(Ecofin Agency) - The European Investment Bank (EIB) has approved $14.9 billion in financing for post-covid-19 economic recovery and climate action worldwide.

“The new EIB financing approved today shows how we are working with thousands of local partners to make a long-term difference in people’s lives during these challenging times,” said EIB President Werner Hoyer (pictured).

Of this amount, $4.26 billion will be devoted to investments to strengthen public services, improve public health, and provide financial support to the businesses most affected by the covid-19 pandemic. $3.5 billion will be pumped into renewable energy and energy transition. This includes support to the development of mini-solar grid projects in Africa and the Americas for electrification purposes. Another $3.4 billion will improve sustainable urban and national transportation worldwide, while a portion will go for urban development and social housing.

Since the beginning of the pandemic, the EIB has allocated $23.8 billion to economies to address health, social and economic needs.

Gwladys Johnson Akinocho