The European Investment Bank Group – made up of the European Investment Bank (EIB) and European Investment Fund (EIF) – announced a record €17.06bn in financing in 2022 to support Europe’s energy supplies and sustainability.
EIB Group president Werner Hoyer announced the results during the Group’s annual press conference in Brussels on 2 February.
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One reason cited for the record figure is the EIB’s rolling out of a special support package for the REPowerEU plan to end dependency on Russian fuel imports.
Total EIB Group financing in 2022 was €72.5bn, which the Bank said would support around €260bn in investment and create 950 000 jobs by 2026.
“We delivered on our promises, we exceeded our targets, we put our money where our mouth is,” EIB President Werner Hoyer said.
The EIB said it offered immediate relief to Ukraine right after the outbreak of the war, disbursing €1.7bn in funds last year to help finance emergency repairs to the country’s infrastructure ravaged by Russian bombing.
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By GlobalDataEIB Global also agreed to €9.1bn in new financing in 2022, bringing the total operations of the EIB arm for global partnerships launched a year ago to €10.8bn.
Green financing from the EIB – which included new financing for renewables, efficiency, storage and grids in 2022 – increased substantially again to €36.5bn (58% of the total), meaning that the Bank met its commitment to devote at least half of its resources to climate action and environmental sustainability, well ahead of its 2025 target, the Bank said.
“At a time when the United States is rolling out the biggest green subsidy programme in history, it is imperative that Europe keeps up and stays the course, both for the sake of our planet and for safeguarding the competitiveness of our economies,” President Hoyer said. “The EU bank will do its part to finance home-grown innovation that will lead us to net zero.”
SMEs & European Investment Fund
In 2022, the EIF committed more than €9bn to small businesses and climate and infrastructure projects, which is expected to mobilise around €97bn in investment to support an inclusive transition to climate neutrality, the digital transformation of European industries and the competitiveness of EU entrepreneurs.
Around one-third of the amount signed targeted the areas of sustainability and green transformation, while 27% was invested in smaller businesses active in the fields of innovation and digitalisation.
Amid a challenging economic outlook for 2023, the EIF plans to press ahead with the deployment of the multi-thematic InvestEU programme and supplement it with new plans, like the European Tech Champions Initiative, which is expected to be launched in the coming weeks to support home-grown innovation. Crucially, EIF equity investments in green industries will support the REPowerEU plan to eliminate dependence on fossil fuel imports.
“Building on the work already done, the EIF will remain operationally sharp and agile, adapting to a changing world around us, and striving to channel public resources effectively to where they are needed most,” said EIF Chief Executive Marjut Falkstedt. “We will continue to support European small businesses while also growing our activity in sustainability-oriented finance solutions such as climate and infrastructure funds.”
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