Brussels: Europe and the Arabs
At a time when Europe is seeking to avoid the repercussions of the Russian war in Ukraine, European data continues to refer to the efforts made by institutions and member states to work jointly in facing this matter, especially with regard to diversifying energy sources and strengthening the infrastructure that contributes to facilitating access to various energy sources.
The Board of Directors of the European Investment Bank approved €6.6 billion in new financing to support projects in sustainable transport, clean energy, corporate innovation and educational investment across Europe and the world.
The bank allocated 3.8 billion euros for supporting sustainable transport projects, 1.2 billion euros for clean energy, 998 million euros for institutional innovation and 625 million euros for education, according to a bank statement.
Werner Hoyer, President of the European Investment Bank, said: “The new financing approved by the EIB will support investment to enable the use of sustainable transport and increase the use of renewable energy. We have continued to increase support for renewables, energy efficiency and energy innovation.”
Hoyer emphasized that the approval of these investments by the bank ensures that it will continue to play a pivotal role in energy and climate policy in Europe.
According to the European Investment Bank statement, the support for sustainable investment in the field of transportation amounting to $ 3.8 billion included the allocation of more than two billion dollars in favor of modernizing the Czech railway network, which includes the deployment of European railway traffic management system technology, as well as financing the modernization of the Madrid metro network (Spain) to improve Operational efficiency, safety, modernization of a 120 km railway line to connect Albania to the European railway network, modernization of road transport in northwestern and eastern Romania.
The €1.2 billion renewable energy financing also included support for large-scale solar deployment on warehouse rooftops and distribution centers across Central and Eastern Europe, and financing for renewable energy projects in Spain, Portugal and Germany as part of the EU's RePower initiative. According to what was reported today, Sunday, by the Middle East News Agency
The bank's financing also included the allocation of 998 million euros for institutional innovation, support for research and development of electric vehicle battery technology and its large-scale manufacturing, in addition to 625 million euros for education, which includes financing the construction of 11 new university campuses in Austria and the construction of a new business school in Ireland.
It is worth noting that the European Investment Bank agreed last October to increase energy lending by $30 billion by 2027 by supporting the EU's RePower initiative.