EIB approves EUR 310m for renewables in Baltics, water investment

The board of directors of the European Investment Bank (EIB) has approved EUR 310 million (USD 339m) for new renewable energy and water investment as part of a wider financial support package.

In a statement on Thursday, the bank said that this financing will be directed towards expanding renewables generation in the Baltics and improving water distribution and water security for 2.5 million people in Belgium. It added that backing for large-scale water investment in Wallonia will modernise drinking water supply, enhance climate resilience, lower energy use and raise renewable energy consumption for water supply and treatment.

The investment is part of a EUR-791-million financing package that will also support urban and rural development, health and high-speed communications across Europe.

The president of the bank, Werner Hoyer, also confirmed that EUR 668 million of the EIB Ukraine Solidarity Urgent Response has now been fully disbursed. In addition, he welcomed the approval of the EU InvestEU guarantee to bolster EIB financing in a number of fields including clean energy.

(EUR 1.0 = USD 1.093)

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