EU financial arm to invest €900m in Israel, including Western Galilee desalination
European Investment Bank allocates €150 million for water facility plus €500m in Bank Leumi credit to encourage green business projects, and assesses €250m for Tel Aviv light rail
Western Galilee desalination project, June 25, 2023. (Courtesy)
Israel stands to get up to €900 million worth of investment in the form of funds and loans from the lending arm of the European Union, to help finance a renewable energy-powered desalination plant in the Western Galilee and the Tel Aviv rail project as well as climate-focused business projects.
The European Investment Bank (EIB), the financial arm of the European Union, announced Sunday that it will invest €150 million into a seawater desalination facility planned for the Western Galilee. The project, Israel’s seventh such desalination plant, is estimated to cost about NIS 1.5 billion to build.
The world’s largest international public bank has also entered into a strategic cooperation agreement with Bank Leumi for the provision of a €500 million credit line to small and medium-sized companies across Israel, to encourage new investment in green and environmental business projects. In addition, the EIB is in the advanced stages of an appraisal to project finance the Tel Aviv green line light rail with an investment of €250 million.