The European Investment Bank (EIB) Group has approved €17.4 billion ($20 billion) in new financing to strengthen Europe’s energy security, competitiveness and strategic partnerships.

Of the total, €3.7 billion will support projects aimed at reducing dependence on fossil fuels and accelerating the energy transition.

The funding includes support for nuclear power in Romania, electricity grid upgrades in Belgium and Spain, wind farms in Germany, and solar energy projects in France.

The EIB said the investments will help electrify the European economy, making it more resilient, sustainable and inclusive.

Beyond the European Union, the bank also approved financing for wind energy in Egypt, solar power and electricity grids in Tunisia, and sustainable agriculture in Moldova.

The projects form part of the EU’s Global Gateway strategy to strengthen international partnerships and promote sustainable infrastructure development. -OGN/TradeArabia News Service