The board of the European Investment Bank (EIB) on Tuesday approved €4.1 billion of new financing for projects including an extension of the Warsaw Metro, upgraded electricity distribution in Italy and the Netherlands and lease financing for new rail locomotives in Germany, Austria and Italy.
The EIB said the funding includes investment to improve sustainable transport, healthcare, education and corporate research, as well as support for lending to small companies by local financial partners across Europe and around the world.
“At a time of economic and political uncertainty the time is right to consider how to strengthen the role of multilateral banks such as the EIB,” said EIB president Werner Hoyer.
“On many occasions in recent weeks the EIB has highlighted the strong impact and unique benefits of our engagement in Africa, Asia and Latin America, as well as across Europe.
“Today we have reaffirmed our commitment to climate action and global economic resilience by approving over half a billion in loans for projects across the world.
“And this, without neglecting our strong drive towards relaunching investment in Europe through the Investment Plan for Europe.”
Meeting at the EIB headquarters in Luxembourg, representatives of the bank’s 28 EU Member State shareholders and of the European Commission approved new financing for 29 different projects, including eight outside Europe.
Six projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totalling €590 million.
This includes support for hospital and healthcare research in Romania, France and Italy; university research in Latvia; investment to improve energy efficiency in housing and support small businesses across Spain; and corporate research and development in Italy.
More than €1 billion of new lending will support the extension and upgrading of the Warsaw Metro.
The board also approved investment to improve municipal services in Tallinn, renovate a teaching hospital in Kuopio in Finland, roll out 4G telecommunications in Poland, upgrade electricity distribution in Italy and the Netherlands, and lease financing for new rail locomotives in Germany, Austria and Italy.
The EIB also gave the green light to support for new investment that will renovate buildings and cut energy use in Spanish homes, develop social housing in Berlin, public buildings in the Armenian capital Yerevan, and innovative zero energy buildings in Sweden.
The board also approved support for corporate research by leading companies in Spain, Italy and France.
It also agreed lending to back new investment by small businesses in Germany, France, Spain and the Netherlands.
For projects outside of Europe, the EIB approved €662 million.
This includes support for industrial investment and urban development in Morocco, sustainable transport in Nicaragua, private enterprise in Lebanon and New Caledonia, and climate related investment in Mexico, Lebanon and across Africa.