EIB backs creation of €25bn COVID-19 guarantee fund
The Board of Directors of the European Investment Bank have backed the creation of a €25 billion European COVID-19 guarantee fund. The fund will enable the EIB Group to scale up its support for European companies up to an additional €200 billion – with a focus on small and medium-sized enerprises.
The guarantee fund envisages a contribution from all 27 EU Member States and will also be open to contributions by third parties, for example from the EU budget. It will be established under the EIB’s structure of Partnership Platform for Funds and will be formally established as soon as Member States accounting for at least 60% of EIB capital have made the necessary commitments.
The European COVID-19 guarantee fund will be implemented by the EIB and the EIF, the group’s subsidiary specialised in funding small and medium-sized enterprises.
