The board of directors of the European Investment Bank (EIB) has green-lit €4.3 billion ($4.57 billion) in new financing that aims to bolster regional transport and energy infrastructure, promote business innovation, and advance climate action initiatives across Europe.
A significant €3 billion of the financing will facilitate business investments that aim to enhance corporate research innovation, address financing gaps for midcap companies, and foster climate action efforts within the private sector. This funding will stimulate job creation, strengthen economic competitiveness, and drive sustainable growth across various sectors. The EIB board also approved €805 million in clean energy financing.
“Access to finance is crucial for business growth, job creation and better services,” said EIB President Nadia Calviño. She highlighted the investment projects as critical drivers for innovation, renewable energy adoption, and infrastructure improvement. This ultimately enhances the competitiveness of European economies.
The EIB Group, including the European Investment Fund (EIF), signed €88 billion in new financing for over 900 projects in 2023. These commitments should mobilize around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.
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All the projects the EIB Group has financed align with the objectives of the Paris Climate Accord. Hence, the group does not fund investments in fossil fuels.
The EIB remains dedicated to delivering on its pledge to support €1 trillion in climate and environmental sustainability investment by 2030. Hence, this falls in line with its Climate Bank Roadmap. Moreover, over half of the EIB Group’s annual financing goes towards initiatives directly contributing to climate change mitigation.
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