03/14/2019 | Press release | Distributed by Public on 03/14/2019 12:27
The Board of Directors of the European Investment Bank (EIB) approved a total of EUR 2.4 billion of new financing to improve public services, upgrade infrastructure and strengthen private sector investment. The Board met in Luxembourg earlier today.
'The projects the EU Bank approved today will help people in very concrete ways: getting them quicker where they want to go, giving them access to cleaner water, helping them find affordable homes and get better hospital treatment. The EIB is Europe's climate bank, and projects like the ones we approved today help us tackle climate change and its consequences, a challenge that is becoming an ever more urgent priority for Europe and the world', said Werner Hoyer, President of the European Investment Bank.
Transforming urban, maritime and cross-border transport
The EIB agreed to provide EUR 905 million of new financing for five transport projects in Austria, France, Germany, Latvia and the Netherlands.
Once completed, this investment will reduce journey times for commuters in Paris, Amsterdam and northern Germany.
The EIB will also support construction to expand the 8 km cross border Karawanken tunnel between Austria and Slovenia.
Upgrading water infrastructure and improving flood protection
The EIB approved EUR 177 million of new long-term investment to improve water supply, wastewater treatment and flood protection in Kosovo, Belarus and the Netherlands.
In Kosovo, the EIB will support a project to ensure that all wastewater from the fourth largest city, Gjilan, is treated.
EIB finance will also be used to upgrade water and wastewater services in Belarus, and improve the treatment of drinking water that currently exceeds internationally accepted levels of iron content.
In the Netherlands, in cooperation with NWB Bank, the EIB will support new investment by regional water authorities to improve flood protection and water management. The initiative will help to adapt existing infrastructure to a changing climate as outlined in the national Delta Programme.
Backing business investment
The EIB board approved more than EUR 1 billion of new financing to directly support innovation and research and back private sector investment by companies in Spain and Cyprus in cooperation with local banks.
Improving housing, healthcare and communications
The EIB will provide financing to support the construction of 1,300 new social and affordable homes in Berlin and the construction of a state-of-the-art hospital serving 430,000 people in the Belgian city of Charleroi.
The EIB board also agreed to support the provision of a new submarine cable that will transform internet access and telecommunications in Cape Verde.
EUR 1.1 billion of new investment backed by the Investment Plan for Europe
Financing for three projects approved by the EIB board today will be guaranteed by the European Fund for Strategic Investments (EFSI).