EU Finance Ministers welcome rapid EIB response to COVID-19 crisis
9 June 2020
EIB highlighted as key to mitigating economic and social impact of COVID
President Hoyer confirms COVID response and climate action priorities for year ahead
Slovakian Finance Minister Eduard Heger to be new chair of EIB Board of Governors
European finance ministers today welcomed the European Investment Bank’s EUR 240 billion rapid response to mitigate the impact of the COVID-19 crisis across Europe and around the world.
EIB COVID-19 response strengthening business resilience, research and public health
At the Annual Meeting of the EIB Board of Governors, meeting for the first time by video conference, finance ministers highlighted the significant impact of the EU Bank’s immediate response to mobilise EUR 40 billion of new investment since the start of the COVID-19 crisis and recent agreement to mobilise EUR 200 billion through the new pan-European Guarantee Fund identified as crucial for reducing the economic impact of the pandemic.
Finance Ministers further highlighted the key contribution of accelerated support for public health infrastructure and vaccine development, and strengthened engagement to provide EUR 5.2 billion of new support for priority investment by global partners at this time of need as part of Team Europe’s response.
“As the EU bank, the EIB invests in Europe’s future. We are committed to mitigating against the economic fallout caused by the COVID-19 pandemic both inside and outside the Union, while remaining steadfast in delivering climate action and ensuring a more sustainable future in Europe and our 160 countries of operation around the world. The firm backing of Europe’s finance ministers today is testament to the strong results of the bank over the past year, and this support remains the cornerstone of the bank’s future success,” said Werner Hoyer, President of the European Investment Bank.
The Board of Governors discussed developments affecting the EIB over the last year and key strategic issues for the EU Bank’s future engagement including Brexit, best-banking practice and scaling up investment under the new EU budget, including Invest EU.
New chair of Board of Governors
The European investment Bank Board of Governors comprises the 27 European Union finance ministers and was chaired by Slovenian Finance Minister Andrej Šircelj.
For the next 12 months the Board of Governors will be chaired by Eduard Heger, Minister of Finance of the Republic of Slovakia.
“The European Investment Bank Group plays a unique role supporting long-term investment that improves lives and opportunities across Europe and around the world. It is an honour to be the new Chairman of the EIB Board of Governors and I look forward to working with fellow finance ministers and the EIB to ensure that the EU Bank’s financial strength and technical expertise support Europe at this time of need.” said Eduard Heger, Minister of Finance of the Republic of Slovakia.
“My colleagues and I are grateful for the close contribution of Finance Minister Andrej Šircelj during the last 12 months and we look forward to working closely with Minister Eduard Heger over the coming year.” added President Hoyer.
The Luxembourg based European Investment Bank is the world’s largest international public bank and last year the European Investment Bank Group provided EUR 72.2 billion of new financing that supported EUR 280 billion of new investment in 1095 projects across Europe and around the world.
La confiance de la BEI renouvelée avec 75 millions d’euros d’investissements. RGREEN INVEST, société de gestion française dédiée au investissement et au financement de projets d’infrastructures liés à la transition énergétique et l'adaptation aux changements climatiques, annonce ce jour le 3ème closing de sa stratégie INFRAGREEN IV. Le fonds, dont le montant total est porté à 480 millions d’euros, est sur le point d’atteindre son objectif de taille de 500 millions d’euros.
Together with the Latvian Ministry of Economy, in mid-March Altum launched a EUR 200m Covid-19 Working Capital Loan Programme, a support mechanism for Latvian businesses impacted by the Covid-19 crisis. To expand the capabilities of this programme to safeguard Latvian businesses and jobs, in July the European Investment Bank lent ALTUM €80 million in Covid-related financing. The Government of the Republic of Latvia provided additional €50 million. So far, the European financing has helped ALTUM to support 475 Latvian companies, thus making sure that more than 1580 people’s jobs were safeguarded.
The EIB and the Instituição Financeira de Desenvolvimento (IFD) have joined forces to finance a €400 million investment programme aimed at upgrading infrastructure for long-term and elderly care across Portugal, involving approximately 150 projects. The funds will be channelled to third-sector entities already providing services for the elderly in Portugal, in particular in the fields of health, accommodation and social support.