EIB backs EUR 3.7 billion COVID-19 business support, renewable energy, internet, health, education and sustainable urban investment
- € 2.4 billion to strengthen access to finance and economic resilience to COVID-19
- € 688 million to support solar and wind energy
- € 381 million for transport, upgrading hospitals and schools, and sustainable urban investment
- € 1.5 billion new private sector financing COVID crisis response under Pan-European Guarantee Fund
Business investment, renewable energy and upgrading hospitals, schools, internet services and urban infrastructure will be accelerated by new financing totalling EUR 3.7 billion approved today by the European Investment Bank (EIB).
“Since the outbreak of the COVID-19 pandemic the European Investment Bank has approved EUR 40.3 billion for 251 projects to provide vaccines, improve public health and strengthen economic resilience across Europe and around the world. A year after COVID-19 led to unprecedented lockdowns, public health emergencies, business challenges, and loss of life, Europe continues to support its citizens and its companies while promoting global solidarity. The EIB Group has enabled a rapid, targeted and effective response across Europe and around the world as the EU Bank and as part of Team Europe. Today’s approval of EUR 3.7 billion of new EIB financing will help private and public partners to achieve a green and sustainable recovery”, said Werner Hoyer, President of the European Investment Bank.
€ 2.4 billion for business investment and ensuring economic resilience to COVID-19
The Board of Directors of the EIB, meeting via video conference today approved EUR 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.
EUR 1.5 billion of the new private sector financing approved today is backed by the Pan-European Guarantee Fund (EGF). The two new EGF transactions will support business investment across Italy.
More than EUR 7.9 billion of new EGF financing, expected to mobilise EUR 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 EGF was created by the EIB Group within weeks of the COVID-19 pandemic being declared, to help businesses recover from the pandemic, make new investments, and save jobs.
Additional EIB backing for business investment includes new lending programmes in France, Italy and Slovenia and direct financing for corporate research and development in Denmark.
€ 688 million to harness renewable energy across Europe
The Board approved EIB financing for clean energy that will help to accelerate the energy transition and expand wind and solar clean power generation.
This includes support for the construction of 11 windfarms across Poland expected to generate 380MW, three solar power plans in Greece to provide 230 MW and 7 solar power schemes in Spain to supply 253 MW.
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.
€ 381 million for transport, hospitals and schools, and sustainable urban investment
Communities across Europe and beyond will benefit from EIB backed investment to improve transport, upgrade health and education, and unlock investment in cities.
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 agreed today.
Overview of projects approved by the EIB Board
Details on the European Guarantee Fund