The European Investment Bank (EIB) and the Walloon Region signed a memorandum of understanding aimed to make it easier for the EIB and Wallonia to work together on hydrogen-related projects.
These contains Walloon projects that may be qualified for help, advice, and finance from the EIB. Typically, loans from the EIB pay for up to 50% of a project’s expenses. The EIB and Wallonia’s already strong ties are strengthened by this agreement.
“Hydrogen is a significant resource for the energy transition and is a key driver of medium and long-term climate policy,” the Walloon ministers claimed. Wallonia wants to be a significant participant in Europe when it comes to utilising hydrogen’s potential. Because of this, the area has looked for several hydrogen-related projects and initiatives, most of which are funded under its recovery plan.
By supporting a variety of projects, Wallonia had advanced the hydrogen industry before signing the deal with the EIB.
IPCEI projects (important projects of common European interest) have already received support from the Walloon Region through the recovery plan for Europe in the amount of €88 million due to their status as an emerging sector that requires significant financial support — the reason for the partnership with the EIB. The financed projects will promote Wallonia as a hydrogen hub in both Europe and the rest of the world.