Last week, the Board of Directors of the European Investment Bank (EIB) approved 10.9 billion euros of new financing to accelerate climate action and clean energy, business investment, health and sustainable transport investment – including major projects in Central and Eastern Europe (CEE).
“As leaders and negotiators from 200 countries meet at COP 27 in Egypt to agree policies and resources essential to mitigate and adapt to a changing climate, the EIB approved nearly 11 billion euros of transformational new investment to harness clean energy, improve sustainable transport and enable companies to cut energy use and innovate. Close cooperation between business, public sector and financial partners globally is crucial to unlock investment that cuts emissions, reduces the impact of global energy shocks and tackles climate change”, said Werner Hoyer, President of the European Investment Bank.
New clean growth investments in Czechia, Moldova and Estonia
The EIB Board announced 4 billion euros for investments aimed at increasing renewable energy generation, upgrading energy networks and enhancing energy efficiency. This includes new financing to reinforce energy networks in the Czech Republic, Moldova and Spain, upgrading district heating and increasing the use of biomass for energy generation.
In addition, EIB co-financing for regional development projects backed by the European Union across Greece and Estonia as well as sustainable climate mitigation and adaptation urban investment in Cyprus was approved.
Sustainable transport for the Western Balkans
In terms of sustainable transport, 3.4 billion was approved for financing new sustainable transport across the Western Balkans, Europe and Africa. This includes financing for the upgrade of 230km of rail between Belgrade and Nis along Serbia Corridor X.
Earlier this month, European Commission President announced a major support package of 1 billion euros in EU grants to aid the Western Balkans in tackling the consequences of the ongoing energy crisis.
Bulgaria, Romania secure business investment and corporate innovation finance
An overall sum of 2.2 billion euros was allocated for business investment and corporate innovation. This package will support new private sector financing initiatives with local financing partners to strengthen climate action business investment in Bulgaria and Italy and support female entrepreneurs in Romania.
The 2.2 billion package also includes: 500 million euros of approved financing for agriculture and bio-economy investment by cooperatives and companies across Europe, and direct financing to support large-scale corporate research and development investment by automotive, fuel cell, semiconductor and software companies.
Modernising water and wastewater infrastructure in Poland
Lastly, 1.2 billion euros was confirmed for health and urban development. This includes financing for the modernisation of water and wastewater infrastructure in Warsaw, construction of a new hospital in Spain and upgrading waste collection, treatment and disposal in five cities across Argentina.