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Wed July 15 2020

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EIB doles out €4.9bn of post-Brexit funding

6 Feb The first board meeting of the European Investment (EIB) without the UK has agreed €4.9bn (£4.1bn) of finance for projects in sectors including energy, sustainable transport and housing.

© Bartlomiej Banaszak/Deutsche Bahn AG
© Bartlomiej Banaszak/Deutsche Bahn AG

The EIB approved new investment to improve clean energy, sustainable transport, high-speed communications and social housing, as well as health and education infrastructure across Europe and around the world.

Ahead of the first board meeting of the year, the EIB hosted a day of discussions covering climate action, development impact, transparency and anti-corruption with representatives of 116 civil society, stakeholder and NGO groups.

The financing agreed by the board includes €1bn for clean energy investment across Europe and Central Asia. There will be support for 18 new photovoltaic projects in central Spain, renewable energy projects in Austria and Italy, as well as new transmission infrastructure in the Netherlands to distribute electricity generated by windfarms in the North Sea. The EIB will also support a new investment programme intended to cut energy use by district heating systems in Uzbekistan.

A further €983m of new investment will go to sustainable transport projects. This includes upgrading urban and regional rail links in Denmark, Germany, Italy and Poland, and expanding maritime and rail freight transport capacity on routes across Europe.

Two new projects will expand the availability of social and affordable housing in Paris and Berlin. The two projects will encourage a greater social mix and support construction of new housing for low and middle-income households.

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