The Board of Directors of the European Investment Bank (EIB) Group has approved a total of €10 billion in financing, including almost €2 billion for initiatives to expand Europe’s clean energy investments, ensure affordability, and bolster competitiveness.

The Board of the EIB endorsed loans to support the production of offshore wind power in Germany and solar energy in Italy as well as the accelerated use of renewables by businesses in Austria. The financing also backs improvements in energy savings in heating systems in Latvia and Dutch grid upgrades that increase capacity for renewables and expand charging possibilities for electric vehicles.

Increasing clean power and energy savings in the EU comes amid a supply crunch during the fifth year of Russia’s war against Ukraine and tensions in the Middle East.

EIB Group President, Nadia Calviño, commented: “There is one clear lesson from Russia’s invasion of Ukraine and the conflict in the Middle East: Europe needs to break free from its fossil fuel dependence. The investments approved today confirm the commitment of the EIB Group to deliver on the energy transition and strengthen Europe’s strategic autonomy.”

The new financing supports EU policy priorities and the European Commission’s ‘Clean Energy Investment Strategy’ from March 2026 as well as its recently-published ‘AccelerateEU’ plan published. Under both initiatives, the EIB Group will work with the European Commission to fast-track Europe’s switch from fossil fuels to clean energy.

In addition, €8 billion in fresh financing cover projects in the areas of urban development, business competitiveness, and rail and road transport. The EIB Board agreed to finance projects involving city regeneration in Belgium, new and upgraded roads in Romania, and business investments in Bulgaria, Italy, and Spain.

The European Investment Fund (EIF) Board approved new guarantee and securitisation agreements to unlock financing for European businesses, boosting competitiveness and digitalisation. The EIF also backed new equity investments including in funds focused on security and defence, energy, and gender equality. In addition, it endorsed 8 TechEU operations that will broaden financing for European innovators.

Beyond the EU, the EIB approved financing for agricultural businesses in Benin as well as for expanded broadband internet access across Sub-Saharan Africa. These initiatives contribute to the EU’s ‘Global Gateway’ strategy and promote strong partnerships and Europe’s voice globally.