The European Investment Bank (EIB) Board of Directors has authorized €543 million in commercial and sustainable energy investment.
The €543 million in fresh funding will be used to assist business lending in Italy, corporate innovation, and the expansion of the Fira de Barcelona exposition center, as well as renewable energy investment.
Among these projects is a €53 million loan for a new large-scale solar-powered green hydrogen factory in Spain, which would provide a clean energy option for energy-intensive industrial activities.
Furthermore, the board of directors today authorized the new EIB Strategic European Security Initiative, which will continue to invest in European dual-use technology and civilian security infrastructure.
The EIB will collaborate closely with the European Commission and EU member states to speed funding for renewables, energy efficiency, and electrical networks in order to boost energy security and reduce Europe’s reliance on fossil fuels.
EIB President Werner Hoyer also announced that the first two disbursements of the bank’s Ukraine Solidarity Urgent Response, totaling €129 million, had already occurred, with more disbursements anticipated for the following days.
The regular March EIB Board meeting was held today in response to an extraordinary meeting held last Friday, which agreed €668 million in urgent financial assistance to Ukraine.
This initial assistance package assists Ukrainian authorities in meeting their most pressing financial requirements by expediting the distribution of two loans initially approved to benefit SMEs and Ukraine’s agriculture industry.