GLOBAL – The European Investment Bank (EIB) has approved € 12.6 billion (about US$14.94 bn) of new financing for projects across Europe and around the world.

The new financing includes more than € 3.1 billion (US$3.68 bn) of COVID-19-related investment to improve public health, strengthen public services and back investment by companies in sectors hit by the pandemic.

In July, EIB approved € 16.6 billion (about US$18.94 billion) of new financing for COVID-19 health response and economic resilience initiatives around the world.

The Bank then explained that much of the funds, amounting to almost US$11.41 billion will be used to support COVID-19-related investment.

Since the start of the COVID-19 crisis, the EIB has approved € 20.1 billion to enable public and private partners around the world to better tackle health, social and economic challenges.

The EIB financing further includes € 3.5 billion (US$4.15 bn) for private sector investment and working capital schemes and € 3 billion (US$3.56 bn) for clean energy and energy efficiency investment around the world.

“The 12.6 billion Euros of new EIB financing approved today show how we are working with thousands of local partners to make a long-term difference to people’s lives during these challenging times”

Werner Hoyer – President of the European Investment Bank.

EIB said that the 3.5 billion loan for private sector investment is expected to benefit companies in Europe, Africa, the Middle East and the Pacific.

In Africa, the EIB loan is expected to bolster COVID-19 resiliency of a number of companies in East Africa and in Morocco.

EIB further noted that its investments in clean energy particularly in financing new off-grid solar schemes and energy transition will result in millions of people across Africa and Latin America having access to reliable clean energy for the first time.

The Fund also committed € 2 billion for Naples-Bari high speed train that will cut journey times by 1 hour and forty minutes between Naples and Bari.

EIB said that more than 2000 jobs will be created during construction of the high speed train and 200 once construction of the high speed line across a European cohesion region is complete.

The EIB Board, meeting by video conference, also backed investment in agriculture, water, housing, telecommunications and urban development across Europe, as well as in Africa, Asia and Latin America.

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