The European Investment Bank (EIB) seeks to promote development, particularly focusing on climate change mitigation, economic and infrastructure development, renewable energy, urban transport, and water. The EIB Climate Roadmap was finalized to set the bank’s climate finance goals that support the European Green Deal and help make Europe carbon-neutral by 2050. It also started its transformative action to be recognized as the European Union’s climate bank. The EIB is the first multilateral development bank to align its operations with the principles and goals of the Paris Agreement. The EIB also developed a strong Oceans Program, closely aligned with ADB’s Healthy Oceans Action Plan. The common countries where ADB and EIB operate are Armenia, Bangladesh, Fiji, Georgia, India, the Lao People’s Democratic Republic, Maldives, Mongolia, Nepal, Papua New Guinea, Sri Lanka, and Viet Nam.
News
ADB has approved loans totaling $43.7 million as part of a program to support the redevelopment of two additional subcenters in the eastern and western ger areas of Ulaanbataar, Mongolia. The financing is the third tranche of the Ulaanbaatar Urban Services and Ger Areas Development Investment Program, and supports the Ulaanbaatar city master plan to redevelop the capital city ger areas.
ADB and EIB formed a Clean and Sustainable Ocean Partnership to support initiatives in Asia and the Pacific to help meet the SDGs and the climate goals of the Paris Agreement. They will finance activities promoting cleaner oceans through the reduction of land-based plastics and other pollutants discharged into the ocean, as well as projects to improve the sustainability of socioeconomic activities that take place in oceans or use ocean-based resources.
Stories
ADB and partners, Agence Française de Développement and EIB, are funding the development of a new surface water supply scheme for Dhaka, which includes more efficient and sustainable systems for water intake, treatment, transmission, and distribution. The project will also pursue the empowerment of women and vulnerable groups in low-income communities.
Maldives is transitioning to renewable energy through a partnership among ADB, EIB, Japan Fund for Joint Crediting Mechanism, and Strategic Climate Fund. This technology is powered by a solar photovoltaic battery–based hybrid system and boosted with enhanced energy management systems, upgraded distribution grids, and supervisory control and monitoring systems.
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