EIB Approves Euro 1670 Million Fund For Strengthening Sustainable Transport and Clean Energy Investments

The investments in renewable energy initiatives are a part of the bank’s programme that saw EUR 4.8 billion of new financing.

The European Investment Bank (EIB) has approved a total of EUR 1670 Million for strengthening sustainable transport and supporting the development of renewable energy in Europe, Africa, and Asia.

The EIB-backed financing will support the increased use of solar power by households and small enterprises in Africa and Asia, in addition to large-scale renewable energy and energy efficiency projects across Africa.

The EIB also approved financing the construction of 500 rooftop solar systems on schools managed by the Palestinian Authority.

The investments in renewable energy initiatives are a part of the bank’s programme that saw EUR 4.8 billion of new financing approved for the private sector, sustainable transport, housing, urban and water infrastructure and higher education.

As a part of its plans to strengthening the sustainable transport infrastructure, the Board approved more than EUR 1 billion of financing for rail, urban and electric transport.

This includes financing for the deployment of 15,000 new electric and hybrid vehicles by a leading leasing company operating in France, Germany, Italy, Spain, Belgium and the Netherlands.

The EIB will support the upgrade of a 195km key intercity rail route between Poznan and Szczecin in Poland and a key section of the rail link between Denmark and Germany, as well as replacement of trams and trolley buses in the Czech city of Pilsen.

In November 2018, EIB increased its support for India’s wind energy projects by expanding the existing lending programmes with State Bank of India (SBI).

With this collaboration, the promoters of wind projects in the country will benefit from long-term low-cost financing under the dedicated EUR 600 million renewable energy financing programme that is already supporting large-scale solar investment across the country.