BNP Paribas has signed an agreement with the European Investment Bank (EIB) to support wind energy projects across the European Union, which could generate up to 8 billion euros ($8.31 billion) in investments,

The agreement is part of a €5bn initiative announced by the EIB in support of the European wind power package.

The European Investment Bank will allocate EUR 2 billion to Ukraine for recovery projects under the Ukraine Facility.This is indicated in a statement by the

BNP Paribas SA and the European Investment Bank are partnering to create a €1 billion ($1 billion) portfolio of bank guarantees designed to back investments in EU wind farms.