European Investment Bank to Lend $1 Billion for Clean Shipping

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By MarEx 2016-06-19 21:20:38

A total of $1.1 billion, backed by the European Fund for Strategic Investments guarantee, was approved for a new initiative, intended to reduce harmful emissions in the European shipping industry through investment in energy efficient technologies and financing for retrofitting existing vessels and financing new environmentally friendly ships.

“The EIB is delivering on the Investment Plan for Europe. We have already approved projects that account for over a third of the final goal of mobilising $360 billion in new investment. The diversity and scale of new EIB loans approved today and backed by the EU budget guarantee shows that the Plan is unlocking new investment that will transform services and accelerate investment and growth. This new financing backed by the EFSI guarantee will help accelerate pioneering drug treatment, improve security of energy supply and improve airport safety. These are truly innovative projects that benefit all Europeans”, said European Investment Bank President Werner Hoyer. 

New financing for strategic investment approved by the EIB Board also included upgrading of the water network in the Spanish region of Vizcaya, upgrading seven hospitals in Stockholm, social housing in Berlin, including accommodation for refugees, extension of two geothermal power plans in Iceland and construction of a new deep water port in Aberdeen, Scotland.

Transport projects approved by the monthly board meeting include upgrading rail signalling in northern Italy and 40 new tram cars for the City of Helsinki. New urban investment including education, renewable energy, energy efficiency, transport, social care, culture and water schemes in the cities of Szeged in Hungary, Oulu in Finland, Presov in Slovakia as well as towns across Germany were backed also backed by the EIB Board.

More than $3.5 billion of the new lending approved by today’s EIB board meeting, will improve access to finance by small business across Europe, including in Germany, Greece, Spain, Italy, Portugal and Turkey. Dedicated lending programmes will support investment by start-up companies and the self-employed in Portugal, by SME’s working with the Spanish innovation agency CDTI and by smallholder farmers and agricultural companies across Africa.

This week’s EIB board meeting follows the third meeting of the EFSI Investment Committee, held on June 13. It approved 13 projects which the Investment Committee had cleared for financing under the Investment Plan for Europe guarantee from the EU Budget. 

All projects, including those earmarked for support under the EU budget guarantee, need to receive approval of the EIB Board prior to loan contracts being finalised. Loans and guarantees approved by the Board of Directors will be finalised in cooperation with promoters and beneficiaries, and figures may vary.

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