The European Investment Bank (EIB) has approved a total of €6.5 billion ($7.9 billion) of new financing for 36 projects in 17 European Union countries and schemes in Africa, Asia and Latin America.
“New financing approved today demonstrates the EIB’s firm commitment to improving education, energy, transport, housing and water needs and ensuring that businesses can expand. This includes both new initiatives to transform the global green bond market and improve daily life in western, central and southern Africa,” said Werner Hoyer, president of the European Investment Bank.
One of the approved projects is the €1.5 billion ($1.8 billion) financing for the Trans-Adriatic Pipeline (TAP) that will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
EIB also approved support for a new $2 billion initiative to strengthen use of green bonds in emerging markets in cooperation with a number of international financial institutions.
Reflecting the EIB’s commitment to support both renewable energy and strengthen security of energy supply, in addition to the Trans-Adriatic Pipeline, financing was approved for a new 17-megawatt wind farm in Lower Austria, construction of a hydropower plant on the Nenskra river in Georgia and medium-sized renewable energy projects across Africa.
The board also approved financing for construction of the new Line 4 of the Athens Metro and trains for the new route; expansion and upgrading of Iceland’s main airport at Keflavik; and a 7-kilometer extension of the light-rail network in Morocco’s political and administrative capital Rabat, including construction of 13 new stations.
New investment totaling €970 million ($1.19 billion) to improve services, provision of social housing, sustainable infrastructure and reduce energy use in cities across Europe was also approved.
Additional information regarding the projects can be found here.
