Brussels, 21/06/2012 (Agence Europe) - The president of the European Commission, José Manuel Barroso, and the president of the European Investment Bank (EIB),Werner Hoyer, called on Thursday 21 June for the EIB to get €10 billion extra capital.
This capital increase would allow the EU's financial arm to lend €60bn over three years and, by leveraging, would enable €180bn to become available for investment projects in key areas of the economy in Europe, explained the two politicians in letters to the European leaders. In a press release, Barroso said that in order to restore economic growth in Europe, reforms and targeted investment would be required and increasing the EIB's capital by €10 billion could lead to investment worth 18 times as much. He hoped that this key idea for boosting economic growth and jobs would receive the report of the member states at this important time for the European economy. The question will be discussed by the European Council on 28-29 June, where heads of state will discuss the EIB's contribution, through the €10bn capital increase, to stimulating growth in the economy, and no significant objections are expected to be raised. If agreed upon, this capital increase would be provided by the EU27 in proportion to their proportion of EU wealth. The four richest countries -Germany, France, Italy and the United Kingdom - will provide up to 17% of the increase. (LC/transl.fl)