The European Investment Bank on 15th May approved EUR 3.4 billion of new financing to support companies most affected by the COVID-19 pandemic and priority public health projects, alongside energy, transport, water and education projects across Europe and around the world.
- EUR 880 million for COVID-19 business resilience and public health
- EUR 1.2 billon for private sector and corporate research and development investment
- Investment program for the artificial intelligence sector across Europe
Meeting by video conference, the EIB Board agreed support for COVID-19 investment by the Madrid regional government and financing for vaccine development and manufacturing
“The economic damage caused by the COVID-19 crisis is becoming more and more evident. The EIB has moved quickly to provide finance for regions and companies most hit by the pandemic, while continuing long-term investment into research and development, renewable energy and sustainable growth. Today we agreed financing for public and private sector projects across Europe and around the world that will create jobs, allow companies to overcome the challenges brought by the crisis, and improve public health and education”, said Werner Hoyer, President of the European Investment Bank.
EUR 880 million for COVID-19 business resilience, research and public health
The Board backed EUR 600 million of financing to help the Madrid regional government tackle the social impact of COVID-19 and back investment in hospitals, public health and care for the elderly.
The EIB also approved EUR 100m in new equity support for COVID-19 vaccine development and manufacturing.
A EUR 100 million guarantee scheme confirmed today will ensure that investment by companies in Belgium most impacted by economic shocks related to COVID-19 can continue.
EUR 1.2 billion for artificial intelligence, corporate innovation and business investment
Development of artificial intelligence across Europe will benefit from new EIB and EIF backing for the sector following approval of EUR 150 million EIB support. This will build a diversified portfolio of minority stakes in companies with a core Artificial Intelligence technology focus and develop European competent in the sector by backing early stage companies.
The new initiative follows recent publication of a White Paper on Artificial Intelligence by the European Commission and previous support for Artificial Intelligence using the EIB’s venture debt product.
Further development of Artificial Intelligence is recognised as key to the fight against COVID-19, including managing the outbreak, allowing for fast diagnostic and accelerating substantially the development of drugs and vaccines.
The EIB is supporting new corporate research and development financing for projects in Denmark, France, Germany, the Netherlands, Spain and Sweden, backed leasing finance schemes in Italy and SME credit lines in Spain.
The EIB also confirmed support for innovation investment by the Ukrainian postal service.
Renewable energy and sustainable transport
The EIB is helping to expand the supply of clean energy in Spain with support for a new 487 MW wind farm and to facilitate the use of electric vehicles in Italy through a EUR 200 million scheme to increase the number of charging stations.
The EIB further intends to provide financing to cut congestion around the Polish cities of Gdansk, Sopot and Gdynia.
Enhancing education opportunities
Higher education at Institutes of Technology across Ireland will be strengthened under a new Public Private Partnership (PPP) investment programme and students at schools in Serbia are set to benefit from EUR 70 million EIB support for a new digital education programme agreed on 15th May.
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