Connect with us

European Investment Bank

EIB strengthens global development focus and backs €4.8 billion new financing for energy, transport, COVID vaccines and business investment

SHARE:

Published

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

The Board of Directors of the European Investment Bank (EIB) has approved plans to strengthen its global development engagement. It also approved €4.8 billion of new financing for 24 projects to support climate action, COVID vaccines and economic resilience, sustainable transport and education.

“In June the Council of Ministers asked the EU Bank to enhance its contribution to the Union’s development efforts through dedicated strategies, stronger presence on the ground globally, and better coordination with partners in a genuine Team Europe approach. Today we responded to the Council’s call by proposing the creation of a branch of the EIB focused on development finance, and the Board endorsed this proposal. As a result, the EU Bank will be able to make a stronger contribution to boosting Europe’s strategic autonomy, by placing more experts on the ground, and be a more effective partner for other multilateral and national development banks. And we will be in a better position to pursue our global ambition in terms of the fight against climate change,” said EIB President Werner Hoyer.

Strengthening EIB’s development impact

Advertisement

The EIB Board of Directors approved the bank’s proposal to set up a development branch to increase the impact of its activities outside the European Union. It underpins the EIB’s response to the call for action expressed in the “Council conclusions on the enhanced European financial architecture for development (2021)” adopted on 14 June 2021. Through its development branch, the EIB will reorganise its activities outside the European Union and increase its presence on the ground, developing more targeted strategies and services in close cooperation with partners.

The bank will reinforce representations outside the EU and create a number of regional hubs, intensifying complementarity and cooperation with Multilateral Development Banks, national Development Finance Institutions and local partners, in a Team Europe approach. The hubs will focus on thematic sectors, product competences and services that respond to the needs of the region in which they are located. The first regional hub, strengthening EIB work in East Africa, will be located in Nairobi.

A new advisory group will advise the EIB for its operations outside the European Union. It will include

Advertisement

EU development policy makers nominated by the Member States, the European Commission and the EEAS.

€2.2bn for climate action, clean energy and energy efficient homes

The EIB agreed new financing to increase wind and solar energy generation in Spain and Portugal, upgrade national energy networks in Poland and improve energy efficiency and cut heating bills in Hungary and Finland.

Targeted financing schemes to accelerate investment in small scale renewable energy and climate action projects in Austria and Poland, and across Latin America and Africa were also approved.

€647 million for COVID vaccine deployment, health and education

Building on the European Investment Bank’s backing for COVID vaccine development and deployment new programmes to finance purchase of COVID-19 vaccines for distribution in Argentina and across South Asia, including Bangladesh, Bhutan, Nepal, Sri Lanka and the Maldives were confirmed.

The Board decided to support the expansion of long-term care for disabled patients in the Netherlands, the roll-out of digital learning technology in primary and secondary schools and upgrading scientific research in Croatia was also agreed.

€752m for sustainable urban, regional, air and maritime transport

Tram passengers in the Slovak city of Košice and commuters in the Polish cities of Gdansk, Gdynia and Sopot, and across Moldova, will benefit from new EIB backed investment to modernise and improve transport links.

The Italian ports of Genoa and Savona will receive EIB financing to upgrade rail access and better protect the ports from flooding and more extreme weather through the construction of a new breakwater.

The EIB also agreed to finance the replacement and upgrade of air traffic control and navigation equipment to maintain safety and security standards in Hungarian airspace.

€500m for private sector investment and COVID-19 economic resilience

The EIB board also approved new financing programmes managed by local banking and investment partners to support investment by businesses across Spain, Poland and South East Asia facing COVID-19 challenges.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Overview of projects approved by the EIB Board.

European Investment Bank

EIB strengthens global development focus and backs €4.8 billion new financing for energy, transport, COVID vaccines and business investment

Published

on

The Board of Directors of the European Investment Bank (EIB) has approved plans to strengthen its global development engagement. It also approved €4.8 billion of new financing for 24 projects to support climate action, COVID vaccines and economic resilience, sustainable transport and education.

“In June the Council of Ministers asked the EU Bank to enhance its contribution to the Union’s development efforts through dedicated strategies, stronger presence on the ground globally, and better co-ordination with partners in a genuine Team Europe approach. Today we responded to the Council’s call by proposing the creation of a branch of the EIB focused on development finance, and the Board endorsed this proposal. As a result, the EU Bank will be able to make a stronger contribution to boosting Europe’s strategic autonomy, by placing more experts on the ground, and be a more effective partner for other multilateral and national development banks. And we will be in a better position to pursue our global ambition in terms of the fight against climate change,” said EIB President Werner Hoyer.

Strengthening EIB’s development impact

Advertisement

The EIB Board of Directors approved the bank’s proposal to set up a development branch to increase the impact of its activities outside the European Union. It underpins the EIB’s response to the call for action expressed in the 'Council conclusions on the enhanced European financial architecture for development (2021)' adopted on 14 June 2021. Through its development branch, the EIB will reorganise its activities outside the European Union and increase its presence on the ground, developing more targeted strategies and services in close cooperation with partners.

The bank will reinforce representations outside the EU and create a number of regional hubs, intensifying complementarity and cooperation with Multilateral Development Banks, national Development Finance Institutions and local partners, in a Team Europe approach. The hubs will focus on thematic sectors, product competences and services that respond to the needs of the region in which they are located. The first regional hub, strengthening EIB work in East Africa, will be located in Nairobi.

A new advisory group will advise the EIB for its operations outside the European Union. It will include

Advertisement

EU development policy makers nominated by the Member States, the European Commission and the EEAS.

