EIB invests in the green recovery of Barcelona

The bank will pour 95 million euros into 40 transformative projects

Yesterday, it was announced that an agreement between the European Investment Bank and the Municipality of Barcelona will bring in 95 million euros to the city to help with the dual task of countering the negative economic effects of the COVID-19 crisis and fostering durable climate sustainability. This money will finance 40 innovative projects which are expected to create 1500 jobs.

Urban regeneration is meant to be thought of in sustainable terms

Back in January 2020, right before the pandemic wave hit European shores, the authorities in Barcelona had declared a climate emergency committing their city to new set of environmentally minded development. Several months later, the local administration finds that it has to think of comprehensive solutions which address both threats simultaneously.

To that end, the EIB will step in for the sixth time since 1990 to aid the improvement of urban infrastructure of the Catalonian capital.

One quarter of the 95 million euros will go to remodeling a 200 000 m² area of the city to better reflect the new environmental vision of town planning and town living. Residential blocks will be merged into “superblocks” that will allow for freer pedestrian mobility, recreational areas and restricted car traffic.

Half of the projects will take place in previously neglected areas. These are planned to bring about social improvement with the construction of nurseries, schools, care homes, sports facilities and a library. What is new, however, will be the energy efficient design of the buildings which will be almost net zero.

“Barcelona’s commitment to climate action, the green economy and the green transition to a healthier city and greater well-being for its people. The 40 projects to be implemented through this agreement between the Municipality of Barcelona and the EIB will help drive these green policies, which are a priority for the city,” said the Deputy Mayor of Barcelona Jaume Collboni, adding that: “The agreement also comes as some good news as the city grapples with the repercussions of COVID-19, as it will enable the administration to free up money from the budget to better respond to the crisis.”