European Investment Bank pledge $105bn for sustainable development

The European Investment Bank (EIB) has pledged $105bn for sustainable urban development around the world over the next five years.

Funding will go towards transport, clean energy, water and smart cities.

The EIB has previously supported transport schemes in São Paolo, Cairo, Istanbul, London, Budapest and Helsinki through metro, light rail, tramways, roads and cycle path projects.

The bank will also provide $200m to support construction of the first metro line in Quito, Ecuador. This will reduce congestion and improve access to transport for more than 400,000 people a day once operational.

EIB members recently attended the UN Habitat III conference in Quito.

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