Brussels, 07/05/2014 (Agence Europe) - On Tuesday 6 May, the Ecofin Council enshrined the inter-institutional agreement on increasing the European Investment Fund (EIF)'s capital in order to allow it to increase lending to the European economy (see EUROPE 11039).
The European Union will subscribe to an additional 450 shares of €1 million each, to be purchased over a four-year period starting this year. From 2014 to 2017 inclusive, the EU budget will provide €178 million a year to cover subscription costs.
Founded in 1994, the European Investment Fund (EIF) is used to stimulate sustained and balanced economic growth within the EU. It currently has a capital of €3 billion, divided into 3,000 shares of €1 million each, 20% of which is paid-in. The EU is currently subscribed to 900 shares for a nominal value of €900 million, of which €180 million is paid-in. (MB)