European Investment Bank mobilised €900 to back recovery and reconstruction after floods in Spain

On 6th November, the European Investment Bank (EIB) activated financial instruments to back recovery and reconstruction in areas affected by the recent devastating floods in Spain.

The EIB is putting together an initial €900 million response package to speed up the rollout of existing initiatives and thereby support the rebuilding of critical infrastructure by regional authorities and public sector bodies in the affected areas of Spain, as was done following 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 got to work quickly to speed up financial support for repairing and rebuilding homes, businesses and infrastructure. We must build back better, with techniques adapted to the new situation that can withstand and protect against increasingly frequent and intense climate shocks,” said EIB President Nadia Calviño.

“It is reassuring that the EU institutions are focusing on supporting EU Member States at the most difficult of times – a true European value. I would like to thank the European Investment Bank for the intense 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 Valencia region, Castilla-La Mancha and Andalusia,” added Spanish Minister of Economy, Trade and Business Carlos Cuerpo.

Background information

EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investments to pursue EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

 

More information: European Investment Bank