Highlights
- EIB Board of Directors backs new projects in Austria, Czech Republic, France, Germany, Hungary, Italy, Lithuania, and Slovakia
- Support for sustainable transport using green bonds, corporate research and development, renewable energy and upgrading energy grids
The Board of Directors of the European Investment Bank (EIB) today (April 15) approved 4.3 billion of new financing to upgrade regional transport and energy distribution, accelerate business investment in innovation and climate action, expand energy storage, and improve water and waste treatment.
"Access to finance is crucial for business growth, job creation and better services," said EIB President Nadia Calviño. "The investment projects approved today will help European companies innovate, expand renewable energy use, and improve public transport and local recycling, thus boosting the competitiveness of our economies."
Corporate innovation and business investment
The Board approved 3 billion of financing to back business investment that will strengthen corporate research innovation, tackle financing gaps holding back the growth of midcap companies, support the expansion of activities in cohesion regions, and boost private sector's climate action.
This includes a new initiative to finance innovative research and development investment by companies in France, a project addressing uncertainties stemming from energy and inflation volatility and the war against Ukraine, as well as targeted support for innovation investment across Italy, including in cohesion regions.
The Board also approved EIB backing for a new risk sharing long-term financing scheme to support riskier innovation and growth-focused projects in cooperation with banking and leasing partners across Europe.
EIB support for climate action investment by businesses in five central European countries, to help engineering, construction and manufacturing companies reduce energy use and costs, was also agreed.
Enhancing renewable energy and clean energy distribution
The EIB Board approved 805 million in clean energy financing. This includes investment to upgrade electricity distribution in Germany to enable the integration of additional renewable capacity, cater for increased energy demand for charging electric vehicles and from industry, and shield power infrastructure from extreme weather risk.
The Board also agreed backing for investment to expand grid energy pumped storage in the Baltics to enable increased use of intermittent wind and solar power, and to enhance security of energy supply by reducing dependency on imports.
New streamlined financing to support small and medium scale renewable energy investment in Italy, in cooperation with a local financing partner, was also approved.
Upgrading regional transport through green bonds
The EIB Board agreed to finance sustainable transport in France, including the deployment of electric buses and electric bikes, renovation and upgrading of train, tram and metro rolling stock, and accessibility improvements. The EIB will purchase green bonds issued by the regional transport operator to finance the operation.
Improving water supply and waste treatment
Finally, the EIB approved financing for circular economy investment by a regional regulated utility body in Italy to upgrade drinking water distribution and protect water supply from extreme weather, and to increase waste recycling capacity.
Background information:
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of 88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around 320 billion in investment, supporting 400,000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil-fuels. We are on track to deliver on our commitment to support 1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group's annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Approximately half of the EIB's financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.
Overview of projects approved by the EIB Board
Contact
Richard Willis
r.willis@eib.org
+352 4379 - 82155
Press Office
press@eib.org
+352 43791
