The European Union’s non-profit long-term lending institution European Investment Bank (EIB) has approved €10 billion in loans to support energy and infrastructure projects in Europe and the UK as well as Armenia, Kazakhstan and across Africa.
The funds will be allocated to 45 projects including road, rail, ports, inland waterways and airports. In addition to this, the European Investment Bank will support five schemes expected to get support from the EU budget guarantee under the European Fund for Strategic Investments (EFSI).
EFSI is a joint initiative of the Commission and the EIB.
Set up within the EIB, EFSI will manage a guarantee from the EU budget of EUR16 billion and an EIB contribution of EUR5 billion to leverage private and public investment of EUR315 billion over the next 3 years.
One of EFSI’s schemes will include the roll out of smart meters to manage energy use in the UK, lending to improve access to finance for small renewable energy projects in Germany and France, and upgrading inland waterways in the Netherlands.
Investing in clean energy
The EIB has said that it would also support investment in environmental, renewable energy and climate related projects in Austria, France, Germany and the United Kingdom, as well as Armenia, Kazakhstan and across Africa.
Outside Europe, the EIB will invest in renewable energy infrastructure in Nepal, emergency reconstruction of public infrastructure in Georgia, in Eastern Europe following recent floods and restoration of the 41km access road to East Africa’s principal sea port in Mombasa.