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EIB: € 6.6 B for developmental projects across Europe & Africa

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Friday, 12 October 2018

EIB: € 6.6 B for developmental projects across Europe & Africa

At their monthly meeting in Luxembourg earlier today the Board of the European Investment Bank (EIB) approved backing for EUR 6.67 billion of sustainable transport, urban development, water, clean energy and private sector investment across Europe and Africa. Companies across Europe and around the world will benefit from EUR 2 billion of new direct financing and support for investment through local partners. This includes support for automation, robot and digitalisation technology, as well as development of electric and alternative fuel tractors, combines and crop spraying equipment by the world leading agricultural equipment maker AGCO. The Board also approved financing for agricultural infrastructure in Ukraine, including grain elevators and storage. New credit lines with local financial partners are going to unlock investment by companies in Spain, Italy, Ireland and South Africa. The Board further decided support for tourism companies in Austria, climate related investment in Slovakia, and innovation activity by German companies. Outside Europe, the board agreed on new EIB support for microfinance across Africa and investment by female entrepreneurs in Ethiopia. Harnessing renewable energy and improving energy infrastructure The EIB Board approved financing worth EUR 1 billion for new energy investment. This includes backing a 42MW solar project in Poland, two 500MW solar schemes in Morocco and a 420 MW hydropower scheme in Cameroon, as well as a cross-border interconnector between Mali and Guinea and renovation of electricity distribution across Greece. The projects will significantly increase access to clean energy and reduce dependency on fossil fuel generation. Tackling water challenges around the world The EIB is the world's largest financier of water investment. Today, the Board agreed to back new projects to upgrade wastewater treatment in Egypt's second city Alexandria and Turku in Finland, as well as upgrading water infrastructure in Italy. Additionally, it approved financing to reconstruct infrastructure damaged by flooding in the Dominican Republic and strengthen the resilience of existing facilities.

Source: devdiscourse.com