EIB unveils €12.5bn in new financing
The European Investment Bank has approved new financing totalling €12.5 billion to support companies impacted by COVID-19, alongside accelerating renewable energy, sustainable transport and urban investment across Europe and around the world.
The funding includes €4.1 billion to strengthen public health and private sector resilience to the COVID-19 pandemic. New EIB financing will support medical and pharmaceutical innovation, including testing and treatment, hospital and public health investment and local business lending programmes to help companies in sectors most impacted by the pandemic.
The EIB also approved more than €5.6 billon for direct business financing and local lending programs. New support for companies most impacted by COVID-19 economic uncertainties includes programmes in the Czech Republic, Germany, Italy, Spain and the Western Balkans, business financing schemes in rural Poland and rural Spain and strengthening access to finance for digital companies across Africa.
The lender also agreed to provide €2.6 billion to support large-scale renewable energy generation projects. This includes financing for new wind farms in Austria, France, Germany, Ireland, Italy and Uzbekistan, improving transmission connections in the Czech Republic and Greece and accelerating the roll-out of smart meters to improve energy management in Belgium.
International, national and local transport will be improved by €2.1 billion new support for upgrading trains and transport infrastructure.
This includes financing new trams in Wrocław, new regional trains in Munich and Regensburg and new passenger and cargo trains in the Czech Republic. The EIB also approved schemes to upgrade high-speed rail links between Madrid and Seville and the rail line between Belabo and Ngaoundere in Cameroon. Aviation security and safety in Ukraine will be enhanced by EIB financing for Boryspil Airport and regional trade in East Africa will be facilitated by EIB support to upgrade the highway between Nairobi and Nakuru.
