EIB agrees 5.8 billion euro investment in energy, transportation

BRUSSELS, The European Investment Bank (EIB) approved Thursday a total of 5.8 billion euro (USD 7.1 billion) of new financing for 29 projects in the European Union, Africa, and Latin America.

In a statement, EIB approved financing to acquire 18 new trains for the Tunis Goulette Marsa suburban line in Tunisia with 45 million euro (USD 55.4 million), the Luxembourg-based EIB said in a press release.

The bank approved support for investment in renewable energy production with the financing of an electricity biomass generation plant in Spain and an off-shore wind farm project in the United Kingdom with a total investment of 455 million euro (USD 560 million).

Large renewable energy projects in Latin America were also approved.

The 150 million euro (USD 184 million) funding provided will contribute to the addition of clean, renewable energy generation in Brazil and Mexico The EIB is the long-term lending institution of the European Union owned by its Member States.

EIB makes long-term finance available for investment in order to contribute towards EU policy goals.

Source: Kuwait News Agency