€5 billion to be invested in rural areas across Europe

inis mor sewage

Rural areas across Europe will benefit from funding of almost €5 billion from the European Investment Bank.

Galway East TD Seán Canney welcomed the funding of €4.8 billion, which will go towards investment in rural areas, energy transition, transport and the private sector.

Among other things, the funding is set to be used for projects to enhance communications and strengthen private sector investment to fight climate change.

It is hoped that the funding secured from the EIB will accelerate the transition of clean energy.

Minister Seán Canney stated the funding sends a “strong signal throughout Europe about supporting rural communities”.

The Independent TD said he was delighted that the EIB is “taking the initiative on financing projects around climate action”.

He described climate change as “one of the most pressing issues of our time”.

Seán Canney said that the EIB intends to finance a range of climate action projects, including flood mitigation schemes across Europe.