EIB launches 15 billion euros refugee investment initiativeStaff Writer | October 13, 2016
The board of the European Investment Bank (EIB) backed the immediate start of a new initiative intended to support EUR 15 billion of new investment in the Western Balkans and southern Mediterranean.
Investment In direct response to a request from European leaders
Under the new Resilience Initiative the EIB will increase lending by EUR 6 billion to catalyse up to EUR 15 billion in additional investment for the two regions over the next four and a half years. This is in addition to the EUR 7.5 billion lending already envisaged in the two regions.
The board also approved new financing for 40 projects totalling more than EUR 6.6 billion. This includes support for small scale renewable energy projects, strategic investment in national transport infrastructure, and financing of cutting edge innovation by companies across Europe.
The Board approved EIB support totalling EUR 2.9 billion for 20 schemes guaranteed by the European Fund for Strategic Investments, the largest number of EFSI backed projects ever approved by the EIB board in a single session.
Key projects backed include the largest ever EIB financing for national railway investment in Italy, through a new one billion Euro loan, and a new programme to support companies investing in training and job creation in south-eastern Europe.
Demonstrating the European Investment Bank’s concerted efforts to support all forms of climate related investment the board agreed to support new initiatives that will back small scale renewable energy and energy efficiency schemes in France, Germany, Italy, Kenya and Morocco.
Proposed financing of near-zero energy building and energy efficient modernisation of housing in Germany was also approved alongside a scheme to support smaller climate related and forestry projects across Africa and Asia.
The board approved new lending for innovation investment totalling EUR 1.8 billion that will support research and development by leading chemicals, ceramics, automotive and aerospace firms in Belgium, Germany, Poland Italy and France.
The board also approved EUR 1.8 billion of new lending for private sector investment by small business and larger companies.
This included new lending programmes with local banks and financial institutions in Austria, Bulgaria, Croatia, Hungary, Romania, France, Italy and Cyprus.
Outside Europe credit lines were also agreed with financial partners active in Morocco, Kenya, Tanzania, Rwanda and the Democratic Republic of Congo, as well as Paraguay.
Travellers in the Baltic region will benefit from three new investment approved by the board to upgrade Tallinn airport and finance new trams in Riga. Support for new investment in transport, education, healthcare and social housing in the Polish city of Plock and to improve training of medical doctors in Dublin was also backed.
New support for energy distribution in the UK, water and wastewater investment in Milan and waste management in Morocco were also approved. ■