€11 billion of European investment for clean energy and Cairo metro

In the first step following the end of the activities of the Sharm el-Sheikh Climate Summit, the Board of Directors of the European Investment Bank (EIB) approved new financing of 10.9 billion euros to accelerate climate action, clean energy, trade investment, investment in health and sustainable transport throughout Europe and around the world, including a project to restore Rehabilitation of the second line of the Cairo subway among the sustainable transport projects.

said EIB President Werner Hoyer “As leaders and negotiators from 200 countries convene at COP 27 in Egypt to agree on the policies and resources necessary to mitigate and adapt to a changing climate, the EIB has approved nearly €11 billion in new transformative investments to harness clean energy   and Close collaboration between businesses, the public sector, and financial partners globally is critical to unlocking investment that reduces emissions, reduces the impact of global energy shocks, and tackles climate change”.

• 4 billion euros for clean energy, energy reduction and climate action

The Board of Directors of the European Investment Bank, meeting in Luxembourg, supported investment to increase renewable energy generation, modernize energy networks and enhance energy efficiency.

•The new funding includes:

This new funding includes strengthening power grids in Spain, the Czech Republic and Moldova, raising the level of district heating and increasing the use of biomass for energy generation.

EIB co-financing has also been approved for EU-supported regional development projects across Greece and Estonia as well as sustainable climate change mitigation and adaptation urban investment in Cyprus.

The Council also supported three new targeted initiatives to streamline financing for private sector renewable energy, energy efficiency and energy access projects in Africa, including through project debt financing for innovative companies helping to accelerate sustainable energy use on the continent.

• 3.4 billion euros for sustainable transportation

The Board of Directors of the European Investment Bank has also agreed to finance new sustainable transport across Europe, the Western Balkans and Africa.

The Bank responded to proposals to finance a new 107-kilometre inland waterway to connect the Seine and Scheldt rivers, a new electric bus line and day shuttles in Bordeaux, sustainable urban transport in Florence, improving flexibility at Spanish airports, and rehabilitating the second Cairo metro line. How many railways between Belgrade and Nice along the Serbian X corridor.

• 2.2 billion euros for commercial investment and institutional innovation

The EIB has also agreed to support new private sector financing initiatives with local financing partners to boost investment in climate business in Italy and Bulgaria and support women entrepreneurs in Romania.

In addition, the Board of Directors of the European Investment Bank has approved €500 million in financing for agriculture and the bioeconomy by cooperatives and companies across Europe.

Direct funding was confirmed to support large-scale institutional research and development by automotive, fuel cell, semiconductor and software companies.

• 1.2 billion euros for health and urban development

New funding from the European Investment Bank has also been agreed to support the modernization of water and sanitation infrastructure in Warsaw, the construction of a new hospital in Spain and the upgrading of waste collection, treatment and disposal in five cities across Argentina.