€2.2bn for climate action, clean energy and energy efficient homes

The EIB agreed new financing to increase wind and solar energy generation in Spain and Portugal, upgrade national energy networks in Poland and improve energy efficiency and cut heating bills in Hungary and Finland.

Targeted financing schemes to accelerate investment in small scale renewable energy and climate action projects in Austria and Poland, and across Latin America and Africa were also approved.

€647 million for COVID vaccine deployment, health and education

Building on the European Investment Bank’s backing for COVID vaccine development and deployment new programmes to finance purchase of COVID-19 vaccines for distribution in Argentina and across South Asia, including Bangladesh, Bhutan, Nepal, Sri Lanka and the Maldives were confirmed.

The Board decided to support  the expansion of long-term care for disabled patients in the Netherlands, the roll-out of digital learning technology in primary and secondary schools and upgrading scientific research in Croatia was also agreed.

€752m for sustainable urban, regional, air and maritime transport

Tram passengers in the Slovak city of Košice and commuters in the Polish cities of Gdansk, Gdynia and Sopot, and across Moldova, will benefit from new EIB backed investment to modernize and improve transport links.

The Italian ports of Genoa and Savona will receive EIB financing to upgrade rail access and better protect the ports from flooding and more extreme weather through the construction of a new breakwater.

The EIB also agreed to finance the replacement and upgrade of air traffic control and navigation equipment to maintain safety and security standards in Hungarian airspace.

€500m for private sector investment and COVID-19 economic resilience

The EIB board also approved new financing programmes managed by local banking and investment partners to support investment by businesses across Spain, Poland and South East Asia facing COVID-19 challenges.

Background information:

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Overview of projects approved by the EIB Board.

Continue Reading

Cyber Security

Investment Plan for Europe supports development of next-generation cyber security platform

Published

on

The European Investment Bank (EIB) has signed a €15 million financing deal with Dutch cybersecurity company EclecticIQ, a leader in threat intelligence, hunting and response technology and services. The project is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. The agreement will give EclecticIQ access to the funding it needs to further accelerate the development of its cybersecurity platform and expand internationally in a strategically important and rapidly growing market.

Economy Commissioner Paolo Gentiloni said: “As more and more business operations move online, strengthening cybersecurity is becoming ever more important. This support from the EIB, backed by the Investment Plan for Europe, will help EclecticIQ to further grow its activity in this crucial sector, developing its product portfolio and offering clients suitable solutions to effectively counter cyberthreats.”

The press release is available online.

Advertisement

Continue Reading

Economy

EIB approves €4.1 billion financing for renewable energy, clean transport, COVID recovery, social housing and education

Published

on

The European Investment Bank (EIB) has approved €4.1 billion of new financing to accelerate renewable energy investment, support COVID-19 economic resilience by backing private sector investment, improve sustainable transport and upgrade schools and social housing.

“The projects approved today highlight the EIB’s engagement across Europe and around the world to unlock private and public investment that addresses local priorities and global challenges. Tomorrow I will update the EIB’s Governors, EU finance and economy ministers, on the EU Bank’s rapid response to challenges caused by the COVID-19 pandemic and our strong and growing support for green transition and climate action across the world”, said European Investment Bank President Werner Hoyer.

The Board of Directors of the EIB, meeting via video conference, approved new financing to support high-impact investment across Europe and around the world.

Advertisement

€1.4 billion for renewable energy

The EIB approved new support for large scale solar power generation across Spain, small scale renewable energy projects in Germany, support investment in clean energy and energy efficiency by companies in Austria, and geothermal power in East Africa.

The Board also approved financing and technical support to increase sustainable and reliable energy supply and improve energy efficiency in schools, hospitals and businesses across Africa.

Advertisement

€1.2 billion to strengthen pandemic recovery and corporate RDI

Local banking partners will provide business financing agreed by the EIB to help companies in Italy, Spain and Portugal most hit by the COVID-19 pandemic invest, expand and adapt their activities during these challenging times.

The EIB will also provide direct financing to scale up pharmaceutical research and development to improve treatment of heart and respiratory diseases and diabetes.

New EIB financing will help strengthen support for social impact and sustainable investment by companies in the Netherlands.

The EIB agreed to back new high-impact equity investment, by an experienced development finance partner, to support rural microfinance institutions working with low-income smallholder farmers across Africa that will tackle the limited access to finance in fragile regions, support rural development and reduce poverty.

€946 million to transform rail transport and maritime connectivity

Logistics services that enable an efficient alternative to road transport, provided by the largest private rail freight operator in Spain and Portugal, will be transformed by acquisition of new intermodal rolling stock and locomotives approved by the EIB.

The EIB also approved support for new hydrogen and battery powered trains in Berlin and Brandenburg, and to reduce congestion at the Polish Baltic port of Szczecin.

Passenger and freight transport in Romania, connecting Hungary to Black Sea ports, will also benefit from upgrading the Arad-Sighisoara rail route to enable higher speeds and more efficient signalling, backed by the EIB, under a previously agreed infrastructure investment initiative.

€306m for education, health care and social housing

The EU Bank agreed financing in Alsace to support the construction of new secondary schools and upgrade and expand existing facilities, and improve acute and long-term care and assisted living services provided by a regional healthcare in the Netherlands.

The EIB will also support a new initiative to increase the supply of affordable social housing by housing cooperatives and municipal authorities in several locations in Poland.

EIB Board of Governors annual meeting

The European Investment Bank’s governors, European Union finance and treasury ministers, representing the EIB’s shareholders met in Luxembourg for their annual meeting on 18 June.

Overview of projects approved by the EIB Board

Details on the European Guarantee Fund

Continue Reading
Advertisement
Advertisement
Advertisement

Trending