5.6 billion investments from EIB for projects across the EU
The European Investments Bank (EIB) has announced a new financing mechanism of 5.6 billion euros to sustain clean transport (2 billion euros), business growth (1.4 bn), renewable energy production, water, housing investments (278 million) in European member states and support to Ukrainian refugees (2 bn).
This last measure – part of the Solidarity Package for Ukraine prepared with the European Commission – will enhance the healthcare, education and housing for part of the 3,5 million people who fled the war after the Russian invasion and are now displaced across Poland. The new initiative will finance investment by national, regional and municipal authorities in Poland, in cooperation with the National Promotional Bank.
“We approved the first tranche of European Union's Bank financing to help ensure that refugees from Russia’s brutal invasion of Ukraine are welcomed with dignity,” said the President of the EIB, Werner Hoyer.
The first part of the disbursement is directed to expanding the metro line services in Madrid and Prague. The first one will get an extension of 7 kilometres and 5 upgraded stations, while the latter will obtain driverless trains and 5 new stops. The Rail network will be improved in Africa, as well as the flood protection and signal development.
Austria, the Czech Republic, Germany, Hungary, Italy, Slovakia, Spain and Portugal will be beneficiaries of business financing programmes and corporate innovation; this package will also address specialist medical, digitisation of healthcare, and improving the production of semiconductors.
Finally, The EIB agreed to participate in a 455 million euros fund to unlock equity investment in large and small-scale renewable energy projects across Africa, Central Asia, the Middle East and Caucasus and back investment to improve access to water in the Middle East region.
Investments are not only intended exclusively for European member states. "Africa, Asia and the Middle East are among the regions most exposed to the impact of a changing and more extreme climate. And the signs that this is happening with alarming speed are multiplying. We have no choice but to act. Now”, concluded Werner Hoye.