By Betty Henderson • 09 March 2023 • 16:47
The European Investment Bank is based in Luxembourg and allocates funding to a range of European and global projects each year.
Photo credit: Caroline Martin / Wikimedia Commons
IN 2022, the European Investment Bank (EIB) poured a whopping €72.5 billion into various projects around the world, with Spain receiving a significant chunk of that funding.
The country was awarded €9.961 billion, making it the second-highest recipient of loans from the EIB, just behind Italy, which received €10.090 billion. France came in third with €9.960 billion in funding.
The data released on Thursday, March 9 revealed that Spain’s investment from the EIB represented 0.76 per cent of the country’s GDP in 2022.Spain accounted for one-seventh of the EIB’s total loans, a significant achievement.
Over half of the bank’s loans to Spanish projects have been allocated to support climate action and environmental sustainability. A record-breaking €5.182 billion was assigned to four key areas of action including sustainable cities and regions and small and medium-sized enterprises (SMEs).
Around €2.485 billion in funding was allocated to Spanish SMEs, which it defines as “the engine of the Spanish economy.” These loans are estimated to have reached 64,800 companies and benefited over 770,000 workers.
In 2023, Spain is likely to receive similar levels of funding.
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