"The EIB agreed to allocate 1,500 million euros (almost 1,657 million dollars) of new funding to support renewable energy and energy efficiency projects worldwide," the entity said in a statement.
The projects include new wind turbines in Austria and Lebanon, 15 new solar power plants in Spain, as well as participation in small climate action and renewable energy projects in France, Kazakhstan, the South Caucasus, Latin America and Africa.
"The EIB board also approved new investments in energy networks to expand the load of electric vehicles in Estonia, the provision of smart meters in Ireland and more efficient street lighting in Italy," the bank said in its statement.
The 1.5 billion euros that the bank will invest in the development of green energy are part of a large financing project of 6.9 billion euros approved by the EIB on November 14.
The bank also plans to allocate funds to the development of internet services and mobile telecommunications, as well as corporate innovation and business support.