EU bank approves €4.9bn for green projects in first meeting without the UK

It is supporting projects in areas including clean energy, sustainable transport and industrial energy efficiency

The European Investment Bank (EIB) has approved €4.9 billion (£4bn) of funding for climate-friendly infrastructure projects in its first board meeting without the UK.

It is providing financial support for projects in areas including clean energy, sustainable transport and industrial energy efficiency.

New targeted credit lines will support climate action by companies in Bulgaria, Italy, Romania and Spain, improve access to finance by energy, tourism and education companies, help agriculture firms in Romania to expand and encourage circular economy investment in Spain.

Around €1 billion (£0.8bn) of the financing will be invested in clean energy projects across Europe and Central Asia, which includes support for 18 new solar projects in central Spain, renewable energy projects in Austria and Italy as well as new transmission infrastructure in the Netherlands to distribute electricity generated by wind farms in the North Sea.

A total of €983 million (£826m) of new investment will go to sustainable transport projects, which include upgrading urban and regional rail links in Denmark, Germany, Italy and Poland.

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