European Investment Bank (EIB) has approved new loans to the tune of 7 billion euros ($7.8 billion) following a meeting at The Hague. According to a report, the sum is meant to be invested in renewable energy, water infrastructure and other strategic infrastructure projects.
EIB also proposes to back a new climate action lending strategy which would boost investment in renewable energy and climate-related projects.
The bank aims to ensure that at least 25 percent of its lending goes into climate-related initiatives by adopting the strategy. It is to be bolstered by private investment which would help ensure that EIB lending reduces the effects of climate change.
The report adds that EIB will invest in offshore windfarms off the UK and Belgian coasts, in trains in Hungary, Spain, France, Germany, Bulgaria and Sweden and power generation projects in Egypt.
Ajith Kumar S