EIB approves €4.8 bln commitment to accelerate climate action, support COVID-19 vaccines

Doaa A.Moneim , Thursday 16 Sep 2021

The EIB explained that the action came as a response to the Council of Ministers call to the EU Bank to enhance its contribution to the union s development efforts

EIB
An aerial view of port of Genoa. Photo courtesy of EIB

The Board of Directors of the European Investment Bank (EIB) has approved a commitment worth €4.8 billion aiming to finance 24 projects supporting climate action, COVID-19 vaccines, economic resilience, sustainable transportation, and education.

The EIB explained that the action came as a response to the Council of Ministers’ — the European Union’s (EU) main decision-making and legislative body — call to the EU Bank to enhance its contribution to the union’s development efforts through dedicated strategies, a stronger presence on the ground globally, and better coordination with partners in a ‘Team Europe’ approach.

“As a result, the EU Bank will be able to make a stronger contribution to boosting Europe’s strategic autonomy by placing more experts on the ground and be a more effective partner for other multilateral and national development banks. Also, we will be in a better position to pursue our global ambition in terms of the fight against climate change,” said Werner Hoyer, the president of the EIB.

The EIB’s Board of Directors approved the bank’s proposal to create a development branch to increase the impact of its activities outside the EU, through which the EIB will reorganise its activities outside the EU and increase its presence on the ground, developing more targeted strategies and services in close cooperation with partners.

The bank will also reinforce representations outside the EU and create a number of regional hubs, intensifying complementarity and cooperation with multilateral development banks, national development finance institutions, and local partners in a Team Europe approach, according to the EIB.

It noted that the hubs will focus on thematic sectors, product competencies, and services that meet the needs of the region in which they are located, declaring that the first regional hub — which will strengthen the EIB’s work in East Africa — will be located in Nairobi.

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