In Pictures: EIB supports construction of high-performance power station in Poland
“Lending for growth and jobs has been a key mission of the EIB since its inception in 1958 as a public bank of the EU, making it wellplaced to take the lead in the action plan.” the EUR30 billion in long-term loans pledged by the three financiers for 2013-2014 to support SMEs; renewable energy and energy efficiency; large infrastructure project; research and innovation; and the knowledge economy.
Our presence also gives confidence to other investors – indeed, in the midst of the economic downturn, a number of important projects would not have reached financial close without participation of the EIB or fellow public banks.
Initial results show that we are fully on track meeting this target. A number of global loans for SMEs was signed recently with partner banks in Bosnia-Herzegovina, FYROM, Bulgaria, Latvia and other countries covered by the initiative; railways and motorways are being built and refurbished across the region with the help of EIB funds; almost EUR1 billion has been provided for R&D activities in Polish research institutes, universities and business enterprises.
The policy choices made during the current crisis will have an impact on the economy for years to come. And we can say that our institutions have coped well under extremely difficult operational circumstances. Calls for a multilateral response have not fallen on deaf ears, as illustrated by the various synergies and coordinated actions in the region. We have played a counter-cyclical role, complementing national support packages and granting access to attractively priced loans in countries with insufficient resources to stimulate their economies and offer social protection to their people. i
The value of the participation of our institutions lies not only in the provision of large volumes of competitively priced senior debt at long tenors.
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CFI.co | Capital Finance International
ABOUT THE AUTHOR Wilhelm Molterer is a Vice-President and Member of the Management Committee of the European Investment Bank. Among other responsibilities, he oversees lending to Germany and Austria, the Eastern Partnership countries and EU cohesion. He also is the EIB’s Governor to the EBRD. Mr Molterer took up his duties at the EIB in 2011 after a long career in Austrian politics which included the posts of Vice-Chancellor and Federal Minister of Finance (2007-2008); Federal Minister of Agriculture, Forestry, Environment and Water Management (1994-2003); and two decades as Member of Parliament.