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EIB Group backs € 12.5 billion COVID-19 support, business, clean energy transport and urban investment

EIB Group backs € 12.5 billion COVID-19 support, business, clean energy transport and urban investment


  • € 4.1 billion to tackle COVID-19 impact on health systems and private sector
  • € 5.6 billion for corporate and SME financing with banking partners
  • € 4.7 billion for clean energy and sustainable transport

The European Investment Bank (EIB) Board of Directors today approved new financing totalling EUR 12.5 billion to support companies impacted by COVID-19, alongside accelerating renewable energy, sustainable transport and urban investment across Europe and around the world.

This includes € 4.1 billion to strengthen public health and private sector resilience to the COVID-19 pandemic. New EIB financing will support medical and pharmaceutical innovation, including testing and treatment, hospital and public health investment and local business lending programmes to help companies in sectors most impacted by the pandemic.

“It is winter in Europe, and governments and companies are still grappling with the immediate challenge of overcoming the COVID-19 pandemic. The EIB Group is providing financial support and technical expertise to private and public partners to strengthen resilience and help fight the virus. At the same time, the EIB Climate Survey shows that European citizens demand a green recovery after the pandemic, propelled by investment into climate action and sustainability. The EIB Group is committed to delivering this. Today our Board approved visionary and innovative new projects to provide clean energy and sustainable transport in Europe and beyond”, said Werner Hoyer, President of the European Investment Bank.

Meeting by video conference, the EIB Board agreed projects to scale up renewable energy and energy efficiency, support sustainable transport, increase availability of social and affordable housing and access to water across Europe, Africa, Asia and Latin America.

€ 5.6 billion for high-impact businesses investment

The EIB today approved more than € 5.6 billon for direct business financing and local lending programs.

New support for companies most impacted by COVID-19 economic uncertainties includes programmes in the Czech Republic, Germany, Italy, Spain and the Western Balkans, business financing schemes in rural Poland and rural Spain and strengthening access to finance for digital companies across Africa.

Initiatives to enhance access to finance by SME supply chain companies in Spain will be also supported by the European Guarantee Fund.

Access to financing for female led business in Brazil and across Africa, sustainable investment in Asia, Bulgaria, France, Germany, Romania and Spain will be enhanced by EIB support for new schemes managed by local financial and banking partners.

Direct EIB backing for corporate investment includes supporting medical ventilator innovation by Dräger and helping Urbaser to upgrade their fleet of clean energy waste collection vehicles.

€ 2.6 billion for renewable and clean energy

The EIB agreed to provide € 2.6 billion to support large-scale renewable energy generation projects.

This includes financing for new wind farms in Austria, France, Germany, Ireland, Italy and Uzbekistan, improving transmission connections in the Czech Republic and Greece and accelerating the roll-out of smart meters to improve energy management in Belgium.

€ 2.1 billion for sustainable transport

International, national and local transport will be improved by € 2.1 billion new support for upgrading trains and transport infrastructure agreed today.

This includes financing new trams in Wrocław, new regional trains in Munich and Regensburg and new passenger and cargo trains in the Czech Republic.

The EIB also approved schemes to upgrade high-speed rail links between Madrid and Seville and the rail line between Belabo and Ngaoundere in Cameroon.

Aviation security and safety in Ukraine will be enhanced by EIB financing for Boryspil Airport and regional trade in East Africa will be facilitated by EIB support to upgrade the highway between Nairobi and Nakuru.

€ 1.2 billion for housing and urban development

The EIB approved new financing for social and affordable housing in France and further improvements to energy efficiency of public housing in Bucharest.

Residents of the German city of Halle will benefit from EIB backed investment in sustainable urban development schemes including public transport, district heating rehabilitation and improving water infrastructure.

€ 788 million to improve health and education

New financing approved today includes investment to improve care homes for long-term residents in the Netherlands and accelerate medical innovation in Germany and Africa.

The EIB also agreed new support to improve education facilities in rural schools across Morocco.

€ 208 million to upgrade water infrastructure

Water and wastewater services across Europe will be improved by new EIB financing approved today.

This includes schemes covering eight towns in northern Portugal, strengthening water supply in the Netherlands and upgrading water distribution in the Albanian capital Tirana.

Source: eib.org
Anand Gupta Editor - EQ Int'l Media Network