EIB Group contributes € 5.2 billion to EU response to COVID-19 outside European Union

The European Investment Bank Group, the bank of the European Union, announced details of a comprehensive response to the coronavirus pandemic outside the EU that will provide up to € 5.2 billion in the coming months.

This financing is part of the Team Europe response and supported by guarantees from the EU budget. It will both strengthen urgent health investment and accelerate long-standing support for private sector investment that reflects financing needs in more than 100 countries around the world.

The immediate fast-tracked support will help to sustain jobs and livelihoods in sectors most threatened by the economic and social impact of the coronavirus and will be followed by additional long-term health and business financing as needed.

“The COVID-19 pandemic is already hitting many countries and will have profound economic consequences around the world. Many people will lose their jobs and livelihoods. Especially in vulnerable countries this crisis will destroy entrepreneurial networks and exacerbate existing debt distress. We urgently need to show that Europe is there for our partners when they need us. As part of Team Europe, the EU Bank will in the coming weeks identify and support new health and business investment outside the European Union. We will work in close partnership with the European Commission, EU member states, European development finance institutions and other multilateral financial institutions to ensure that public and private partners can better access finance essential to cope with the pandemic shock”, said Werner Hoyer, President of the European Investment Bank.

This rapid response will be adapted to reflect the specific sector needs and new local challenges as the impact of the coronavirus continues to develop. The EIB will also provide technical assistance and share sector expertise to strengthen and enhance the impact of new investment.

Fast-track financing will be available for countries where the EIB already operates. The initiative has been designed so that EIB financing can be supported by additional backing from international and European development finance partners.

Original source: EIB
Published on 08 April 2020