EU bank greenlights support for energy, climate projects

The Board of the European Investment Bank (EIB) has approved a total of €4.1 billion (£3.5bn) of new financing. It includes investment to improve sustainable transport and energy efficiency and […]

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By Priyanka Shrestha

The Board of the European Investment Bank (EIB) has approved a total of €4.1 billion (£3.5bn) of new financing.

It includes investment to improve sustainable transport and energy efficiency and support for lending to small companies by local financial partners across Europe and around the world.

Part of the cash will be used to renovate buildings and cut energy use in Spanish homes, develop social housing in Berlin as well as innovative zero energy buildings in Sweden.

For projects outside Europe, the EIB approved €662 million (£568m).

That includes support for industrial investment and urban development in Morocco, sustainable transport in Nicaragua and climate-related investment in Mexico, Lebanon and across Africa.

EIB President Werner Hoyer said: “At a time of economic and political uncertainty, the time is right to consider how to strengthen the role of multilateral banks such as the EIB.

“Today we have reaffirmed our commitment to climate action and global economic resilience by approving over half a billion in loans for projects across the world.”

Negotiations for the approved loans are expected to be finalised in the coming months.