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Record level of financing from the European Investment Bank in 2021
Figures published by the European Investment Bank (EIB) on January 27th showed it spent almost €95bn on funding projects in 2021. €58bn went to combatting the effects of the pandemic alone.
In 2021, Luxembourg based EIB’s level of financing was up 23% compared to 2020. Almost half the Group’s financing, €45 billion, went to small and medium-sized enterprises (SMEs) hit hard by the pandemic. Financing from the European Investment Fund (EIF) accounted for €30.5 billion of the total - also a record.
Since the beginning of the pandemic, the EIB Group has provided a total of €58.7 billion to fight the spread of covid and ease its economic consequences. Some €27.6 billion went to supporting the green transformation of EU economies. Meanwhile, EIB lending to EU cohesion regions, boosted by the creation of EIB World, reached €19.8 billion, helping countries ensure a just transition to a green economy.
Innovation & renewables
The European Guarantee Fund, created with 22 EU member states, has so far underpinned €174.4 billion in additional financing to support European businesses recovering from the pandemic. Cited as priorities by Hoyer, innovation received €20.7bn, renewable energies €15.38bn, sustainable cities and regions €13.8bn and the health and life sciences sector €5.5bn.
Since the beginning of the pandemic, the EIB Group has provided a total of €58.7 billion to fight the spread of covid and ease its economic consequences
“Over the past two years, we have demonstrated that fighting the pandemic, financing the recovery and investing in climate action are complementary objectives. The world cannot be safe without access to healthcare and vaccines and a decisive shift to an economic model based on innovative and climate-friendly solutions,” said EIB Group president Werner Hoyer, of the bank's 2021 financial year.
This sentence that will provoke reactions in the current debate on the inclusion of nuclear and gas in the taxonomy by the European Commission. Hoyer said he wanted to give priority to long-term transition projects. This excludes the financing of nuclear energy, which the European taxonomy allows under conditions.”
Cited as priorities by Hoyer, innovation received €20.70bn, renewable energies €15.38bn, sustainable cities and regions €13.80bn and the health and life sciences sector €5.5bn.
“By creating a new branch, EIB World, for our activities outside the European Union, we are signaling our strong commitment to supporting the green and digital transitions through Europe’s global partnerships.” the EIB president announced.
“In 2022, EIB World will bring together all the EIB’s resources for non-EU activities and the expertise it has built up in this area in a clear management structure to make a greater and more focused contribution to team Europe projects and initiatives. EIB World will be assisted and supported by a board advisory group, which will be established in the coming months.”
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