New financing worth 4.5 billion euro has been approved by European Investment Bank (EIB) to tackle investment gaps hindering private sector growth.
It is also meant to improve education and health care, replace old buses and trains.
The new EIB support will directly back projects in 23 countries.
” Europe’s finance ministers will meet as Governors of the EIB and discuss how we can accelerate climate action as we expand economic opportunities and improve social infrastructure.
“Climate has become a key priority for us all, and the projects we approved today show that the EIB takes its role as Europe’s climate bank very seriously,” said Werner Hoyer, President of the European Investment Bank.
The EIB Board of Directors held its monthly meeting today in Luxembourg.
The EIB agreed EUR 611 million of new financing to support the energy transition, reduce carbon emissions and scale up renewable energy.
This includes backing new solar power in Zambia and wind farms in Portugal, energy efficiency projects in Lebanon and Jordan and support for rural communities across Niger to access clean energy.
Hungary and northern Spain public transport users will benefit from EIB support to provide 3,200 buses and 31 trains with low-emission modern replacements.
The EIB also agreed to support two new financing programmes with leading French banks to speed up the energy transition by encouraging greater use of renewable energy and more efficient energy use by local companies.
More than 3,000 schools across Italy will be upgraded in the coming years following EIB approval of more than EUR 1.3 billion of new financing for the National School Infrastructure Plan.
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