The European Investment Bank (EIB) approved a total of EUR 12.6 billion of new financing for 83 projects located across Europe, Asia, Latin America and Africa which will finalise new programmes to enhance access to finance by small business in partnership with local banks, and support new investment in energy, transport, communications and urban development.
Out of the total funding the board has approved EUR 4.5 billion of new financing to support business investment across Europe and beyond, EUR 3.4 billion for new investment in renewable energy, energy efficiency, Near Zero Energy Buildings, hydropower and district heating projects and EUR 1.8 billion was agreed to support sustainable transport projects.
President of the European Investment Bank, Werner Hoyer said, “The Juncker Plan is a success. The EIB Group has exceeded its commitments with financing worth considerably more than the EUR 315 billion targeted for the three years ending this month. We have shown that Europe can respond to economic challenges with energy and creativity. But there is no cause for complacency. Europe still lags behind global competitors and its own goals in terms of investment in innovation, education and other strategic sectors. The EIB continues to focus on increasing Europe’s competitiveness.”
By endorsing 48 projects for EUR 6.1 billion investment guaranteed by the Investment Plan for Europe, the EIB Board will enable the Juncker Plan’s European Fund for Strategic Investments (EFSI) to exceed its original EUR 315 billion investment target.