The European Investment Bank (EIB) has approved EUR 1.4 billion (USD 1.67bn) in financing for renewable energy, the EUR lender announced on Thursday.
The funds will support large-scale solar power deployment across Spain, small-scale renewable energy projects in Germany, investment in clean energy and energy efficiency by companies in Austria, and geothermal power in East Africa.
The EIB board also approved financing and technical support to boost sustainable and reliable energy supply and improve energy efficiency in schools, hospitals and businesses across Africa, the bank said.
The funding for renewable energy is part of a EUR-4.1-billion financing that EIB has granted to support sustainable transport, education and social housing and help companies strengthen their business in the COVID-19-impacted economy.
(EUR 1.0 = USD 1.192)