Bilateral DFIs and EIB launch €280m COVID-19 support scheme
Eleven members of the Association of European Development Finance Institutions (EDFI) are strengthening cooperation with the European Investment Bank to create a new dedicated €280 million COVID-19 financing initiative.
The initiative, through the existing European Financing Partners scheme, will support financial institutions and businesses in developing countries and ensure continued business investment.
It will enable EDFI members and the EIB to scale up support for businesses in developing and emerging markets and assist local financial partners most impacted by COVID-19. The initiative will start operations this month with an initial amount of €280 million.
The members taking part are BIO (Belgium), COFIDES (Spain), KfW-DEG (Germany), Finnfund (Finland), FMO (Netherlands), IFU (Denmark), Norfund (Norway), OeEB (Austria), Proparco (France), SIFEM (Switzerland), and Swedfund (Sweden).
Since its launch in 2003, European Financing Partners has enabled large-scale investment in developing countries to be supported while reducing the risk faced by individual development finance institutions.
The partnership between development finance partners and the EIB has supported sustainable private sector investment in 43 projects, with a total value of €590 million across countries included in the OECD DAC list.
