Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
According to a June 2024 European Investment Bank (EIB) press release on Team Europe support for the ELMED project, in December 2023 the EBRD, EIB and KfW signed loan agreements worth €125 million to finance the ELMED underwater cable, complementing an earlier World Bank loan and a substantial EU CEF grant. These loan signings completed the main financing package for ELMED and effectively mark financial close, which had originally been targeted for 2022.