The EIB Group put in place a multifaceted response to help the economy withstand the coronavirus pandemic: it repurposed part of its resources, applied temporary measures to act quickly, and set up a dedicated initiative — the Pan-European Guarantee Fund (EGF).
This rapid assessment found that the Group’s immediate response was set up in a quick and agile manner. It helped address the liquidity pressure faced by its clients. However, more flexibility would have been needed in its partial extension. As regards the EGF, delays have reduced its relevance as an emergency tool, but it remains relevant to help firms develop in the medium to long-term.
Going forward, the EIB should consider establishing a crisis mechanism to address future emergency needs faster, and should assess the feasibility of scaling up its subordinated support to small firms.