The board of the European Investment Bank (EIB) last week approved EUR 1 billion (USD 1.16bn) in financing for new energy investment, including for a couple of huge solar projects in Morocco.
EIB said in a statement that the fresh financing will cover two 500-MW solar schemes in Morocco, a 42-MW solar project in Poland and a 420-MW hydropower project in Cameroon. In addition to that, it will support a cross-border interconnector between Mali and Guinea, as well as the renovation of electricity distribution across Greece. The bank though did not give more details about the projects.
This is part of the EIB board’s approval to back EUR 6.67 billion worth of sustainable transport, urban development, water, clean energy and private sector investment across Europe and Africa. About EUR 1.2 billion of the total funding is allocated for sustainable transport around the world.