In June this year, the European Investment Bank hosted two working groups of the Vienna Initiative.
On June 14th, the third meeting of the ‘Vienna Initiative Working Group on IFI instruments supporting investment’ took place from 10:00 to 17:00 at the EIB’s headquarters in Luxembourg.
The following day, on June 15th, the first meeting of the ‘Vienna Initiative Working Group on Financing for Innovation’ was held in Luxembourg.
The Vienna Initiative Working Group on IFI financial products aims at identifying the markets gaps and policy priority areas for investment in CESEE that are best served by financial products offered by IFIs. While investment in CESEE has exceeded average EU levels over the last decade, it has mostly been below the levels required for economic convergence with persistent gaps in stock of capital. One of the main objectives of this working group is to support the development of appropriate combinations of instruments to meet investment needs of the CESEE region, with an emphasis on sustainability through including local funding / investment as part of, or in parallel to, the IFI funding instruments.
The Vienna Initiative Working Group on Financing for Innovation gathers some 40 experts from major International Financial Institutions (IFIs) and representatives of both public and private institutions from countries in Central Eastern and South-eastern Europe (CESEE). Its main goal is to examine ways to improve financing conditions and options on offer for innovative firms in this region. Investment in innovation in CESEE has been much lower than elsewhere in the EU as local economies are dominated by small firms, which often lack dynamism, innovation and growth potential. In an effort to explore how banks and non-banks can engage more effectively in supporting innovative firms, beyond lending under credit guarantee facilities, this working group tries to find ways to strengthen the cooperation amongst IFIs, banks and alternative providers of financing for innovative firms, such as venture capital and private equity firms.
Below you can find the agendas of the respective events.
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