On Tuesday 31 July, the European Investment Bank (EIB) announced it had signed two financing agreements that should make it possible to raise the sum of €700 million for Greek and Spanish SMEs, with the support of the European Fund for Strategic Investment (EFSI), the financial arm of the Juncker Plan.
The EIB and the national bank of Greece (BNG) have therefore committed to financing to the tune of €200 million through private placing of covered bonds. In addition, the EIB and Banco Santander have made up a portfolio for corporate lending worth €250 million, to raise funding of around €500 million.
This is a further example of how “financial instruments guaranteed by the EU help to attract private investment for contractors and their projects, boosting local employment rates”, said the vice-president of the European Commission for employment and growth.
The Commission thus points out that the EFSI has made it possible to mobilise €335 billion in investment since it was launched in July 2015, exceeding the initial target of €315 billion.
Recently, the institution presented a new regulation establishing InvestEU, the programme that will take over from the EFSI for the period 2021-2027, and which should allow over €650 billion to be generated thanks to a €38 billion guarantee (see EUROPE 12035). (Original version in French by Pascal Hansens)