The European Investment Bank (EIB) has approved €12.4 billion (£11.1bn) of financing for 63 new transport and renewable energy schemes.
The funding aims to improve the efficiency of the rail, road, air and maritime sectors, pay for new renewable energy projects and boost the security of energy supply.
Around €4.3 billion (£3.8bn) of the new financing will be devoted to creating and advancing energy projects.
These are to include onshore wind, hydropower and smart meter projects in Italy, energy efficiency, solar, wind and district heating projects in France, the reinforcement and extension of natural gas networks in Ireland and Spain and financing of renewable energy and energy efficiency in India.
More than €1 billion (£900m) will be spent improving global water infrastructure in Portugal, Italy, Spain, Egypt and Morocco.
The board also gave the green light for €5 billion (£4.5bn) of financing for 14 transport projects, including €1.5 billion (£1.3bn) for a new line on the Paris Metro and €500 million (£446.6m) to build and provide trains for for a new line on the Bangalore metro in India.
Werner Hoyer, President of the European Investment Bank, said: “The impressive range of new projects approved by the EIB today will improve business opportunities, ensure better access to clean water, green energy, internet and mobile banking, health and education and upgrade transport for millions of people across Europe and around the world.”