Belgium (Brussels Morning Newspaper), The European Investment Bank (EIB) has approved €4.3 billion of new financing to upgrade regional transport and energy distribution in the EU.
Support will also be given to a project addressing what the EIB calls “uncertainties stemming from energy and inflation volatility and the war against Ukraine.”
The aim is also to accelerate business investment in innovation and climate action, expand energy storage, and improve water and waste treatment.
Commenting on Monday EIB President Nadia Calviño said, “Access to finance is crucial for business growth, job creation and better services.
“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.”
The Bank approved €3 billion of financing to back business investment that will, it says, 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 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.
The EIB Board also 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.
