The European Investment Bank (EIB) has approved a total of €5.8 billion ($7.15 billion) of new financing for 29 projects in the European Union, Africa and Latin America.
Following the approval, the EIB expects to finalize financing for new investment in energy, telecommunications, transport, urban development projects and business lending programs. This includes €1.4 billion ($1.7 billion) for the metro extension in Stockholm and the acquisition of trains in the Italian Lombardy region.
“Projects approved today strengthen the EU Bank’s action in the fields of energy efficiency, social infrastructure and the support for SMEs. Initiatives backed by the EU Budget guarantee under the Investment Plan for Europe and approved today have taken us closer to the Plan’s original €315 billion ($388 billion) investment target. We are getting investment back on track in the European Union,” said Werner Hoyer, president of the European Investment Bank.
For more information on projects included in the investment plan, click here.
In additional news, EIB also recently 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. 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 recently 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.
