The European Investment Bank (EIB) approved €1.1bn supporting support, on Wednesday, that will transform public transport in cities across Egypt. The bank will also provide €800m for business investments in the country relating to the novel coronavirus (COVID-19) pandemic.
The EIB has approved €16.6bn of new financing for projects across Europe and around the world. This includes over €10bn of coronavirus-related investment to improve public health, strengthen public services, and back investment by companies in sectors hit by the pandemic.
The EIB’s Board of Directors, who met by video conference, also backed investment in climate, transport, clean energy and housing projects in Europe, Africa, Asia and South America.
Werner Hoyer, President of the EIB said, “The COVID-19 pandemic may have been largely contained for the time being in Europe, but the number of companies seriously affected by the crisis continues to grow and the number of infected and seriously ill are rising rapidly on other continents.”
He added, “The EIB has worked with hundreds of public and private sector partners around the world to identify where our help is most needed, and we make sure that the money moves quickly.”
Hoyer also said that Wednesday’s approvals increase the amount of financing set in motion by the EIB to €19bn since the beginning of the coronavirus crisis.
Later this week, European leaders will discuss how the EIB can further strengthen support for investment essential to reduce the impact of COVID-19, tackle climate change and rebuild a strong and competitive EU economy.
The Board of Directors approved €10.2bn of new financing to improve the public health response to the global pandemic. The financing will also ensure that key public services can adapt to new challenges and enable companies to survive economic shocks resulting from the pandemic and to invest into their future.
Besides this, €5.2bn will be allocated for new private sector financing schemes, with a further €2bn for energy and energy efficiency investment around the world. The bank has also allocated €1.9bn to improve energy efficiency, cut emissions and increase energy access.