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
Climate financing by seven of the world’s largest multilateral development banks (MDBs) accounted for $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies, according to the 2019 Joint Report on Multilateral Development Banks’ Climate Finance. The study expands the scope of reportingfor the first timeto all countries of operation. It now provides data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.
The EIB is set to support the development of new treatments for progressive vascular calcification, an area of significant unmet medical need where there are currently no approved treatments. To this end, the EU bank will provide a €20 million loan to Spanish biopharmaceutical company Sanifit, which is developing novel treatments in two disease indications linked to calcification.
The EIB and Italian biotech company EryDel SpA have signed a contract to provide a loan of €30 million to EryDel. This late-stage biotech company aims to develop and commercialise therapies based on its proprietary RBC technology for the treatment of rare diseases. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners, with the EIB’s financing operations boosting the competitiveness of the European economy.