The European Investment Bank (EIB) has announced that it has sanctioned a total of EUR 1670 Million for escalating sustainable transport and sustaining the development of renewable energy in Europe, Africa, and Asia.
The EIB-backed financing will sustain the improved use of solar power by households and small enterprises in Africa and Asia, in addition to large-scale renewable energy and energy efficiency projects across Africa.
The EIB also permitted financing the construction of 500 rooftop solar systems on schools managed by the Palestinian Authority.
The investments in renewable energy schemes are a part of the bank’s programme that saw EUR 4.8 billion of new financing permitted for the private sector, sustainable transport, housing, urban and water infrastructure and higher education.
As a part of its plans to strengthening the sustainable transport infrastructure, the Board approved more than EUR 1 billion of financing for rail, urban and electric transport.
This includes financing for the employment of 15,000 new electric and hybrid vehicles by a leading leasing company operating in France, Germany, Italy, Spain, Belgium and the Netherlands.
The EIB will sustain the upgrade of a 195km key intercity rail route between Poznan and Szczecin in Poland and a key section of the rail link between Denmark and Germany, as well as substitution of trams and trolley buses in the Czech city of Pilsen.
In November 2018, EIB improved its support for India’s wind energy projects by expanding the existing lending programmes with State Bank of India (SBI).
With this partnership, the promoters of wind projects in the country will benefit from long-term low-cost financing under the devoted EUR 600 million renewable energy financing programme that is already supporting large-scale solar investment across the country.
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