EIB boosts funding for COVAX, clean energy, water, health and school projects

By €200m will be increased the support for the global mechanism for equitable access to Covid-19 jabs

Photo: EU Werner Hoyer.

The European Investment Bank (EIB) approved €1.5bn new financing to strengthen support for global distribution of Covid-19 vaccines through the Covax initiative, improve green energy generation and distribution, bring investment to cities, health, education, and water, and enhance access to finance by business.

Last week in Porto leaders from across Europe and India welcomed EIB engagement to tackle the health and economic impact of COVID-19, scale up social investment and deliver a green transition, said Werner Hoyer, EIB President.

According to him, the newly approved projects demonstrate how, together with European and global partners, the EU Bank continues to build on its swift and strong response to Covid-19, backing high-impact projects that build a better and greener future.

By €200m will be increased Team Europe’s support for COVAX and scale up access to Covid-19 vaccines. This follows €400m of EIB financing for COVAX agreed last December, which represented the EIB’s largest ever support for global public health. COVAX has already provided vaccines to vulnerable groups and front-line workers in more than 100 countries.

For accelerating green energy investment, the EU Bank approved investment of €533m. It includes new support for high-impact investment to enable 1.5 million people across Africa to access clean energy and provide 55,000 solar home systems in cooperation with the German government.

The bank also supported new energy investment in Italy and central Europe that will better integrate renewable energy into national transmission networks and accelerate the roll-out of smart meters.

With the idea that access to financing is crucial to ensure that private sector companies and entrepreneurs can expand, the EIB agreed to prop up with €250m a new streamlined business financing initiative to back investment in Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland and Sweden.

Part of the new investment of €302m will be streamed for construction and renovation of 22 schools, day-care centres and sports facilities in the city of Espoo and support for rehabilitation and expansion of the Lapland Central Hospital will benefit education and healthcare in Finland.

With the other part of this money will be supported small scale clean transport, education, culture, social care and environmental schemes in the region of Presov in Slovakia.

The EIB has approved as well €250m of new financing to support investment by local integrated water utilities in the northern Italian region of Lombardy.


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