EIB backs EUR 11 billion of new financing and welcomes European Parliament support to expand Investment Plan for Europe
The Board of the European Investment Bank today approved a total of EUR 10.8 billion of new financing for 43 projects in the fields of energy, social housing, and support for business and innovation investment across Europe and beyond.
“The EIB continues to deliver for Europe’s citizens, mobilising new investment to enhance economic opportunities. Financial projects approved today will support construction of new homes for thousands of families and allow high-speed internet access in towns and rural areas across Europe.” highlighted Werner Hoyer, President of the European Investment Bank.
Investment Plan for Europe support for housing, internet, transport and energy projects
Financing for sixteen projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totalling EUR 10 billion in nine EU countries. To date EIB Group financing under the Investment Plan for Europe is expected to support investment of more than EUR 193 billion in all 28 EU member states.
Today’s approvals included support for regional trains in Austria, social housing in Spain, France and Poland, financing for renewable energy innovation, energy transmission and distribution in France, Italy and Portugal, as well as for high-speed internet in France and Sweden.
“The Investment Plan for Europe is progressing at a good pace. Thanks to the EU Budget guarantee, the EIB and the EIF are financing investment in new sectors, working with new clients and promoters, and catalysing private investment. I warmly welcome the vote of the economic affairs committee of the European Parliament yesterday to extend the Investment Plan for Europe. This is a clear endorsement of the plan’s impact and benefit. The EU shows its resolve to address the investment gap and support investment for as long as it takes.” said Werner Hoyer.
Enabling investment to help companies expand and innovate
The EIB board approved new schemes totalling EUR 3.3 billion to support investment by businesses in Austria, Finland, Italy, Latvia, Poland, Spain and Portugal in partnership with local banks and financial institutions. This includes investment to cut emissions and improve energy efficiency with partner banks in Poland and the Czech Republic, and financing agriculture companies in Spain.
Increasing and improving social housing
Proposals to build thousands of new homes and cut energy bills in existing properties included financing for social housing projects in France, Spain and Poland, totalling EUR 1.4 billion. This is expected to support the construction of more than 52,000 new homes.
Unlocking opportunities through faster internet access
Access to high-speed and reliable internet is essential to make sure that all citizens and companies benefit from the digital economy. The EIB approved more than EUR 1.2 billion of new financing for broadband infrastructure in France and Italy, rolling out fibre-optic connections to 460,000 households and companies in Spain, and backing expansion of very-high speed broadband in Germany.
Improving sustainable transport
The Board approved EUR 2.2 billion financing for sustainable transport. This includes backing for new regional trains in Austria, improving airport security in Spain, expanding urban transport in Tampere and Naples, and co-financing transport investment alongside EU Structural Funds in Romania.
Supporting water, energy and private enterprise investment outside Europe
Backing for new long-term financing for projects outside Europe includes support to modernise water supply and wastewater management in Tbilisi, corporate investment in Morocco and investment to improve energy distribution in Paraguay. The board also approved EUR 100 million involvements in a new climate action lending programme in partnership with the Caribbean Development Bank. This will support climate change adaptation and mitigation projects in small island states across the region.
This week’s EIB board meeting follows a meeting of the EFSI Investment Committee, held on 15th April. It approved 14 projects which the Investment Committee had cleared for financing under the Investment Plan for Europe guarantee from the EU Budget and the EIB.
Negotiations for the approved loans are expected to be finalised in the coming months. All projects, including those earmarked for support under the EU budget guarantee, need to receive approval of the EIB Board prior to loan contracts being finalised. Loans and guarantees approved by the Board of Directors will be finalised in cooperation with promoters and beneficiaries, and figures may vary.
The Board of Governors of the European Investment Bank, comprising Finance Ministers from the 28 European Union member states, will hold its annual meeting in Brussels on 23rd May.