The European Investment Bank Group has approved €10 billion in new financing, including almost €2 billion for projects linked to clean energy investment across the European Union.
The funding endorsed by the EIB Board includes loans to support offshore wind power production in Germany, solar energy in Italy and faster uptake of renewable energy by businesses in Austria, the EIB announced on Friday.
It also backs improvements to energy savings in heating systems in Latvia and grid upgrades in the Netherlands to increase capacity for renewables and expand charging options for electric vehicles.
The approvals come as the EU faces what the EIB described as a supply crunch during the fifth year of Russia’s war against Ukraine and amid tensions in the Middle East.
“There is one clear lesson from Russia's invasion of Ukraine and the conflict in the Middle East: Europe needs to break free from its fossil fuel dependence,” EIB Group President Nadia Calviño said.
She stressed the investments approved “confirm the commitment of the EIB Group to deliver on the energy transition and strengthen Europe’s strategic autonomy”.
Wider spending plans inside and outside the EU
The EIB Group said the remaining €8 billion of financing approved by its boards covers projects including urban development, business competitiveness and rail and road transport.
Projects backed include city regeneration in Belgium, new and upgraded roads in Romania, and business investments in Bulgaria, Italy and Spain.
Separately, the European Investment Fund — part of the EIB Group — approved new guarantee and securitisation agreements to unlock more financing for European businesses, along with equity investments including in funds focused on security and defence, energy and gender equality.
Outside the EU, the EIB approved financing for agricultural businesses in Benin and for expanded broadband internet access across Sub‑Saharan Africa.
