The EIB has signed four loans totalling EUR 110m in Serbia with the Serbian banking and leasing subsidiaries of Intesa Sanpaolo and Société Générale. These loans will support projects by small and medium-sized enterprises (SMEs) and infrastructure schemes by local authorities. They are the initial tranches of a total of EUR 190m in credit lines already approved by the EIB to support the Serbian economy together with the two banking groups.
Today at the Paris InfraWeek event, the EIB and Société du Grand Paris announced a second financing agreement worth EUR 1bn for the financing of Line 15 South of the Grand Paris Express. This brings the EIB’s total support for the project so far to EUR 2bn given that an initial EUR 1bn contract was signed in 2016. The new finance contract was signed by EIB Vice-President Ambroise Fayolle and Chairman of the Executive Board of Société du Grand Paris, Philippe Yvin, in the presence of Bruno Le Maire, Minister of the Economy and Finance.
Today in Washington D.C., at a key debate on how to improve the functioning of the Eurozone and Europe’s economy as a whole, EIB President Werner Hoyer stressed the importance of investment in infrastructure and for a particular focus on creating the right conditions for young and innovative firms to thrive in Europe. He also said that the possibility of a new future relationship between the European Stability Mechanism and the EIB should be given “serious thought”.
Better coordination of the work of Multilateral Development Banks could have a significant impact on the millions of people around the world affected by the migration and forced displacement challenge. This is the thinking behind a new proposal debated today by leaders of world's multilateral development banks in Washington at the IMF/World Bank Group annual meetings.
Global challenges like development and migration can only be tackled efficiently when Multilateral Development Banks (MDB) work together even more closely, EIB President Werner Hoyer stressed at the World Bank/IMF Annual Meetings in Washington on Friday. “We are strong believers at the EIB in multilateralism and co-operative structures”, the President of the European Investment Bank said in a panel discussion with heads of other leading MDBs at the World Bank headquarters. “The EIB is open to close collaboration with other MDBs.”
How can National Development Banks (NDBs) and Multilateral Development Banks (MDBs) mobilise more private sector funding to reach the Sustainable Development Goals? According to EIB Vice-President Ambroise Fayolle, “We have to find more innovative ways of working together, and enhance trust among ourselves in the appraisal process.”
The EIB and the Republic of Uzbekistan signed today in Washington a framework agreement establishing the legal basis for the EIB's activities in Uzbekistan, including the provision of finance and technical assistance. The EU bank can now support public and private sector projects in the areas of infrastructure, energy and energy efficiency and assist SMEs in the country. The Republic of Uzbekistan is the fourth state in Central Asia to establish a partnership with the EIB. Similar agreements have been signed with Kazakhstan, the Kyrgyz Republic and Tajikistan, which have already resulted in more than EUR 700 million of financing.
Mecachrome Aeronáutica has inaugurated today in Évora (Portugal) its new plant for manufacturing titanium parts for aircraft engines. The EIB has financed the investments by the Mecachrome group with a EUR 40 million loan aimed at supporting the modernisation and expansion of its production capacities for advanced aero engine and aerostructure components at its factories in France and Portugal. Part of the project scope is in particular focused on the new factory inaugurated today in Portugal. The operation is guaranteed by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe, the Juncker Plan.
On Thursday, in the margins of the 2017 World Bank/IMF Annual Meetings in Washington DC, EIB Vice-President responsible for China and climate, Jonathan Taylor joined a group of representatives from the world of business, policy and finance to ask: how can we make sure China's Belt and Road Initiative produces real and lasting benefits for developing countries that are involved?
The EIB will support private equity investment across Ethiopia though support for the new USD 100m Cepheus Growth Capital Fund. The EIB’s USD 10 million participation represents the first backing for an Ethiopia focused fund and one of the first engagements with a single country private equity fund in Africa by Europe’s long-term lending institution.