The European Investment Bank (EIB) and ETRA SpA - Società benefit have signed an agreement concerning €100 million of investment in improving recycling facilities and integrated water services in the Veneto region.
The EIB’s funding is supported by InvestEU, the European Union programme that aims to unlock investment of more than €372 billion by 2027. The EIB Group’s commitment to Italy under InvestEU has already had a major economic impact on the country, with total financing of around €2.7 billion.
Specifically, the main initiatives to be financed by the EIB’s investment include the restructuring and construction of waste treatment and water supply installations, the purchase of biomethane-fuelled vehicles and the expansion of water networks. The project will thus help to promote climate action and further the transition towards a more circular economy, which are key objectives of the European Green Deal.
The EIB previously financed modernisation and efficiency improvements in the Veneto water networks in 2022 by subscribing to the Viveracqua Hydrobond, a €148.5 million long-term instrument issued by six consortium managers in Viveracqua.
Specifically, the main initiatives to be financed by the EIB’s investment include the restructuring and construction of waste treatment and water supply installations, the purchase of biomethane-fuelled vehicles and the expansion of water networks
European Commissioner for the Economy Paolo Gentiloni said: “This is an excellent example of how the InvestEU programme together with the EIB promotes a greener and more resilient economy. This agreement will support investments in recycling facilities and water services in the Veneto region, moving towards a more circular economy. This in turn will help to protect our natural resources and mitigate the impacts of climate change.”
According to EIB Vice-President Gelsomina Vigliotti, “This agreement demonstrates the close links forged by the EIB with Italian utilities and represents a significant step in supporting the transition to a more circular and resilient economy by promoting innovative solutions that will help to protect the environment and improve people’s quality of life.”
“In 2023, our company was selected to provide the integrated water service for 15 years and, as such, has been able to plan significant investments in improving the sustainability of our activities,” adds ETRA’s Chief Executive Officer Domenico Lenzi. “At the same time, investments in the water sector aimed at increasing resilience and resistance to climate change have been rising consistently since 2020. Funding from the EIB and the European Commission plays a vital role in supporting ETRA’s circular economy as it is longer term than is usual on the credit market and is offered under highly advantageous conditions.”
The EIB has invested €3.75 billion in Italy’s water sector over the last five years
With more than 1,600 projects and around €80 billion in financing provided since 1958, the EIB is one of the world’s leading lenders to the water sector. In the last five years, Italy has received more EIB resources for the water sector than anywhere else, seeing 40 operations financed for a total of €3.75 billion.
