Brussels, 02/07/2012 (Agence Europe) - Following the European summit on Thursday and Friday, the European Investment Bank (EIB) issued a press release stating that its shareholders, the 27 EU member states, have recommended that fully liberated capital be increased by €10 billion.
This new increase in fully-liberated capital will enable the EIB to raise up to €60 billion for new long-term loans for economically viable projects in the European Union over the next few years, it explains in a press release. The new lending will focus on four areas where funding is difficult to come by and EIB intervention should be able to allow further funding to be drummed up from the private sector to stimulate growth and job creation. The new loans will be used to finance innovation and skills, small businesses, clean energy and modern infrastructure across the EU, and will centre on regions and parts of the economy where investment can be brought on line rapidly and be combined with EU funding. The new loans will supplement the €50bn already made by the EIB each year. (OL/transl.fl)