Israël: EIB supports one of the largest desalination projects worldwide
15 June 2020
New loan of EUR 150m to support the development of the Sorek II desalination plant in Israel.
The project will support water supply infrastructure in one of the world's most water-stressed regions.
The plant will meet the growing domestic demand while increasing the availability of reused water for agriculture.
The European Investment Bank, the EU’s long-term financing institution, has signed a EUR 150 million finance contract with the company SMS IDE Ltd targeting the design, financing, construction and operation of a seawater desalination plant using reverse osmosis technology in Sorek, Israel.
With a capacity of 200 million m3 per annum, Sorek II will become one of the largest desalination plants in the world. The project marks a milestone in the desalination industry with cutting edge technology to improve energy consumption and carbon emissions.
Through the financing of this project, the EU bank supports a high priority water supply infrastructure in one of the world's most water-stressed regions. It will allow meeting growing domestic demand while increasing regional water transfers. It will positively affect people’s daily lives in the region by improving water quality delivered to consumers. It will also increase the availability of reused water for agricultural users, thus fostering the switch away from freshwater usage and facilitating sustainable replenishment of aquifers
The project is line with the objectives of the Neighbouring Financing Facility (NFF) 2014-2020 and EU/Israel Action Plan. By financing this project, the EU underlines its commitment to regional and international co-operation, complementing other EIB water sector projects in the region.
The EIB, the leading finance provider in the Mediterranean region
The European Investment Bank (EIB) is the EU’s financing institution. Its shareholders are the 27 EU Member States, which have jointly subscribed its capital, and its Board of Governors is formed by their finance ministers. In the Mediterranean region, the purpose of the EIB is to provide long-term finance for investment projects. The EIB is strongly committed to providing highly practical support for economic and social development with the aim of improving living conditions in the Mediterranean partner countries.
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.
2020 a été une année d’activité record pour le Groupe BEI en France avec un peu plus 10 milliards d’euros de financements dédiés à l’investissement dans les secteurs public et privé. Le volume d’activité du Groupe BEI en France en 2020 s’est réparti de la façon suivante : 8,9 milliards d’euros issus de la BEI et 1,2 milliards d’euros du FEI.
In the year of the worst global health and economic crisis for generations, the European Investment Bank (EIB) Group rapidly redirected its business to fight the COVID-19 pandemic and its economic consequences on all fronts. It increased financing volumes to €76.8 billion, exceeding its own targets. A third of these funds, €25.5 billion, went into the immediate crisis response that started with a first package in March. Most of it went to small and medium-sized businesses to avoid insolvencies and job losses, especially in countries that did not have the budgetary means for massive national rescue packages.