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EIB Increases Support for COVAX and Backs €1.5 Billion Clean Energy, Water, Health and Education Investment

EIB Increases Support for COVAX and Backs €1.5 Billion Clean Energy, Water, Health and Education Investment

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  • €533 million to improve green energy generation, transmission and distribution
  • €272 million for hospitals and schools
  • €200 million for COVAX vaccine initiative
  • €250 million for water distribution in Italy
  • €250 million for business investment in the Baltics

€1.5 billion of new financing approved by the European Investment Bank (EIB) today will strengthen support for global distribution of COVID-19 vaccines through the Covax initiative, improve green energy generation and distribution, bring investment to cities, health, education, and water, and enhance access to finance by business.

“Last week in Porto leaders from across Europe and India welcomed EIB engagement to tackle the health and economic impact of COVID-19, scale up social investment and deliver a green transition.

The projects approved today demonstrate how, together with European and global partners, the EU Bank continues to build on its swift and strong response to COVID-19, backing high-impact projects that build a better and greener future”, said Werner Hoyer, President of the European Investment Bank.

The Board of Directors of the EIB, meeting via video conference today, approved new financing to support priority investment across Europe and around the world.

€200 million backing to increase Team Europe support for COVAX and scale up access to COVID-19 vaccines

COVAX, the global mechanism for equitable access to COVID-19 vaccines, has already provided vaccines to vulnerable groups and front-line workers and brought hope to millions of people in more than 100 countries.

The EIB today agreed to provide an additional €200 million to scale up access to COVID-19 vaccines through the COVAX Advance Market Commitment mechanism. This follows €400 million of EIB financing for COVAX agreed last December, which represented the EIB’s largest ever support for global public health.

The new EIB financing for COVAX is expected to be guaranteed by the European Fund for Sustainable Development and strengthen Team Europe support for COVAX alongside grant support from the European Commission.

€533 million to accelerate green energy investment

The EIB approved new support for high-impact investment to enable 1.5 million people across Africa to access clean energy and provide 55,000 solar home systems in cooperation with the German government.

The EIB also agreed to support new energy investment in Italy and central Europe that will better integrate renewable energy into national transmission networks and accelerate the roll-out of smart meters.

€250 million initiative to strengthen access to finance by business around the Baltic

Access to financing is crucial to ensure that private sector companies and entrepreneurs can expand, create jobs and adapt to business challenges triggered by COVID-19.

The EIB has agreed to support a new streamlined business financing initiative to back investment in Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland and Sweden.

€302 million for school, hospital and sustainable urban investment

The construction and renovation of 22 schools, day-care centres and sports facilities in the city of Espoo and support for rehabilitation and expansion of the Lapland Central Hospital will benefit education and healthcare in Finland.

The EIB also approved support for small scale clean transport, education, culture, social care and environmental schemes in the region of Presov in Slovakia, building on the EU Bank’s long-standing cooperation with local partners.

Supporting water investment in Italy

The EIB has approved €250 million of new financing to support investment by local integrated water utilities in the northern Italian region of Lombardy.

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