The European Investment Bank (EIB) has approved €4.1 billion ($5 billion) of new financing to accelerate renewable energy investment, back private-sector investment, improve sustainable transport, and upgrade schools and social housing.
Of the capital infusion, €1.4 billion ($1.7 billion) will go toward renewable energy initiatives, including large-scale solar power generation across Spain, small-scale renewable-energy projects in Germany, investments in clean energy and energy efficiency by companies in Austria, and geothermal power investments in East Africa.
Another €1.2 billion ($1.4 billion) will be used to strengthen pandemic recovery. Local banking partners will provide business financing to help companies in Italy, Spain and Portugal hit the hardest by the COVID-19 pandemic invest, expand and adapt their activities. The bank also will provide direct financing to scale up pharmaceutical research and development, as well as financing to strengthen support f
