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The programme is a continuation of the first €400 million agriculture and bioeconomy programme loan that was launched in 2018 and is nearly fully committed. The first programme loan generated significant interest in the market with a number of projects originated with corporate and cooperative counterparties in several EU countries (e.g. France, Poland, Ireland, Italy and Latvia).
EIB Vice-President responsible for bioeconomy, Andrew McDowell: “Since the coronavirus pandemic reached Europe the EIB has been fully mobilised with the European Commission to deploy a support plan for the hardest hit SMEs, including those in the agri-food sector. Nevertheless, the EIB's long-term financing of the sector continues in parallel, with a focus on innovation, climate action, environmental sustainability and rural development. The first €400 million of the agriculture programme loan has already supported 10 transformational investments for European agriculture that have also strengthened rural communities. With this second financing, we are providing an additional €700 million to build on this success and meet market demand.”
European Commissioner for Agriculture Janusz Wojciechowski said: “The coronavirus pandemic affects every single one of us and every single sector. In this dramatic context, I warmly welcome this second step in EIB’s strategy under the Investment Plan to finance measures deploying a support plan for the AGRI-food sector. I am strongly convinced that, this will be a very important and useful instrument in helping the sector remain robust and resilient to overcome the crisis.”