Business investment, renewable energy and upgrading hospitals, schools, internet services and urban infrastructure will be accelerated by new financing totalling EUR 3.7 billion approved today by the European Investment Bank (EIB).
The Board of Directors of the EIB, meeting via video conference today approved EUR 2.4 billion of new private sector financing that will improve access to finance by companies and entrepreneurs. This includes targeted credit lines managed by local banking partners that address challenges faced by businesses negatively affected by the COVID-19 pandemic.
EUR 1.5 billion of the new private sector financing approved today is backed by the Pan-European Guarantee Fund (EGF). The two new EGF transactions will support business investment across Italy.
More than EUR 7.9 billion of new EGF financing, expected to mobilise EUR 61.6 billion of new private sector investment has been approved and the first contracts signed in December 2020, immediately following confirmation of state aid clearance by the European Commission. The EGF was created by the EIB Group within weeks of the COVID-19 pandemic being declared, to help businesses recover from the pandemic, make new investments, and save jobs.
Additional EIB backing for business investment includes new lending programmes in France, Italy and Slovenia and direct financing for corporate research and development in Denmark.
The Board approved EIB financing for clean energy that will help to accelerate the energy transition and expand wind and solar clean power generation.
This includes support for the construction of 11 windfarms across Poland expected to generate 380MW, three solar power plans in Greece to provide 230 MW and 7 solar power schemes in Spain to supply 253 MW.
Two other schemes will scale up investment in onshore wind and solar power projects across Europe and provide streamlined financing for small scale energy efficiency schemes.
Communities across Europe and beyond will benefit from EIB backed investment to improve transport, upgrade health and education, and unlock investment in cities.
People and businesses in more than 1,000 remote rural villages across Georgia will benefit from a new fibre optic network providing broadband internet access backed by the EIB.
Healthcare and medical education in Banja Luka, the second largest city in Bosnia and Herzegovina, will be transformed by EIB support for the construction of a new medical complex, including a teaching centre and university clinic.
The EIB approved backing for investment to build seven school and day care centres in the city of Jyvaskyla in Finland and upgrading commuter trains in the Swedish capital Stockholm.
New investment to improve energy efficiency, urban transport, education, sports and cultural facilities across the Polish city of Wrocław will also benefit from new EIB financing agreed today. ■
A low pressure wave forming along a cold front will track across the New England coast this morning, bringing a period of rain, heavy at times for much of New England, especially for Maine today.