A record number of UK infrastructure projects were supported in 2016 by the European Investment Bank (EIB) with over £5.5 billion provided over the year.

While the investment was slightly down on the £5.6bn of the previous year, the number of projects supported was a record.

The money included the bank’s largest-ever support for social housing investment across the UK and backing for major education, transport, water and energy projects

New investment by housing associations across the country to build and improve social housing was supported by more than £1.3bn of long-term European Investment Bank loans agreed in 2016. The EIB is currently finalising new support for social housing in Scotland and London.

When signed last year, the £280m EIB loan to University College London Bank to develop the Bloomsbury and UCL East campuses and £200m EIB financing to strengthen Edinburgh’s reputation as a global leader in education and research represented the largest ever EIB support for investment by European universities.

New EIB support for renewable energy related investment it the UK last year included £500m to reinforce electricity transmission in northern Scotland to improve connections between wind, wave and tidal renewable energy schemes and the national power network. Another £525m was also provided to support construction of the Beatrice windfarm off the Caithness coast that represents the single largest support ever for investment in an offshore wind project by the EIB.

The EIB is directly owned by the 28 European Union member states, including a 16 per cent share held by the UK government.

Jonathan Taylor, European Investment Bank Vice President, said: “Last year the European Investment Bank’s support for crucial investment across the UK helped to improve essential services, enhance key infrastructure and unlock economic opportunities across the country.

“This included record financing for social housing investment in any European country, and the largest ever loans to universities. These will strengthen world class research and innovation at universities in Oxford, Edinburgh, Swansea, Bangor, Newcastle and UCL. More UK households will get green energy following the single largest ever EIB support for investment in offshore wind, and London commuters will benefit from new trains.”

Since 1973 the EIB has provided more than £100bn for investment to improve public services, key infrastructure and unlock new opportunities for companies across the country.