EIB backs Eur4.9 billion for clean energy, sustainable transport

The European Investment Bank has approved investment of Eur4.9 billion ($5.4 billion) for clean energy, sustainable transport and other areas, the lender said Wednesday.

The sum included Eur1.7 billion of new support for corporate innovation, industrial energy efficiency and business investment through direct financing and credit lines with local financial partners.

"New targeted credit lines will support climate action by companies in Bulgaria, Italy, Romania and Spain, improve access to finance by energy, tourism and education companies in Serbia, help agriculture firms in Romania to expand and encourage circular economy investment in Spain," the EIB said in a statement.

Financing of Eur1 billion will go to clean energy investment across Europe and Central Asia. This includes support for 18 new solar photovoltaic projects in central Spain, renewable energy projects in Austria and Italy, and new transmission infrastructure in the Netherlands to distribute electricity generated by wind farms in the North Sea, it said.

The EIB will also support a new investment program intended to cut energy use by district heating systems in Uzbekistan.

New investment to the tune of Eur983 million will also 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, the lender said.

The EIB is the long-term lending institution of the EU and is owned by its member states. The bank makes long-term finance available for investments that contribute towards EU policy goals.

Wednesday's meeting of the EIB board in Luxembourg was the first without the UK, following the country's January 31 exit from the EU.