BRUSSELS: The Board of Directors of the European Investment Bank (EIB) today approved pound 4.3 billion of new financing to upgrade regional transport and energy distribution, accelerate business investment in innovation and climate action, expand energy storage, and improve water and waste treatment,according to Europa, the official web portal of the European Union (EU). The Board approved pound 3 billion of financing to back business investment that will strengthen corporate research innovation, tackle financing gaps holding back the growth of midcap companies, support the expansion of activities in cohesion regions, and boost private sector’s climate action. The EIB Board approved pound 805 million in clean energy financing.

‘Access to finance is crucial for business growth, job creation and better services,’ said EIB President Nadia Calviño. ‘The investment projects approved today will help European companies innovate, expand renewable energy use, and improve public transport and local recycling, thus bo
osting the competitiveness of our economies.’

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of pound 88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around pound 320 billion in investment, supporting 400,000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil-fuels. We are on track to deliver on our commitment to support pound 1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Source: Emirates News Agency