The European Investment Bank (EIB) has approved €5.3 billion ($6.4 billion) in new financing to strengthen investment by companies and public services that have been impacted by COVID-19.
The funds will also be used to accelerate social housing, environmental protection and climate action across Europe and around the world.
EIB said €1.5 billion ($1.8 billion) will ensure access to finance by companies and entrepreneurs most impacted by COVID-19 and back public sector investment that would otherwise be delayed by the pandemic.
A further €1.8 billion ($2.2 billion) will be used to address climate action, housing, transport and waste challenges in cities.
In addition, €1.9 billion ($2.3 billion) will be used to support corporate research and development and scale-up lending programs with local financing partners.
EIB has also backed water and sustainable energy projects in Ecuador and El Salvador as part of an effort to bolster Latin American
