The European Investment Bank (EIB) has approved a total of EUR 670 million (USD 759.6m) of financing aimed at supporting the development of renewable energy in Europe, Africa and Asia, the lender said Tuesday.

The EIB-backed financing will support the increased use of solar power by households and small enterprises in Africa and Asia, in addition to large-scale renewable energy and energy efficiency projects across Africa.

The EIB also approved financing the construction of 500 rooftop solar systems on schools managed by the Palestinian Authority.

The investments in renewable energy initiatives are a part of the lender’s programme that saw EUR 4.8 billion of new financing approved for the private sector, sustainable transport, housing, urban and water infrastructure and higher education.