The European Investment Bank (EIB) said it has signed a €74 million loan with the government of the Spanish region of Castilla y León (Junta de Castilla y León) to co-finance rural and agricultural and forestry sector investment under the European Agricultural Fund for Rural Development (EAFRD) operational plan for 2023-2027.

This is the first tranche of total approved EIB financing of €245 million.

“The EIB loan and Junta de Castilla y León co-financing will provide support for projects to modernise farms across the region, as well as for climate change adaptation and natural resource management,” said the EIB.

“They will also make it easier to access financing for forest land planting and recovery projects and agroforestry land conversions. In addition, the loan will back climate change mitigation and adaptation investment in rural areas and the LEADER local development programme.

“The agreement highlights the commitment of the European Investment Bank Group (EIB Group) to climate action and environmental sustainability, economic, social and territorial cohesion, and support for agriculture and the bioeconomy, three of the eight priorities set out in the Group’s Strategic Roadmap for 2024-2027.

“All of the operations will take place within the Castilla y León region.

“This co-financing agreement under the European Agricultural Fund for Rural Development comes in addition to the agreement to support the dual green and digital transition, education and innovation in the region signed by the Junta de Castilla y León and the EIB in June 2024.

“The 2024 agreement was signed under the 2021-2027 operational plan of the European Regional Development Fund (ERDF) and other EU funds.”