The European Investment Bank has completed the technical groundwork needed for deploying the Autonomous Resilience Fund, part of Spain’s Recovery Plan. The first tranche of the 3,600 million loan supports regional governments as they work with the European Commission to roll out sustainable investments in autonomous communities. This fund aims to channel European Next Generation EU resources toward regional projects that boost resilience and environmental progress.
EIB President Nadia Calviño, who served as Spain’s first vice-president until January, announced in Madrid that the initial tranche is ready, pending final technical procedures with the Spanish Government. She highlighted the critical role of the new State Budgets for 2024 as a tool to streamline the flow of European funds. The collaboration with the European Commission and the Spanish Government is essential to avoiding delays in the fund’s delivery.
Calviño stressed that the EIB has already begun the procedures necessary to put the fund into operation. He noted that the execution will be explained from a national perspective and that the national authorities will determine governance, with EIB support for the agreed management framework. The aim is to get the fund moving as soon as possible, ideally within 2024, while ensuring clear agreements and processes are in place on the Spanish side.
Investments eligible under the annex of the Recovery Plan include social and affordable housing, urban regeneration, sustainable transportation, industrial and SME competitiveness, research and innovation, sustainable tourism, care-related industries, water and waste management, and energy transition initiatives.
EIB activity in Spain
In 2023, the EIB reported a strong footprint in Spain, financing projects totaling 11.4 billion euros (roughly 12.3 billion dollars), which marked an increase of about 14 percent from the previous year. The bank views Spain as a central reference for successful collaboration, not only due to its scale but also because of the quality of projects involved, with a focus on ecological transition and sustainable development.
More than half of the year’s financing in Spain was directed toward climate action and environmental sustainability, with investments exceeding 6.7 billion euros. Over the last five years, the EIB has committed more than 21 billion euros to green finance in Spain. Six out of every ten euros deployed by the EIB in Spain in 2023 supported the green transition, particularly through renewable energy deployment. The EIB has positioned itself as a key partner in advancing renewable energy projects across the country, including investments in energy efficiency, modernized electrical networks, and the broader energy transition.
Notable 2023 financing includes a 150 million euro loan to a major energy group for deploying ultra-fast electric vehicle charging at service stations, 74 million euros for an energy efficiency program with a leading retailer, and broad financing support for SMEs through guarantees and loans in collaboration with several financial institutions. A 1,000 million euro loan supported the construction of multiple renewable facilities across Spain, Portugal, and Germany. An additional 1.7 billion euro investment backed photovoltaic projects in Spain, Italy, and Portugal, while 400 million supported wind and solar developments for another energy group. Endesa received 200 million dollars to advance solar or wind energy projects, and there were substantial funds allocated to modernization of electricity distribution networks for Naturgy, among other major initiatives.
The EIB Group, which includes the European Investment Fund, approved financing contracts totaling 88 billion euros in 2023, distributing support to more than 900 projects across Europe. These commitments are expected to drive significant activity in areas such as climate action, environmental sustainability, and job creation, alongside broad enterprise support and investment across the region.