The European Investment Bank finances 4,9 billion euro of projects at first meeting without the UK

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Shadrach   in Finance & Money

Last updated: 07 February 2020, 07:16 GMT


The bank awarded 4.9bn of funding for projects in areas such as clean energy, transport, social housing, health and education infrastructure at the first European Investment Bank (EIB) meeting since UK left the EU.

Funding is to be divided among:

  • 1,7bn for private sector investment, including reduction of industrial energy consumption, production of medical devices and acceleration of postal service digitalisation. To order to support climate action, the money will be allocated to businesses to Bulgaria, Italy, Romania and Spain.
  • EUR 1 billion will go to clean energy projects in Europe and Central Asia, including 18 nphotovoltaic projects in central Spain, renewable energy projects in Austria and Italy and a Netherlands project to distribute wind farms in the North Sea.

Promoted Recommendations

  • € 983 million will be spent on rail links, including the upgrade of metropolitan and national lines in Denmark, Germany, Italy and Poland and the extension of marine and rail freight capability on European routes.
  • In Paris and Berlin an undisclosed amount of money is to be spent on social and affordable housing.
  • Funding will also be provided to educational projects, including the Universities of Santiago de Compostela and Vigo in northern Spain, primary and sports training facilities in Hungary and a regional medical center in Estonia.

 

The EIB has earlier provided 600 million for the Pune metro in India, 180 million for the construction of an airport in Crete and 240 million for 2,000 homes in Berlin.