European Investment Bank details €3.4bn new financings
The European Investment Bank has agreed €3.4 billion in new financing to help accelerate the shift towards renewable energy and sustainable transport, corporate innovation, improved housing, education and communications.
Of the total, €2 billion will go towards renewable energy projects in France and Germany, the increase the use of solar power by home owners across Spain, wind power in Ireland, upgraded energy distribution in Italy, and a pioneering photovoltaic plant that uses batteries and hydrogen to store energy.
The EIB also agreed €700 million to back the acquisition of a fleet of hydrogen powered trains including the installation of hydrogen refuelling facilities in the Netherlands and to upgrade regional rail services in Germany. The EU Bank also approved financing to increase use of renewable energy at airports across Spain.
As part of the rapid response to COVID-19, the EIB Board agreed new financing of €720 million to accelerate investment by companies most impacted by the pandemic in the Netherlands, Belgium and Luxembourg. The EIB also backed support for corporate research and development in Germany, expansion of online digital business activity in France, and backing for climate related investment by companies across Poland.
And €837 million was agreed for education, housing, communications, water and sustainable urban investment. The EIB approved investment to construct and modernise energy efficient social and affordable housing in northern Italy, upgrade urban and regional infrastructure in the Czech Republic, and improve communications in Poland and North Africa.Financing also went to strengthening the supply of drinking water in Paris and upgrade drinking water supply and wastewater treatment in Vilnius.
