The European Investment Bank has approved EUR €8.2 billion of new loans to support thirty-seven new projects which include schemes to reduce river flooding, coastal erosion and landslides in southern Italy and improving flood protection in the Netherlands.
The projects are aimed at improving social infrastructure, strengthening the competitiveness of EU companies and better protecting vulnerable regions from a changing climate.
“Weeks after announcing record results for the EIB Group with lending totalling over EUR €84 billion I am pleased to say that we have approved new schemes that will improve lives across Europe and beyond. Following today’s meeting the EIB will back long-term investment to strengthen support for social housing, unlock crucial innovation and better protect vulnerable communities.” said EIB President Werner Hoyer.
The meeting of the EIB's Board of Directors followed the first meeting of the European Fund for Strategic Investments (EFSI) Investment Committee, held on 27th January.
President Hoyer. contnued:
“For several months the EU Bank has worked with the Commission to deploy support from the EU budget guarantee under the Investment Plan for Europe even before EFSI structures were fully in place. Now the EFSI Investment Committee is fully functional. It brings together financial and technical experience from across the continent and will play an essential role ensuring that the EU guarantee complements other EC and EIB Group instruments and supports projects capable of generating momentum behind investment and innovation in Europe.”
The Board also approved investment to strengthen development of mobile banking by Spanish banks, and a project to expand the use of smart grids to better distribute electricity from renewable energy schemes and improve innovation by a pan-European domestic appliance.
New schemes to help adapt to a changing climate include projects to reduce river flooding, coastal erosion and landslides in southern Italy and improving flood protection in the Netherlands.
In 2015, EIB Group financing – the Bank and the European Investment Fund combined – totalled €84.5 billion euros, up €4 billion from 2014. The EIB alone - Europe’s long-term lending institution - lent €77.5 billion euros, supporting 462 projects in 68 countries around the world and catalysing almost EUR €230 billion of investment.
Waterbriefing is media partner with the Environment Agency’s major three-day conference and exhibition Flood and Coast 2016 which takes place from 23rd to 25th February 2016 in Telford.
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