European Investment Bank approves €3.7bn in new financing
The European Investment Bank has approved €3.7 billion in financing to accelerate business investment, renewable energy and upgrading hospitals, schools, internet services and urban infrastructure.
The EIB approved €2.4 billion of new private sector financing that will improve access to finance by companies and entrepreneurs. This includes targeted credit lines managed by local banking partners that address challenges faced by businesses negatively affected by the COVID-19 pandemic.
Some €1.5 billion of the new private sector financing is backed by the Pan-European Guarantee Fund. The two new EGF transactions will support business investment across Italy.
More than €7.9 billion of new EGF financing, expected to mobilise €61.6 billion of new private sector investment has been approved and the first contracts signed in December 2020, immediately following confirmation of state aid clearance by the European Commission.
The board approved €688 million to harness renewable energy across Europe. This includes support for the construction of 11 windfarms across Poland expected to generate 380MW, three solar power plans in Greece to provide 230MW and seven solar power schemes in Spain to supply 253MW.
Two other schemes will scale up investment in onshore wind and solar power projects across Europe and provide streamlined financing for small scale energy efficiency schemes.
And €381 million was approved for transport, hospitals and schools, and sustainable urban investment. People and businesses in more than 1,000 remote rural villages across Georgia will benefit from a new fibre optic network providing broadband internet access backed by the EIB. Healthcare and medical education in Banja Luka, the second largest city in Bosnia and Herzegovina, will be transformed by EIB support for the construction of a new medical complex, including a teaching centre and university clinic.
The EIB approved backing for investment to build seven school and day care centres in the city of Jyvaskyla in Finland and upgrading commuter trains in the Swedish capital Stockholm. New investment to improve energy efficiency, urban transport, education, sports and cultural facilities across the Polish city of Wrocław will also benefit from new EIB financing.
