The European Investment Bank (EIB)is ahead of schedule to deliver €180 billion of loans to increase investment.
“We will reach our goal of EUR 180 billion of additional investment across Europe during March 2015, around nine months earlier than anticipated,"said Werner Hoyer, President of the EIB.
The member states agreed in 2012 to increase the amount paid in by €10 billion, giving the bank a 40% increase in lending capacity until 2015. The aim was to assist business and especially smaller enterprises to access loans that the major banks were unwilling to fund.
The EIB say their interventions have had a real effect. "In 2014 our reinforced engagement made a real difference to people’s lives in Europe and beyond. Our funding sustained millions of jobs and helped build transport and digital connections, water and electricity networks, schools, hospitals, and social housing," said the EIB President.
He continued, "It has helped increase the generation of sustainable energy, and enabled small and medium-sized companies to invest and remain competitive. Financial support and technical expertise provided by the EU Bank has helped hundreds of projects including those that would have otherwise been delayed or never got off the ground.”
The EIB is also proud of its support to Small and Medium Sized enterprises (SME). Bank President,Werner Hoyer said, "“In Europe, our SME support remained our largest policy contribution, amounting to €25.5 billion. This is the highest amount ever for the EU Bank."
He added, "Our SME lending helped create and preserve 3.9 million jobs globally by supporting 290 000 businesses.”
A key object of the bank is to reduce youth unemployment and increase skills through it's programme, 'Skills and Jobs - Investing in Youth.'
The EIB has loaned €13 billion in projects designed to generating jobs and boosting skills.
The bank is also active in other areas, such as €19.1 billion for Climate Action, €20.6 billion for strategic infrastructure and €14.7 on innovation and skills.
President Hoyer said,“I am very proud that we again exceeded our pledges. This demonstrates our strong commitment to complement Europe’s fight against youth unemployment.”
Pledging to support the Investment Plan for Europe, the 'big idea' of the Juncker Commission, Hoyer welcomed the creation of the European Fund for Strategic Investments, which will be set up within the EIB.Its mission is to support and deliver viable projects which provide significant sustainable economic benefits, taking on higher risk where appropriate
Hoyer said, "The initiative marks a very important paradigm shift in the use of limited public funds, away from grants and subsidies towards loans and guarantees in order to leverage private capital and multiply the effect of the initial funding.”
Spain received the largest total of loans, €11.9 billion followed by Italy (€8.2bn), Germany (€7.7bn) and the UK (€7bn).
Greece got €1.6 billion of the new lending, Portugal €1.3 billion and Ireland received just under a billion, €932 million.
http://www.neurope.eu/article/european-investment-bank-awards-loans-%E2%82%AC77bn