Commodities
EU, EIB Target Growth With $1.5 Billion Financing, Focus on Energy, Digitalization
The European Investment Bank and European Commission launched a 1.3 billion euro ($1.52 billion) financing plan backed by a (Euro)362 million guarantee to support partner economies, EIB said Friday.The agreement will provide access to funding for private firms, small and medium-sized enterprises, and financial institutions to advance clean energy and digital infrastructure projects across EU partner countries, EIB added.The 362 million euro guarantee will support operations over a three-year period across multiple EU partner regions, the EIB said.The allocation includes 99 million euros for the Western Balkans, 30 million euros for the Eastern Neighborhood, 22.5 million euros for Turkiye, and 210 million euros for the Middle East and North Africa, EIB added.The initiative will deepen EU ties with neighboring regions, improve energy security, and support job creation while aligning with the Global Gateway strategy and regional connectivity priorities.EIB Global will deploy 482 million euros through local banks to strengthen key sectors such as textiles, agrifood, innovation, and green and social projects across the Eastern and Southern Neighborhood and Western Balkans, it said.The package includes 167 million euros in guarantees to lower lenders' risks and attract private investment into clean energy, energy efficiency, and digital transition projects in the Western Balkans, the EIB added.The bank will also allocate up to 691 million euros to finance large-scale connectivity and renewable energy projects spanning the Southern Neighborhood, Western Balkans, and Turkiye, it said.Andrew McDowell, director general of EIB Global, said the agreement will channel public guarantees into private investment to boost energy security, support small businesses, and advance green and digital projects.