€1.5 billion of new financing approved by the European Investment Bank (EIB) today will strengthen support for global distribution of COVID-19 vaccines through the Covax initiative, improve green energy generation and distribution, bring investment to cities, health, education, and water, and enhance access to finance by business.
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Werner Hoyer, President of the European Investment Bank announced today an emergency EUR 250,000 donation from the EU Bank`s own funds to India in response to the escalating COVID-19 crisis. The donation will go to Unicef Luxembourg, Red Cross International and Malteser International to acquire life-saving equipment in particular to improve access to oxygen including oxygen generation plants as well as the procurement of oxygen cylinders urgently needed across India.
The European Guarantee Fund (EGF), part of the €540 billion EU recovery package agreed in 2020, has approved funding amounting to almost half its target for 2021. After clearance under the EU state aid notification process in December 2020, the initiative has now approved €11.7 billion in support of European businesses struggling with the economic fallout of the COVID-19 pandemic. This is almost half the fund’s target for 2021. The fund mobilises additional financing, and initiatives financed so far are expected to generate €93.9 billion in funding for the EU economy. With €2.1 billion in financing also signed at the end of April, EGF funding is already reaching businesses across the European Union.