The European Investment Bank EIB has approved new financing worth a total €8.1bn for sustainable development, innovation and infrastructure projects.
The funding will be distributed to projects around the world promoting action on climate change, supporting local communities and shoring up the essential fields of healthcare, education and infrastructure. €3.8bn has been approved for investment in businesses, with the goal of driving private sector engagement in climate action and sustainable development; and the EIB has announced it will partner with the EU Malaria Fund and the Bill and Melinda Gates Foundation to fund research and development in the treatment and control of malaria.
Other sustainable development projects set to receive funding through EIB disbursements include:
- Renovating and redeveloping urban infrastructure to shore up energy efficiency in cities in Austria, Kosovo, the Netherlands and Slovakia;
- Building new water treatment and sanitation facilities in Niger, which is prone to drought and water shortages;
- Construction of wind farms and hydropower plants in Brazil, Italy, Nepal and the North Sea;
- Rail infrastructure upgrades in Czechia and Estonia;
- Targeted investment in agrifood development in Spain and the circular bioeconomy throughout Europe;
- Sustainable infrastructure development in Cambodia, Laos and Nigeria; and
- Construction of new schools and hospitals in Austria, Finland and Sweden.
European Investment Bank President Werner Hoyer said: “The climate emergency demands that we act now – and the EIB is responding. As I confirmed at COP25 in Madrid earlier this week the EU Bank is committed to doubling support for climate action around the world and mobilising €1tn for climate investment over the next decade. Projects approved today demonstrate the EIB’s commitment to accelerate the take up of clean energy, sustainable transport, energy efficiency, water and agricultural investment that reduces emissions and protects vulnerable communities against extreme weather. Most of these projects are highly innovative. Innovation will help us tackle global warming and give us a win-win: as we deal with climate change we will be reducing the innovation investment gap between Europe and its global competitors. There is no trade off: we can and must do both things.”
