EIB injects $338m into European clean energy and water resilience
The European Investment Bank’s (EIB’s) board of directors has approved a €310 million ($338.4 million) investment into renewable energy and water.
This comes as part of a wider investment scheme into renewable energy, water, health, communications and rural and urban development.
The €310 million ($338.4 million) aims to expand renewable energy generation in the Baltics and improve water distribution and security for 2.5 million people in Wallonia, Belgium.
The large scale water investment in Wallonia will be used to modernise drinking water supply, enhance resilience to a changing climate, reduce energy use and increase the use of renewable energy for water supply and treatment.
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$863.5mn investment scheme
The financing is part of an overall €791 million ($863.5 million) investment decision across clean energy, health and water.
€316 million ($344.95 million) will go into urban and rural development to improve municipal services and facilities in Poland and support agricultural investment in Spain.
€150 million ($163.7 million) will go into public healthcare in Galicia, northern Spain, to enable better treatment, increase capacity and reduce the risk of infection.
€15 million ($16.8 million) will back high-speed communications, including a new submarine communications connection between Spain, France and Italy.
EIB President Werner Hoyer commented on the announcement in a statement, “Today the EIB Board [has] agreed €791 million of new financing to accelerate renewable energy, health and water investment and improve services and opportunities in cities and rural regions across Europe. This will help Europe to meet the social, economic and security challenges posed by the war in Ukraine.”
The announcement comes as the EIB confirms that €668 million ($729.9 million) of the its Ukraine Solidarity Urgent Response fund has been fully disbursed.
It also welcomed approval of the EU InvestEU guarantee to strengthen EIB financing for clean energy, education, improved internet connection, water and wastewater infrastructure.
