EIB to back renewables in Europe, Africa, S America

The European Investment Bank (EIB) on Tuesday approved EUR 11.5 billion (USD 13.79bn) in financing for various infrastructure and energy projects, including wind and hydropower schemes.

More specifically, the funds will be disbursed for transport, education, urban development, water, energy and communications internationally, the lender said in a press release. Of the total sum, over EUR 1.3 billion will be allocated for water and energy projects. Among them will be wind farm projects in Austria, hydropower schemes in Madagascar and renewable energy projects in Peru, details about which were not provided.

EIB’s investment will also support the installation of smart metres in France, improving Italy’s power and water networks and developing small-scale biomass and district heating projects in Europe.

The EIB will also provide EUR 2.7 billion for various initiatives in the transport sector and over EUR 1.9 billion for education and research developments.

(EUR 1.0 = USD 1.199)

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