investment
EUR 820 million for research and innovation
Dedicated financing for tourism investment in France
The Board of Directors of the European Investment Bank (EIB) approved a total of EUR 3.4 billion of new financing that will strengthen research and innovation and enable companies to expand and improve access to water, transport, and education. This will support new projects in 17 countries.
“Europe must build on its technological and scientific strengths and remain competitive for future generations. Today the EU Bank backed new investment that will allow world class companies to expand, scientists to improve medicine and healthcare, and ensure that research can flourish.” said Werner Hoyer, President of the European Investment Bank.
Highlights of the EIB Board of Directors meeting include:
Accelerating research and innovation
The EIB agreed EUR 820 million of new financing to support innovation and combat climate change.
New projects will strengthen fundamental research in Poland and Germany, enhance neuroscience and back development of battery technology by Northvolt at their gigafactory in Sweden.
Supporting business and jobs
The EIB approved more than EUR 2 billion of financing to support new investment by small and medium sized companies.
This will include dedicated credit lines to ensure that companies in vulnerable sectors can grow, and financing reaches programmes that target the specific investment challenges faced by female entrepreneurs, farmers, firms involved in the circular economy.
The EU Bank agreed financing for a new programme to support tourism investment in south-west France.
Trade across central Europe will also benefit from EIB financing to improve rail connections to the Slovenian port of Koper.
New EIB support will back local private sector financing initiatives with partners in Italy, Spain and Malawi.
Reducing flood risk and improving wastewater treatment
The EIB approved nearly 500 million of new support for water and river management investment
Thousands of people living in communities vulnerable to flooding will benefit from new EIB investment to reduce the risk of flooding of the Waal River in the Netherlands and the Rio Salado in northern Argentina.
The EIB also agreed to support new investment to upgrade the sewage network in the Serbian capital city Belgrade.
EUR 770 million of investment backed by the Investment Plan for Europe
Financing for five projects approved by the EIB board will be guaranteed by the European Fund for Strategic Investments (EFSI). This is expected to support overall investment totalling more than EUR 2.8 billion
The outbreak of COVID-19 in Europe had immediate and wide-ranging consequences for investment: according to the new edition of the EIB Investment Report 2020/2021 “Building a smart and green Europe in the COVID-19 era”, EU firms are likely to reduce investment by at least 25% in the year following the crisis. The report also shows that in a post-pandemic “new normal”, investment in digitalisation, innovation and climate will be more important than ever before. Without such investment, large sections of Europe’s economy risk falling behind. However, the European Union now has the opportunity to build on its leadership in green and digital technologies to recover from the pandemic, manage the climate transition and maintain its ability to compete in the global technology race.
The EIB Group (EIB and EIF) today presented the results of its activity in Spain for 2020. Last year, the EIB Group signed 98 operations in Spain for a total volume of €8.454 billion, 58% of which dedicated to mitigating the economic and healthcare impacts of COVID-19.
The African Development Bank (AfDB) and the EIB today signed a joint partnership action plan highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment in Africa.