The European Investment Bank (EIB) has announced an investment worth more than €10 billion (£8bn) for energy, clean transport and innovation projects.

It will provide funding worth €7.4 billion (£5.6bn) for 38 projects in Europe and around the world.

A total of 17 projects will receive a share of a €3 billion (£2.28bn).

They include wind turbines in Germany, research-intensive early stage life science companies in Ireland and the UK, energy transmission systems in Italy and three biomass power plants in Lithuania.

The cash will also be used to develop energy efficient technologies to reduce carbon emissions in the shipping industry and retrofit existing vessels.

EIB’s President Werner Hoyer said: “The EIB is delivering on the Investment Plan for Europe. We have already approved projects that account for over a third of the final goal of mobilising €315 billion (£239bn) in new investment. The diversity and scale of new EIB loans approved today and backed by the EU budget guarantee shows that the Plan is unlocking new investment that will transform services and accelerate investment and growth.

“This new financing backed by the EFSI [European Fund for Strategic Investments] guarantee will help accelerate pioneering drug treatment, improve security of energy supply and improve airport safety. These are truly innovative projects that benefit all Europeans.”