EIB Group commits record financing for green economy and energy security in Spain in 2022!!!
Subscribe here: https://bit.ly/eudebates The EIB Group signed financing operations totalling €9.96 billion last year. Climate action and environmental sustainability financing reached a record €5.18 billion, more than half of the total project signatures in Spain.
Financing for sustainable energy projects that will help end dependence on fossil fuel imports exceeded €3 billion for the first time, placing Spain second in the European Union in terms of financing volume.
The European Investment Bank (EIB) and its subsidiary the European Investment Fund (EIF) signed record financing for climate action and environmental sustainability, as well as for innovation and digitalisation in Spain last year. In 2022, the EIB Group signed financing operations in Spain totalling €9.96 billion[1].
This amount is equal to 0.76% of Spain’s gross domestic product (GDP) and is expected to support investments of more than €23 billion. Spain was among the top three EU recipients of EIB Group financing in 2022.
According to the EIB Vice-President responsible for Spain and Portugal Ricardo Mourinho Félix, “these figures reflect the EIB Group’s commitment to financing the future of the Spanish economy through the green and digital transition, business competitiveness and economic, territorial and social cohesion. And this commitment has not wavered amid the current macroeconomic uncertainty. It has instead been strengthened in strategic areas that have established the Bank as a major player in driving innovation in the country and achieving a climate-neutral economy”.
“EIB Group financing in Spain in 2022 also significantly contributed to projects to reduce Europe’s dependence on fossil fuel imports, ensuring access to sustainable energy in an environment of heightened energy uncertainty due to the conflict in Ukraine. But rather than slowing down the green transition, this uncertainty is actually accelerating it, confirming that the Bank’s decision to back more sustainable energy was the right one.”
Financing by EIB Group public policy goal
Sustainable energy and natural resources: Financing signed for projects in this category reached €3.19 billion, equal to 32% of the Group’s total financing in the country. Spain ranks second in the European Union in terms of financing volumes agreed last year for this public policy goal. This increase reflects the Group’s heightened commitment to sustainable energy at a time of great energy uncertainty. It also demonstrates the progress made in rolling out the EIB’s special package to support the REPowerEU plan to end dependence on Russian fossil fuel imports, from which Spain is set to be a major beneficiary.
Innovation, digital and human capital: Financing for this public policy goal also achieved record figures in 2022, with a total of €2.11 billion signed, more than 35% increase on the previous year. Spain is among the top three EU beneficiaries of EIB Group loans to finance the future of its economy.
SMEs and mid-caps: Financing for this business segment reached €2.48 billion. Spain is the second country in the EU by volume of financing in this strategic priority for the Group. Support for the backbone of Spanish business remains the Group’s second line of activity by volume of financing in the country. In 2022, it had a positive impact on an estimated 64,800 companies and more than 770,000 employees. The EIF, the subsidiary of the Bank that specialises in small and medium-sized enterprises (SMEs) and mid-caps, recorded the highest ever figure for sustainability and green transformation projects (42% of the volume of EIF operations). It also achieved record figures in its venture capital business (€355 million). This amount is expected to support long-term capital financing of €2 billion. In 2022, the EIF also launched thematic guarantee lines for small businesses as part of the InvestEU programme (green transition, innovation, competitiveness and social impact). This has already resulted in €670 million of financing, which is expected to trigger €4 billion of investment in SMEs in areas such as the green transition and innovation.
Sustainable cities and regions: €2.16 billion was devoted to this Group public policy goal in Spain in 2022, with a strong focus on railway transport, urban transport and sustainable housing solutions.
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