EIB approves 705 million Euros financing sustainable transport, including trams in Alexandria

CAIRO - 27 October 2022: The Board of Directors of the European Investment Bank (EIB) has approved new financing of €11.2 billion, to accelerate business investment, clean energy, climate action, health, education and sustainable transport across Europe and around the world.

As part of the financing, a total of 705 million euros are directed to sustainable transport, including the financing of trams in Alexandria and Hungary. 

Strengthening cooperation between climate and clean energy partners is more important and urgent than ever, European Investment Bank President Werner Hoyer said in a statement, Thursday, adding, “In two weeks, world leaders and climate partners will gather in Egypt for the Climate Conference (COP 27), at a time when households and businesses are threatened by rising energy costs and millions of people are vulnerable to the effects of a changing and extreme climate. 

5.5 billion euros for clean energy, reducing energy use and climate action:

The European Investment Bank's €5.5 billion board of directors has supported new wind energy projects in the Baltic states and Peru, solar energy in Brazil, solar and wind energy in South Africa, and investment in renewable energy financing in Germany.

The European Investment Bank also decided to support the link between France and Ireland, via a 185-kilometre transmission link in southern Germany, and to modernize transport networks in Poland, Spain and Argentina. The Council also approved new initiatives to help reduce energy use by companies in Austria, Hungary and Spain and to build energy-efficient housing In Chile, along with investment to enhance drinking water security in Djibouti, targeted funding to enhance agricultural resilience in vulnerable countries and improve irrigation.

4 billion euros for commercial investment:

The European Investment Bank's Board of Directors also approved a new streamlined €4 billion financing for the private sector to support business investment and support dedicated credit lines managed by local financial partners.

This includes direct support for corporate research to better enhance innovation in the chemical industry, transportation electricity, and enhance cloud computing services.

1 billion euros for health, education and urban development:

A new financing from the European Investment Bank amounting to one billion euros was also agreed upon; to support the modernization of a regional hospital in the Netherlands, to accelerate educational investment across Serbia, and to support a number of urban development projects in Łódź.