#EIB: European Investment Bank agrees €5.8 billion investment in energy efficiency, social infrastructure and local businesses

Meeting in Luxembourg earlier today (12 April) the Board of the European Investment Bank (EIB) approved a total of €5.8 billion of new financing for 29 projects in the European Union, Africa, and Latin America.

Following today’s approval, the EIB expects to finalize financing for new investment in energy, telecommunications, transport, urban development projects and business lending programmes. This includes €1.4bn for the metro extension in Stockholm and the acquisition of trains in the Italian Lombardy region.

The Board of Directors also held preparatory discussions for the annual meeting of its Board of Governors, which will take place in June in Luxembourg.

“Projects approved today strengthen the EU Bank’s action in the fields of energy efficiency, social infrastructure and the support for SMEs. Initiatives backed by the EU Budget guarantee under the Investment Plan for Europe and approved today have taken us closer to the Plan’s original €315bn investment target. The use of EU resources to back loans and guarantees is working: we are getting investment back on track in the European Union,” said European Investment Bank President Werner Hoyer.

Investment Plan for Europe

Financing totalling €987 million for nine projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totalling €7bn.

Today’s approvals included the extension of the Stockholm metro, a high-speed telecommunications network in Ireland, a hospital in the Netherlands, renewable energy projects in Spain and the United Kingdom as well as support for small and medium sized companies in Greece, France and Spain.

Improving transport by upgrading airport accessibility, roads and railway capacity

The EIB Board approved €1.7bn of new transport investment to improve mobility and accessibility in Europe.

It agreed to €788m support for the construction of three extensions of the Stockholm metro with a total length of 19.6 km and 11 underground stations. The Bank will also support the acquisition of 161 new trains to reinforce the rolling stock of the Italian Lombardy Regions.

€350m will go to the upgrade of Dublin airport’s infrastructure including the construction of a parallel taxiway and the improvement of aircraft parking stands.

The Board agreed to finance the construction of a 200 km long expressway in Poland with €500m. It also approved financing to acquire 18 new trains for the Tunis Goulette Marsa suburban line in Tunisia with €45m.

Support for renewable energy and the environment

The EIB Board approved support for investment in renewable energy production with the financing of an electricity biomass generation plant in Spain and an off-shore wind farm project in the United Kingdom with a total investment of €455m.

Furthermore it gave the green light for financial support to climate action related projects, mainly in the water and wastewater and energy sectors in France and Germany, adding up to €500m.

Large renewable energy projects in Latin America were also approved. The €150m funding provided will contribute to the addition of clean, renewable energy generation in Brazil and Mexico pursuant to the UN Sustainable Development Goals (SDGs) of ensuring access to affordable, reliable and sustainable energy.

Strengthening research and education

The Bank agreed to support research and development projects in France, Germany, Italy, the Netherlands and Denmark with €230m for innovative process technologies with applications in the food, pharmaceutical, chemical and marine sectors.

The Board also decided to support the 2016-2020 investment plan of the development of the Luiss Rome University Campus in Italy with €95m.

Investing in health

The development plan of a regional hospital in the Netherlands will be supported with €150m following the EIB Board decision. The project consists of the rehabilitation, extension and modernization of the hospital.

The Bank also approved the financing of the construction of a new hospital and backing for a company providing nursing homes and day care in Finland for €128m.

€100m will be provided for the modernization, rehabilitation and consolidation of five public hospitals in Austria.

Improving internet and mobile communications

The Board agreed to finance with €500m the roll-out of a high-speed telecommunications network to cover up to 542,000 households in Ireland, in support of the National Broadband Plan.

Backing construction of Near Zero Energy Buildings

€100m of EIB financing was approved to support the construction of near zero energy buildings in Denmark, comprising six buildings in the Copenhagen Metropolitan Area.

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

Overview of projects approved by the EIB Board of Directors following positive assessment by the EFSI Investment Committee

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