EIB approves €12 bn for transport, energy, infrastructure

The EIB will play a large role in capitalising and administering the Juncker Plan. [Forgemind ArchiMedia/Flickr]

The European Investment Bank (EIB) has approved new financing worth €12.4 billion for projects in transport, including a new metro line in Paris, infrastructure and energy, the bank said on Tuesday (18 July).

“This includes support for rail, road, air and maritime transport investment around the world and backing for new renewable energy and security of energy supply schemes. New PPP (public-private partnership) financing for tram, motorway and internet investment was also agreed,” an EIB statement said.

Almost a half of the approved financing, or €5 billion, will go into 14 transport projects, and another €4.3 billion into energy projects, the Luxembourg-based EIB added.

“This includes €1.5 billion for the new Line 15 of the Paris Metro and €500 million for construction and new rolling stock for a new line on the Bangalore metro in India, as well as backing for new investment in urban rail projects in Liege, Hannover, Bremen and Tunis and improvement of port facilities in Hamburg.”

The EIB’s board also gave a green light for financing new road and motorway schemes in Germany, the Netherlands, Latvia, and Bosnia, and for a new electronic toll system in Slovenia. It also agreed to €546 million for the renewal of aircraft fleets operating regional routes by KLM and Air Nostrum.

The energy projects include onshore wind, hydropower and smart meter projects in Italy, energy efficiency, solar, wind and district heating projects in France, reinforcement and extension of natural gas distribution in Ireland and Spain, and financing of renewable energy and energy efficiency in India.

The bank did not give a timeframe for the disbursement of the funds.

The EIB is the EU’s nonprofit bank, owned by and representing the interests of the member states. It tends to focus on development and climate change investment and is the world’s largest multilateral borrower and lender.

The bank is being investigated by the EU’s transparency watchdog for maladministration after three NGOs complained about the bank’s lack of transparency and its attempts to block scrutiny.

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