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#EIB approves €6 billion backing for business, transport, health and housing investment

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Hospital patients in France and the Netherlands, commuters in Poland, Spain, France and India, and energy consumers in Bulgaria, Greece and the Gambia will all benefit from investment in new projects approved by the European Investment Bank (EIB).

At their monthly meeting in Luxembourg on 13 November the board of the EIB agreed €6 billion of new financing for business, transport, health and social housing investment across Europe and Africa.

“Projects approved at today’s board meeting demonstrate the EU Bank’s fruitful cooperation with financing partners around the world. A number of these partners will join us at our headquarters in Luxembourg later this week for the first ever EIB Donors conference. We will discuss how to bundle our resources and expertise to tackle global challenges like climate change and migration,” said European Investment Bank President Werner Hoyer.

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Strengthening private sector access to finance to address key market gaps

Supporting access to finance for business is a top priority for the EIB Group. Today’s board meeting approved €3.9bn for direct and indirect financing for companies in Austria, Denmark, Finland, France, Greece, Italy, Poland, Romania, Spain, farmers in Kenya and entrepreneurs in Lebanon and Tunisia.

This includes the provision of new credit lines with local financial partners to support investment by farms and enterprises in Spain, innovation focused firms in France and climate related investment by companies in Poland.

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In Italy, three new financing programmes were approved. They will help to finance energy efficiency and environmental protection measures by business, health and education investment by companies and public entities, and address a specific financing gap hindering growth of agricultural and tourism companies.

Reflecting its commitment to support private sector investment outside Europe, the EIB also agreed to strengthen economic resilience in Lebanon through new credit lines with local intermediaries. It also supports a new initiative to enable increased renewable energy and energy efficiency investment by companies in Tunisia and provides venture capital for the expansion of innovative high-growth companies across Africa.

Transforming sustainable transport and addressing bottlenecks

The EIB Board approved nearly €1.3bn for new transport projects that will improve access, address local congestion and create sustainable transport alternatives.

The EIB also agreed to support the construction of two metro lines and rolling stock in the Western Indian city of Pune, a project that is expected to provide sustainable urban transport for more than 480,000 passengers a day once operational.

Other transport schemes to be backed by the EIB include upgrading rail access to Barcelona airport, widening 81km of a key road link in southern Poland and the rehabilitation of rolling stock on regional railways in France.

Investment to improve healthcare and treatment

Hospital patients in the Netherlands will benefit from the modernization and expansion of existing facilities in Utrecht, including the replacement of outdated buildings, the construction of new operating theatres and the construction of a new primary care centre.

Public health infrastructure across France profits from a four-year healthcare financing programme backed by the EIB.

Harnessing renewable energy and improving energy security

The EIB’s first ever support for energy investment in the Gambia will finance on- and off-grid solar power and battery storage for rural health clinics, schools and food manufacturing.

The Board also approved financing to reinforce strategic energy connections between Bulgaria and Greece and energy security in Slovakia.

€4.8bn of new investment backed by the Investment Plan for Europe

Financing for 11 projects approved by the EIB board today will be guaranteed by the European Fund for Strategic Investments and are expected to mobilize an estimated €4.8bn of total investment.

There were no PPP projects approved by thes meeting.

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:

EIB improving access to finance by SME’s

Big investment in small businesses



Cyprus

NextGenerationEU: European Commission disburses €157 million in pre-financing to Cyprus

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The European Commission has disbursed €157 million to Cyprus in pre-financing, equivalent to 13% of the country's financial allocation under the Recovery and Resilience Facility (RRF). The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Cyprus' recovery and resilience plan. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Cyprus' recovery and resilience plan.

The country is set to receive €1.2 billion in total over the lifetime of its plan, with €1 billion provided in grants and €200m in loans. Today's disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80bn in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to member states under NextGenerationEU. Part of NextGenerationEU, the RRF will provide €723.8bn (in current prices) to support investments and reforms across member states.

The Cypriot plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies. A press release is available online.

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Belgium

EU Cohesion policy: Belgium, Germany, Spain and Italy receive €373 million to support health and social services, SMEs and social inclusion

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The Commission has granted €373 million to five European Social Fund (ESF) and European Regional Development Fund (ERDF) operational programmes (OPs) in Belgium, Germany, Spain and Italy to help the countries with coronavirus emergency response and repair in the framework of REACT-EU. In Belgium, the modification of the Wallonia OP will make available an additional €64.8m for the acquisition of medical equipment for health services and innovation.

The funds will support small and medium-sized businesses (SMEs) in developing e-commerce, cybersecurity, websites and online stores, as well as the regional green economy through energy efficiency, protection of the environment, development of smart cities and low-carbon public infrastructures. In Germany, in the Federal State of Hessen, €55.4m will support health-related research infrastructure, diagnostic capacity and innovation in universities and other research institutions as well as research, development and innovation investments in the fields of climate and sustainable development. This amendment will also provide support to SMEs and funds for start-ups through an investment fund.

In Sachsen-Anhalt, €75.7m will facilitate cooperation of SMEs and institutions in research, development and innovation, and provide investments and working capital for micro-enterprises affected by the coronavirus crisis. Moreover, the funds will allow investments in the energy efficiency of enterprises, support digital innovation in SMEs and acquiring digital equipment for schools and cultural institutions. In Italy, the national OP ‘Social Inclusion' will receive €90m to promote the social integration of people experiencing severe material deprivation, homelessness or extreme marginalisation, through ‘Housing First' services that combine the provision of immediate housing with enabling social and employment services.

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In Spain, €87m will be added to the ESF OP for Castilla y León to support the self-employed and workers who had their contracts suspended or reduced due to the crisis. The money will also help hard-hit companies avoid layoffs, especially in the tourism sector. Finally, the funds are needed to allow essential social services to continue in a safe way and to ensure educational continuity throughout the pandemic by hiring additional staff.

REACT-EU is part of NextGenerationEU and provides €50.6bn additional funding (in current prices) to Cohesion policy programmes over the course of 2021 and 2022. Measures focus on supporting labour market resilience, jobs, SMEs and low-income families, as well as setting future-proof foundations for the green and digital transitions and a sustainable socio-economic recovery.

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European Commission

NextGenerationEU: European Commission disburses €2.25 billion in pre-financing to Germany

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The European Commission has disbursed €2.25 billion to Germany in pre-financing, equivalent to 9% of the country's financial allocation under the Recovery and Resilience Facility (RRF). This corresponds to the pre-financing amount requested by Germany in its recovery and resilience plan. The pre-financing payment will help kick-start the implementation of the crucial investment and reform measures outlined in Germany's recovery and resilience plan. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Germany's recovery and resilience plan.

The country is set to receive €25.6bn in total, fully consisting of grants, over the lifetime of its plan. The disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80bn in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to member states under NextGenerationEU. Part of NextGenerationEU, the RRF will provide €723.8bn (in current prices) to support investments and reforms across member states. The German plan is part of the unprecedented EU response to emerge stronger from the COVID-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies. A full press release is available here.

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