More than a quarter (26.5%) of that lending went to fight climate change, the EIB said. That includes financing the construction of renewable energy sources and the energy efficiency makeovers of public and private buildings. “Over the next five years we will provide almost €100bn for climate action across the world,” Werner Hoyer, its president, said in an announcement.
About 90% of its total lending was inside the EU. Countries neighbouring the EU and those inside the European Free Trade Area (such as Iceland and Norway) received roughly 3% of total funding. Approximately 1% went to Africa, the Caribbean and Pacific region.
While the EIB raises its funds on the capital markets, it is ultimately backed by all 28 EU countries.
The bank also channelled €50bn in financing under the European Fund for Strategic Investments, the so-called “Juncker plan”, which is meant to jumpstart the European economy by supporting infrastructure, R&D and small business capital improvements. That is about 16% of the €315bn total that is meant to be dispersed by 2018. While the EIB manages the programme’s lending, and is underwriting a small part of the EFSI, the majority of that cash comes directly from the EU and EU member state budgets.
EIB said it was “the world’s largest multilateral financial institution”. Most of its 1,800 staff work in Kirchberg.
Separately, EIB suspended lending to Volkswagen, Hoyer said during a press conference on Wednesday in Brussels, according to Bloomberg News. Loans are frozen during the time that the automaker is being investigated for installing software on its cars that cheated environmental emissions tests. The news agency quoted Hoyer as saying that VW received €400m in funding in 2009 and repaid the EIB in 2014.