EIB Board of Directors approves €10.8 billion of new financing for energy, business, health, housing and c
€5 billion for clean energy, water and forestry
€2.6 billion for corporate innovation and business financing
€3.1 billion for health, housing and education
€137 million for sustainable transport and better communications
The Board of Directors of the European Investment Bank (EIB) backed €10.8 billion of new financing to support renewable energy, restore degraded forests, build affordable homes, new hospitals and better schools, upgrade water, transport and communications networks, and enable businesses to innovate and create jobs.
EIB President Nadia Calviño said “Today´s Board had a strong focus on reinforcing Europe´s strategic autonomy, energy efficiency and security. We approved new financing for energy projects, including solar, wind and energy storage and the construction of a pioneering clean energy island off the Belgian coast. Outside Europe we are supporting countries, including small island states, to better protect their environments and communities.”
Supporting clean energy and improving resilience
The August Board of Directors had a strong focus on projects related to the green transition, strategic autonomy, energy efficiency and security. All EU projects discussed were financed under the RepowerEU programme to drive the energy transition in the EU.
Financing of €5 billion was approved for new energy, water and forestry investment.
This includes backing construction of a pioneering island 45 kilometres off the Belgian coast to channel clean energy from the North Sea to the mainland, connecting several European countries.
Investments were approved to support new solar power schemes in Italy, Poland, Romania and Spain, climate action investments in France, upgrade of district heating networks in Lithuania, onshore and offshore wind projects in the Netherlands and better integration of renewables into the electricity distribution network in Poland and Spain.
Furthermore, the Board approved an important project to support sustainable forestry in Moldova.
Enabling business to create jobs and innovate
In addition, new business financing totalling €2.6 billion will help smaller companies to grow and unlock corporate research and development.
This includes support for innovation projects in Austria, France, Germany, Italy, the Netherlands, Romania and Sweden, digitalisation schemes in Italy, targeted financing for healthcare companies in France and sustainable business investment in Belgium and Germany.
The Board also welcomed two equity participations in investment funds to support the private sector in Vietnam and microfinancing in India.
Building new homes, hospitals and schools
The Board backed €3.1 billion for constructing affordable homes, building new hospitals and healthcare facilities and upgrading schools.
This includes thousands of new energy-efficient homes in Austria, Germany, Italy and Spain, medical research investment in Spain, new hospital and medical facilities in Finland and a new secondary school in Germany.
Backing for a new initiative to expand medicine and vaccine manufacturing and improve medical diagnostic services across Africa was also agreed.
Upgrading transport and communications
The Board also approved €137 million new financing to upgrade railway rolling stock in France and submarine internet connections to West Africa.
Launching the Wind Initiative and helping small island states to survive the climate crisis
Today´s Board meeting follows from the strong activity of the EIB over the past weeks.
The first operation of cross-guarantees under the Wind Initiative was launched in Germany, and two flagship projects were approved to support Small Island States at the frontline of climate change: the debt for climate conversion in Barbados and the technical assistance project to assess the feasibility of a port in Kiribati, Christmas Islands, to provide a refuge for people living on islands expected to disappear under rising sea levels.
In the past weeks, investment have also been approved for cutting-edge heart surgery technology, student loans, lithium mining in Finland, the modernisation of Poland’s railway system, and the world’s first zero-emissions tyre factory in Romania.
Albania: EIB provides a €2 million technical assistance grant to support affordable housing in Tirana
The EIB Global is supporting an affordable housing development that will help accommodate 6 500 people in Tirana.
This is the first EIB affordable housing project in the Western Balkans and the third project with the city of Tirana.
As the EU climate bank, the EIB aims to help the country increase resilience to climate change, in line with European energy efficiency standards.
The European Investment Bank (EIB), the EU bank, will provide a €2 million technical assistance grant for the preparation of an affordable housing project in Tirana. The grant will strengthen the municipality’s capacities and develop the necessary documentation in line with EU standards and EIB climate and environmental targets. The Bank will support the municipality in its effort to provide improved and energy efficient accommodation for the most vulnerable residents of Tirana. The project concerns the construction of new buildings and ancillary infrastructure over an area of 86 600 m2 to host nearly 6 500 people and about 1 600 low and middle-income households.
The EIB Global grant will make it possible to provide technical assistance for the preparation of an affordable social housing project, incorporating far-reaching positive social, environmental, climate and economic impact for residents of Albania’s capital. The grant comes under the EIB’s Economic Resilience Initiative, aiming to mobilise finance to support growth, job creation, vital infrastructure projects and social cohesion in the Western Balkans.
EIB Vice-President Lilyana Pavlova, responsible for the Western Balkans, said: “The European Investment Bank is glad to further support Tirana’s municipality in addressing city’s urban development needs in a socially inclusive and energy efficient way. The grant signed today under our new branch EIB Global is a further proof of our dedication to contribute to sustainable growth of Albania, alignment with EU standards and adaptation to climate change”.
Mayor of Tirana Erion Veliaj said: “We have signed a EUR 2 million grant, which will help us assess the municipality’s needs for social housing, the resources we will have to dedicate and execution plan for the upcoming years, as steps we need to undertake to ensure Tirana’s growth. After two years of talks and negotiations, I thank you sincerely for choosing Tirana.”
Ambassador Christiane Hohmann, Head of EU Delegation to Albania, said: “The EU, via its bank, the European Investment Bank (EIB) will be improving social housing in Tirana by investing in energy-efficient accommodation for the most vulnerable. This is another step forward, ensuring that Tirana’s urban development adopts to climate change and generates sustainable growth as the capital moves closer to EU standards in terms of social inclusion and energy efficiency.”
The Bank is already working with the Municipality of Tirana on the modernisation of its water distribution network and the urban redevelopment of Lana riverfront, including the reorganisation of streets and associated infrastructure on both banks of the river. The city is also benefiting from technical assistance under the City Climate Finance Gap Fund that will help Tirana improve energy efficiency and resilience to climate change.