The European Investment Bank (EIB) approved a total of EUR 4.5 billion of new financing that will tackle investment gaps hindering private sector growth, improve education and health care, replace old buses and trains. The new EIB support will directly back projects in 23 countries.

“Tomorrow morning Europe’s finance ministers will meet as Governors of the EIB and discuss how we can accelerate climate action as we expand economic opportunities and improve social infrastructure. Climate has become a key priority for us all, and the projects we approved today show that the EIB takes its role as Europe’s climate bank very seriously.” said Werner Hoyer, President of the European Investment Bank.

The EIB Board of Directors held its monthly meeting today in Luxembourg.

Accelerating energy transition

The EIB agreed EUR 611 million of new financing to support energy transition, reduce carbon emissions and scale up renewable energy.

This includes backing new solar power in Zambia and wind farms in Portugal, energy efficiency projects in Lebanon and Jordan and support for rural communities across Niger to access clean energy.

Hungary and northern Spain public transport users will benefit from EIB support to provide 3,200 buses and 31 trains with low-emission modern replacements.

The EIB also agreed to support two new financing programmes with leading French banks to speed up the energy transition by encouraging greater use of renewable energy and more efficiency energy use by local companies.

Upgrading thousands of schools and improving long-term care

More than 3,000 schools across Italy will be upgraded in the coming years following EIB approval of more than EUR 1.3 billion of new financing for the National School Infrastructure Plan.

The EIB also agreed to support construction of 19 new long-term care centres across Spanish regions that will provide new energy-efficient residential care places for more than 3,700 people.

Targeted support for private sector investment

The EIB approved EUR 1.6 billion of financing to help companies to innovate, expand and create jobs.

This includes investment that addresses challenges facing female entrepreneurs in Poland and across Africa, supports lease financing in Italy, backs venture capital in Liberia and Sierra Leone and encourages new agri-business and renewable energy investment in Greece, Bulgaria and Romania.

Reducing flood risk and improving water networks

The EIB also agreed to support new water and water investment across France and improve flood protection in the Irish city of Cork.

The EIB also agreed to support new investment to upgrade the sewage network in Skopje, the capital of northern Macedonia.

EUR 664 million of investment backed by the Investment Plan for Europe

Financing for six projects approved by the EIB board today will be guaranteed by the European Fund for Strategic Investments (EFSI).