Apple, 1st brand to break $1t threshold    EGX closes in green notes on June 12    Egypt's President Al-Sisi, Equatorial Guinea's Vice President discuss bilateral cooperation, regional Issues    Egypt aims to cut debt service by 30%, lower debt-to-GDP ratio to 80%: Maait    European automakers shares skid on 'fear of retaliation' from EU tariffs on China EVs    EFG Hermes advises on Saudi Aramco's $11bn secondary offering, EMEA's largest since 2019    Egypt's Higher Education Minister pledges deeper cooperation with BRICS at Kazan Summit    BRICS power emissions hit a record high in Q1    European stocks gain as investors await US inflation, Fed decision    US to widen sanctions on semiconductor sales to Russia    Gaza death toll rises to 37,164, injuries hit 84,832 amid ongoing Israeli attacks    New Development Bank pledges support for Egypt's development goals    Egypt's Water Research, Space Agencies join forces to tackle water challenges    Egypt hosts first New Development Bank international forum in New Administrative Capital    Egypt supports development of continental dialogue platform for innovative health sector financing in Africa: Finance Minister    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EIB to create €25bn pan-European fund supporting European economy
EIB Group's coronavirus response will support financing of up to 1.5% of Europe's GDP
Shaimaa Al Aees Published in Daily News Egypt on 04 - 04 - 2020

The European Investment Bank (EIB) will create a €25bn guarantee fund to support companies across the European Union (EU) in the face of the ongoing coronavirus (COVID-19) pandemic. In a decision by the bank's Board of Directors, the new fund will enable the EIB to scale up its support for companies in all 27 EU Member States by an additional €200bn.
This comes on top of an immediate support package of up to €40bn announced in March. The Board prepared the proposal for the guarantee fund for discussion by the group on 7 April.
The pan-European guarantee fund would serve as a protective shield for European firms facing liquidity shortages.
Building on the EIB Group's existing guarantee programmes, the funds could be deployed within a very short time. The scheme would be implemented by the EIB and the European Investment Fund (EIF), which form the EIB Group, in close partnership with national promotional banks, the European Commission and other financial partners. It would create a level playing field for small and medium-sized companies in all Member States.
The Board also approved a multi-beneficiary intermediated loan (MBIL) of €5bn covering all EU Member States. The move comes as part of its emergency response package, which aims to rapidly mobilise financing for SMEs and Midcaps in the coming weeks up to €40bn.
The EIB Group is using existing financial instruments shared with the European Commission, notably the InnovFin Infectious Disease Finance Facility, to finance projects fighting the spread of the coronavirus. These projects are also working towards finding a cure and developing a vaccine.
The EIB Group will also support emergency measures to finance urgent infrastructure improvements and equipment needs in the health sector, using existing framework loans or undisbursed amounts from existing health projects. The EIB Group's current pipeline of projects in the health sector amounts to around €5bn.
Debora Revoltella, the EIB's Chief Economist, said," It is becoming clear that the world economy is facing an unprecedented shock, which calls for a swift and ambitious response. At the EU level, we have seen member states reacting, with fiscal and guarantee measures ranging from 1% to more than 20% of national GDPs."

Clic here to read the story from its source.