(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 24. The Boards of the European Investment Bank (EIB) and the European Investment Fund (EIF) have approved €9.2 billion in new financing to promote innovation in housing, strengthen energy security, and support healthcare and water systems across Europe, Trend reports via the EIB

The EIB Board authorized a €400 million HousingTech initiative, the first of its kind, to help mid-cap and large companies in the EU housing market accelerate industrial, technological, and construction innovation. The funding will support development of new construction materials, machinery, and engineering to improve housing quality and reduce costs, while boosting European innovation and competitiveness. The initiative is part of the EIB Group's Action Plan for Affordable and Sustainable Housing, which aims to increase financing for affordable housing to more than €4 billion in 2025.

In addition, the EIB Group approved 13 operations under TechEU focusing on green and digital technologies. The EIF endorsed an investment in Europe's first venture capital fund dedicated to paediatrics, aimed at transforming research from children's hospitals and academic institutions into new therapies.

Other approved projects include affordable housing in Germany, a hospital in the Netherlands, wind energy in Germany and Portugal, water infrastructure in Italy and Lithuania, and sustainable transport in Poland.

Beyond Europe, the EIF approved financing to unlock over €200 million for small and medium-sized enterprises in Ukraine, while the EIB endorsed projects supporting Africa's private sector, water projects in Brazil, hospitals and energy networks in Serbia, and geothermal energy in Iceland.

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