EIB Group offers €40bn to European companies under strain from pandemic

European Investment Bank Group (EIBG) has proposed measures to be taken in cooperation with the European Commission and national partners in support of European companies, health expenditure, and the EU economy as a whole.

"Covid-19 is exacting a tragic toll in human suffering across Europe and the world. The Bank, and I personally, are close to the people hit by the contagion. The pandemic is also having a devastating economic impact which is already showing," said EIB President Werner Hoyer.

The EIB Group has proposed a plan to mobilize up to €40 billion of financing. This will go towards bridging loans credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps. The EIB Group, including the European Investment Fund (EIF) which specializes in support for SMEs, will work through financial intermediaries in the Member States and in partnership with national promotional banks.

(WBJ)