The Board of Directors of the European Investment Bank approved EUR 7.4 billion of new financing for 38 projects across Europe and around the world. Among these projects, EIB agreed to invest more than 1 billion in reducing shipping emissions.
The Board approved EUR 3 billion of new EIB financing for seventeen projects backed by the EU budget guarantee under the European Fund for Strategic Investments (EFSI). This includes research and development of new wind turbines in Germany, investment in research intensive early stage life science companies in Ireland and the UK, equity financing of small infrastructure projects in France and energy transmission in Italy.
The EFSI initiative will also support safety improvements at Vilnius airport and three biomass power plants in the Lithuanian capital and in Portugal, as well as roll-out of 4G mobile internet in Sweden and the Netherlands. Lending under the Investment Plan for Europe is also expected to support SME investment in Spain, Greece, Italy and Portugal.
A total of EUR 1 billion, also backed by the European Fund for Strategic Investments guarantee, was approved for a new initiative, intended to reduce harmful emissions in the European shipping industry through investment in energy efficient technologies and financing for retrofitting existing vessels and financing new environmentally friendly ships.
New financing for strategic investment approved by the EIB Board also included upgrading of the water network in the Spanish region of Vizcaya, upgrading 7 hospitals in Stockholm, social housing in Berlin, including accommodation for refugees, extension of two geothermal power plans in Iceland and construction of a new deep water port in Aberdeen, Scotland.
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.
Source: EIB
