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The European Investment Bank (EIB) has exceeded its 2019 investment target, with financing of 72.22 billion across 1,095 deals.

This marks a 13% increase from 2018 levels.

The group’s financing in 2019 supports projects with a total value of around €280 billion in Europe and worldwide, an increase of €50 billion compared to 2018

The bank’s climate financing in 2019 increased by 31% as part of efforts by the group to accelerate the European Green Deal and the fight against climate change.

Outside Europe, the EIB’s financing reached €70 billion over the past decade, of which €22 billion was invested in Africa.

The EIB’s 2019 financing will provide energy to 7.4 million households and drinking water to 10 million households

The group’s 2019 funds support 4.4 million jobs in small and medium-sized enterprises and improve mobile communication services for 117 million people and health services for 12 million.

Werner Hoyer, EIB president, said: “The EU bank has performed well in the markets, proving that there is strong demand for its products. It has also won support from the Member States in addressing and resolving the Brexit challenge.

 “We are able to reach out and work with a larger number of smaller projects contributing to prosperity in Europe and beyond. This more targeted approach allows us to maximise our impact in terms of total investment supported. This is sharper, smarter investment,” said Hoyer.

From 2025, the EIB will dedicate 50% of its financing to climate action and environmental sustainability. The bank will unlock more than one trillion euros in green finance by 2030 and will align all its activities with the Paris Agreement by the end 2020. The EIB will also stop financing conventional fossil-fuel projects as from the end of 2021.