Business investment, renewable energy and upgrading hospitals, schools, internet services and urban infrastructure will be accelerated by new financing totalling €3.7 billion, approved on 11 March by the European Investment Bank (EIB).

The approval of a new financing by the EU bank will help private and public partners to achieve a green and sustainable recovery.

According to the EIB, €2.4 billion will be allocated for business investment and ensuring economic resilience to COVID-19; €688 million to harness renewable energy across Europe; and €1.5 billion for new private sector financing COVID-19 crisis response under the Pan-European Guarantee Fund.

Another €381 million will back transport, hospitals and schools, and sustainable urban investment across Europe and beyond. In Georgia, the EIB will support three infrastructure projects, covering road and bridge construction, and a new fibre optic network providing broadband internet access to more then 1,000 remote rural villages across the country.

Since the outbreak of the pandemic, the EIB has approved €40.3 billion for 251 projects to provide vaccines, improve public health, and strengthen economic resilience across Europe and around the world.

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Press release

European Guarantee Fund