EIB board approves EUR 4.8 billion lending to SME’s and welcomes engagement with civil society

The Board of the European Investment Bank meeting this week approved EUR 4.8 billion of new loans to support investment by small and medium sized businesses (SMEs) and mid-cap companies across Europe. Board members also discussed the EIB’s expected role managing the European Fund for Strategic Investments to be implemented under the EU’s Investment Plan for Europe and to be discussed by the EIB’s Board of Governors, Europe’s finance ministers, at an extraordinary meeting on 17^th February.

The 3 February meeting of the Board welcomed the valuable discussions held recently with a broad spectrum of civil society representatives on a range of issues, including updating the EU Bank’s transparency policy.

The EIB’s Board of Directors approved loans for investment in Europe totaling EUR 5.8 billion. This includes EUR 295 million for strategic infrastructure, EUR 224 million for resource efficiency and EUR 562 million for knowledge economy and research investment. Corporate investment by SMEs and mid-cap companies will benefit from new loans totaling 4.8 billion to be managed by local banks and financial institutions. This includes a EUR 3 billion loan to support investment by SME and mid-cap companies in a number of EU countries.

Loans were approved in support of investment in new roads in Slovenia, in port infrastructure in Turkey and for energy investment in Armenia, as well as supporting a private equity fund working to improve access to electricity in Africa.

The EIB’s Board of Directors comprises representatives of all 28 EU Member States, which are the shareholders of the bank, and the European Commission. Loan approvals by the board represent an important milestone prior to final negotiation, where loan amounts may change.