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EIB: 300 million allocated for the ecosystem of Inner Mongolia

June 28, 2020


Abstract : The board of the institute based in Luxemburg has approved a financing addressed to the fight against desertification. The operation will allocate resources for reforestation projects in the Horquin desert, Tongliao city. They are 130,000 hectares of land overall.

MILAN, June 26 (Class Editori) - The European Investment Bank gives its contribution to the safeguard of the ecosystem in China. The board of the institute based in Luxemburg has approved a financing worth €300 million addressed to the fight against desertification in Inner Mongolia. The operation will allocate resources for reforestation projects in the Horquin desert, Tongliao city. They are 130,000 hectares of land overall, which will be safeguarded through interventions amounting at €658 million, to be carried out until 2024. The aim of the operation is to mitigate the effects of climate changes and support rural areas. The project is part of the European strategy addressed to the People’s Republic - which provides for collaboration in the fight against climate changes - and of the Agenda 2020 related to the EU-China cooperation.

These themes were also discussed during the summit among Chinese-European leaders, which was held on last June 22; on that occasion, Brussels underlined its concerns towards China, by defining bilateral relationships as essential, but difficult. “EU-China relationships have been developing in recent years. Our economic interdependence is high and we must work together on global challenges such as climate action, the achievement of sustainable development goals or the COVID-19 pandemic”, as Charles Michel- the President of the European Council- has underlined, who is convinced that involving China and collaborating with Beijing “is both an opportunity and a need” but, at the same time, it would be necessary to recognize the difference in values, political systems and approaches to multilateralism.

It is not the first operation of this kind for EIB. At the end of December, the institute allocated 200 million for forests’ protection in the Yangtze basin; a 40 million loan addressed to reforestation projects in Anhui dates back to 2017 as well as another 50 million loan, which has been given for similar initiatives concerning more than 3,000 hectares of land in Shaanxi.

The loans are included in the new strategy of the European Investment Bank aiming at establishing itself as the real European green bank at an international level.

(Source: Class Editori)

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Keyword: EIB

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