The Diplomat
The European Investment Bank (EIB) has activated several financial instruments to support recovery and reconstruction in areas affected by the isolated high-level depression (DANA), which caused flooding that caused more than 200 deaths in Spain.
According to the entity in a press release, the EIB is preparing an initial response package of €900 million to accelerate the deployment of existing initiatives and, in this way, support the reconstruction of critical infrastructure by regional authorities and public sector bodies in the affected areas of Spain, as was done after the floods in Central Europe in September. The EIB is also making its services available to national, regional and local government authorities to prepare additional measures if necessary.
“The European Investment Bank has quickly set to work to accelerate financial support to repair and rebuild homes, businesses and infrastructure,” said EIB President Nadia Calviño. “We must build back better, with techniques adapted to the new situation that can withstand and protect against increasingly frequent and intense climate shocks,” she said.
“It is reassuring that the EU institutions are focusing on supporting EU Member States in the most difficult times, a true European value,” added Spanish Minister for Economy, Trade and Business Carlos Cuerpo. “I would like to thank the European Investment Bank for the intensive work we have done together over the last few days to activate all possible financing for recovery and reconstruction in the affected areas of Spain, namely the Valencian Community, Castilla-La Mancha and Andalusia,” he added.
The European Investment Bank (EIB) is the long-term financing institution of the European Union and is owned by its Member States. It finances sound investments to pursue EU policy objectives. EIB projects strengthen competitiveness, boost innovation, promote sustainable development, enhance social and territorial cohesion and support a fair and rapid transition to climate neutrality.
The European Investment Bank Group (EIB Group), comprising the European Investment Bank (EIB) and the European Investment Fund (EIF), has signed a total of €11.4 billion in Spain in 2023, of which approximately €6.8 billion was allocated to climate action and environmental sustainability projects. In total, the EIB Group has signed €88 billion in new financing in 2023.
