- Board of Directors takes stock of record time disbursement of € 668 million to Ukraine
- Board approves renewable energy, water, health, urban and rural investment
- For the first time InvestEU backs EIB projects unlocking increased EIB support for education, energy, and internet
The Board of Directors of the European Investment Bank (EIB) today approved € 791 million of new renewable energy, health and water investment, alongside support for rural and urban development.
EIB President Werner Hoyer also confirmed that € 668 million of the EIB’s Ukraine Solidarity Urgent Response the EIB has been fully disbursed and welcomed approval of the EU InvestEU guarantee to strengthen EIB financing for clean energy, education, improved internet connection, water and wastewater infrastructure.
“Russia is waging a ruthless and illegal war in Ukraine, with atrocities carried out against innocent civilians. We cannot allow ourselves to be paralyzed by horror, but must continue to work tirelessly to provide further support for Ukraine and its neighbouring countries welcoming millions of refugees. We have already disbursed € 668 million to the Ukraine, with more to follow”, said Werner Hoyer, President of the European Investment Bank.
“Today the EIB Board also agreed € 791 million of new financing to accelerate renewable energy, health and water investment and improve services and opportunities in cities and rural regions across Europe. This will help Europe to meet the social, economic and security challenges posed by the war in Ukraine.” added President Hoyer.
€ 310 million for renewable energy and water investment
The EIB Board today approved € 310 million of new financing to expand renewable energy generation in the Baltics and improve water distribution and water security for 2.5 million people in Belgium.
Backing for large scale water investment in Wallonia will modernize drinking water supply, enhance resilience to a changing climate, reduce energy use, and increase the use of renewable energy for water supply and treatment.
€ 316 million for urban and rural development
The EIB also agreed to finance investment to improve municipal services and facilities in Poland and support for agricultural investment in Spain.
EIB backing for new investment in Zielona Góra in western Poland will improve urban transport, enhance schools and sports facilities, and reduce energy use.
In Andalucía, southern Spain, the EIB will support investment to modernize agriculture, improve biodiversity and adopt better water management on 12,000 farms, connect rural regions to high-speed broadband and increase access to finance by local businesses.
€ 150 million to improve health
Public healthcare in Galicia, northern Spain, will be transformed by EIB support for modernization of two university hospitals in Pontevedra and Ferrol. This will enable better treatment, increase capacity and reduce the risk of infection at hospitals currently providing care for 1,000 patients.
€ 15 million for high-speed communications
The EIB agreed to back construction of a new submarine communications connection between Spain, France and Italy was also agreed.
The 1,122 km connection will increase high-capacity and low latency connectivity, as well as improving connections to Latin America, Africa and the Middle East.
InvestEU initiative strengthening EIB Group backing for priority investment
President Hoyer confirmed that the new InvestEU initiative was operational following the approval by the InvestEU Investment Committee of the European Union guarantee for EIB financing totalling €1.9 billion on 1st April.
This will back increased EIB support for sustainable infrastructure, social and skills investment including clean energy, education, improved internet connections, water and wastewater infrastructure.
The financing backed by the EU guarantee will support investments across the EU including in Finland, Greece, Ireland, Italy, Poland, Portugal and Spain.
The InvestEU programme provides the EU with crucial long-term funding in support of a sustainable recovery, helping mobilise private investments for the EU's policy priorities, such as the European Green Deal and the digital transition.
