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News announcement22 May 2024European Climate, Infrastructure and Environment Executive Agency2 min read

EIB approves billions for innovation, business, climate action and more

The Board of Directors of the European Investment Bank (EIB) approved €4.3 billion of new financing, boosting the competitiveness of European economies.

Source: Unsplash

“Access to finance is crucial for business growth, job creation and better services,” said EIB President Nadia Calviño. “The investment projects approved today will help European companies innovate, expand renewable energy use, and improve public transport and local recycling, thus boosting the competitiveness of our economies.”

Corporate innovation and business investment

The Board approved €3 billion of financing to back business investment that will strengthen corporate research innovation, tackle financing gaps holding back the growth of midcap companies, support the expansion of activities in cohesion regions, and boost private sector’s climate action.

This includes a new initiative to finance innovative research and development investment by companies in France, a project addressing uncertainties stemming from energy and inflation volatility and the war against Ukraine, as well as targeted support for innovation investment across Italy, including in cohesion regions.

The Board also approved EIB backing for a new risk sharing long-term financing scheme to support riskier innovation and growth-focused projects in cooperation with banking and leasing partners across Europe.

EIB support for climate action investment by businesses in five central European countries, to help engineering, construction and manufacturing companies reduce energy use and costs, was also agreed.

Enhancing renewable energy and clean energy distribution

The EIB Board approved €805 million in clean energy financing. This includes investment to upgrade electricity distribution in Germany to enable the integration of additional renewable capacity, cater for increased energy demand for charging electric vehicles and from industry, and shield power infrastructure from extreme weather risk.

The Board also agreed backing for investment to expand grid energy pumped storage in the Baltics to enable increased use of intermittent wind and solar power, and to enhance security of energy supply by reducing dependency on imports.

New streamlined financing to support small and medium scale renewable energy investment in Italy, in cooperation with a local financing partner, was also approved.

Upgrading regional transport through green bonds

The EIB Board agreed to finance sustainable transport in France, including the deployment of electric buses and electric bikes, renovation and upgrading of train, tram and metro rolling stock, and accessibility improvements. The EIB will purchase green bonds issued by the regional transport operator to finance the operation.

Improving water supply and waste treatment

Finally, the EIB approved financing for circular economy investment by a regional regulated utility body in Italy to upgrade drinking water distribution and protect water supply from extreme weather, and to increase waste recycling capacity.

Source: European Investment Bank