Italy: EIB supports Milan’s Green Plan

The City of Milan has received the full support of the bank of the European Union for investments to protect the environment and adapt urban spaces to COVID-19 rules. These are the aims of the €200 million framework loan, of which the first €100 million tranche was signed today between the European Investment Bank (EIB) and the city administration. This is the first such agreement to benefit an Italian municipality.

Thanks to the framework loan, the EIB will finance a programme of multi-sectoral investments included in the Municipality’s 2020-2022 three-year public works programme under its Air quality and climate plan. Specifically, the projects will include the upgrading of public buildings, and, in particular, energy efficiency and renewable energy measures; social infrastructure and sustainable urban mobility; solid waste management; recycling centres and open public spaces in the city.

With regard to the ongoing COVID-19 crisis and also in the medium term, the EIB-funded investment programme will enable the Municipality to provide citizens with redeveloped urban spaces fully in compliance with social distancing guidelines. All investments will significantly improve air quality, thus supporting the city in its fight against climate change.

This operation increases EIB support to the Milan infrastructure system to €1.4 billion, including for companies in the transport and water sectors (ATM and MM).

In the field of environmental protection, the EIB has adopted a new institutional mission as the EU’s climate bank, undertaking to support green projects worth €1 000 billion over the 2020-2030 period.