The board of directors of the European Investment Bank (EIB) said it has backed €10.8 billion of new financing “to support renewable energy, restore degraded forests, build affordable homes, new hospitals and better schools, upgrade water, transport and communications networks, and enable businesses to innovate and create jobs.”

The financing deal includes €5 billion for clean energy, water and forestry; €2.6 billion for corporate innovation and business financing; €3.1 billion for health, housing and education; and €137 million for sustainable transport and better communications.

EIB President Nadia Calviño said: “Today´s board had a strong focus on reinforcing Europe´s strategic autonomy, energy efficiency and security.

“We approved new financing for energy projects, including solar, wind and energy storage and the construction of a pioneering clean energy island off the Belgian coast.

“Outside Europe we are supporting countries, including small island states, to better protect their environments and communities.”

The EIB said the August Board of Directors had a strong focus on projects related to the green transition, strategic autonomy, energy efficiency and security. All EU projects discussed were financed under the RepowerEU programme to drive the energy transition in the EU.

Financing of €5 billion was approved for new energy, water and forestry investment.

This includes backing construction of a pioneering island 45 kilometres off the Belgian coast to channel clean energy from the North Sea to the mainland, connecting several European countries.

Investments were approved to support new solar power schemes in Italy, Poland, Romania and Spain, climate action investments in France, upgrade of district heating networks in Lithuania, onshore and offshore wind projects in the Netherlands and better integration of renewables into the electricity distribution network in Poland and Spain.

Further, the board approved an important project to support sustainable forestry in Moldova.

In addition, new business financing totalling €2.6 billion will help smaller companies to grow and unlock corporate research and development.

This includes support for innovation projects in Austria, France, Germany, Italy, the Netherlands, Romania and Sweden, digitalisation schemes in Italy, targeted financing for healthcare companies in France and sustainable business investment in Belgium and Germany.

The board also welcomed two equity participations in investment funds to support the private sector in Vietnam and microfinancing in India — and a financing programme for SMEs in West Africa.

The AIB board backed €3.1 billion for constructing affordable homes, building new hospitals and healthcare facilities and upgrading schools.

This includes thousands of new energy-efficient homes in Austria, Germany, Italy and Spain, medical research investment in Spain, new hospital and medical facilities in Finland and a new secondary school in Germany.

Backing for a new initiative to expand medicine and vaccine manufacturing and improve medical diagnostic services across Africa was also agreed.

The board also approved €137 million new financing to upgrade railway rolling stock in France and submarine internet connections to West Africa.