EIB to Inject USD 1.1 Bn into Cutting Shipping Emissions
- Business & Finance
Under the European Investment Bank (EIB) projects financing, a total of EUR 1 billion (USD 1.1 billion), backed by the European Fund for Strategic Investments guarantee, was approved for a new initiative intended to reduce harmful emissions in the European shipping industry.
Namely, the emissions would be reduced through investment in energy efficient technologies and financing for retrofitting existing vessels and financing new environmentally friendly ships.
The Board of Directors of the European Investment Bank approved a total of EUR 7.4 billion of new financing for 38 projects across Europe and around the world, including research and development of new wind turbines in Germany, investment in research intensive early stage life science companies in Ireland and the UK, equity financing of small infrastructure projects in France and energy transmission in Italy.
Negotiations for the approved loans are expected to be finalised in the coming months.
All projects, including those earmarked for support under the EU budget guarantee, need to receive approval of the EIB Board prior to loan contracts being finalised.