EIB approves EUR 1.4 bn in funding for renewables in Europe, Africa

• The European Investment Bank (EIB) has approved EUR 1.4 billion (USD 1.67 bn) in funding for renewable resource, the EUR lender announced on Thursday.

The funds will certainly sustain large-scale solar energy release throughout Spain, small-scale renewable energy projects in Germany, investment in clean power and also power performance by firms in Austria, and also geothermal power in East Africa.

The EIB board also accepted financing and technological support to boost sustainable and trustworthy energy supply as well as boost energy efficiency in schools, medical facilities as well as companies across Africa, the bank stated.

The financing for renewable energy becomes part of a EUR-4.1-billion funding that EIB has actually provided to sustain lasting transportation, education and social real estate and aid companies reinforce their service in the COVID-19-impacted economy.