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EIB issues €12bn in financial support for refugees and infrastructure

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Wednesday, 25 November 2015

EIB issues €12bn in financial support for refugees and infrastructure

Refugees, hospitals and infrastructure projects are among the beneficiaries of over €12bn worth of new loans from the European Investment Bank. The EIB’s board approved the finance bundle yesterday, which included the first-ever financial support by the long-term lending institution for refugees in the region. EIB president Werner Hoyer said: “In these sad days the EU bank shows its continued commitment to supporting work across Europe and ensuring that people who seek refuge can be welcomed with dignity. “This is consistent with the values Europe stands for and that we all strongly reaffirm despite the horror Paris, France, Europe and humanity itself have been exposed to in the past few days.” Amongst the 47 different loans approved, was a €120m loan will help local authorities to provide accommodation for refugees and asylum seekers at a number of sites in the German state of Brandenburg. Emilia-Romagna, Romania, which was hit by earthquakes in 2012, will receive €1bn to support the reconstruction of homes and businesses. A further €1bn has been earmarked for leading car, bus, van and truck manufacturers in France, Germany, Sweden and Turkey for research and development to make the automotive industry more environmentally friendly.  Other projects backed by the EIB include plans to provide high-speed broadband in Italy, the modernisation of hospitals in Poland, Sweden and Germany and the reduction of energy use in commercial property.

Source: Public Finance International