EIB increases support for COVAX and backs €1.5 billion clean energy, water, health and education investment

• €533 million to improve green energy generation, transmission and distribution
• €272 million for hospitals and schools
• €200 million for COVAX vaccine initiative
• €250 million for water distribution in Italy
• €250 million for business investment in the Baltics

€1.5 billion of new financing approved by the European Investment Bank (EIB) today will strengthen support for global distribution of COVID-19 vaccines through the Covax initiative, improve green energy generation and distribution, bring investment to cities, health, education, and water, and enhance access to finance by business.

“Last week in Porto leaders from across Europe and India welcomed EIB engagement to tackle the health and economic impact of COVID-19, scale up social investment and deliver a green transition. The projects approved today demonstrate how, together with European and global partners, the EU Bank continues to build on its swift and strong response to COVID-19, backing high-impact projects that build a better and greener future”, said Werner Hoyer, President of the European Investment Bank. 

The Board of Directors of the EIB, meeting via video conference today, approved new financing to support priority investment across Europe and around the world.

€200 million backing to increase Team Europe support for COVAX and scale up access to COVID-19 vaccines

COVAX, the global mechanism for equitable access to COVID-19 vaccines, has already provided vaccines to vulnerable groups and front-line workers and brought hope to millions of people in more than 100 countries.

The EIB today agreed to provide an additional €200 million to scale up access to COVID-19 vaccines through the COVAX Advance Market Commitment mechanism. This follows €400 million of EIB financing for COVAX agreed last December, which represented the EIB’s largest ever support for global public health.

The new EIB financing for COVAX is expected to be guaranteed by the European Fund for Sustainable Development and strengthen Team Europe support for COVAX alongside grant support from the European Commission.