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EIB setup €12.4 billion for connectivity and renewable energy

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Tinuku ~ European Investment Bank (EIB) approved a new €12.4 billion financing for eco-friendly technology projects worldwide. The European Union Bank on Tuesday announced the readiness of funds to support the investment of rail, road, air and maritime transportation around the world, as well as support for renewable energy schemes.

Tinuku EIB setup €12.4 billion for connectivity and renewable energy

The meeting at the headquarters of the European Investment Bank in Luxembourg was attended by 28 EU member state shareholders and the European Commission to approve new financing for 63 different projects such as transportation, transformational energy, global water infrastructure and high-speed internet access.

The new financing has applications in all areas, but the biggest target is transport connectivity, especially €5 billion for 14 projects including €1.5 for the construction of Line 15 Metro Paris and €500 Metro Bangalore in India.

In addition, EIB board approved €4.3 billion for renewable energy financing, including offshore wind power projects, solar power and energy efficiency projects in India.

"The EU Bank is supporting new investment in sustainable transport, renewable energy and helping small companies harness business opportunities." said Werner Hoyer, President of the European Investment Bank.

"The impressive range of new projects approved by the European Investment bank today will improve business opportunities, ensure better access to clean water, green energy, internet and mobile banking, health and education, and upgrade transport for millions of people across Europe and around the world," said Hoyer.

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