Finance ministers welcome first EIB lending under EFSI
At their meeting on 19 June 2015 in Brussels, European finance ministers highlighted the importance of the new European Fund for Strategic Investments (EFSI) to supporting economic growth, job creation and stimulating recovery across Europe. The ministers, who were meeting as the Governors of the European Investment Bank, welcomed the first lending by Europe’s long-term lending institution under the EFSI and noted the EIB’s clear commitment to EFSI. They welcomed the fact that the first projects already earmarked for support under EFSI had exceeded expectations with regard to encouraging increased private investment.
During the meeting, Hans-Jörg Schelling, Austrian Finance Minister, was unanimously elected by the ministers as the new Chairman of the European Investment Bank’s Board of Governors. He replaces Dutch Finance Minister Jeroen Dijsselbloem following completion of his 12 month tenure.
“The European Investment Bank makes a crucial contribution to supporting long-term investment across Europe and beyond. As Chairman of the EIB’s Board of Governors I look forward to working with other shareholders and EIB colleagues to ensure that the EIB can continue to make a difference, including unlocking new investment and private sector support through the EFSI initiative. The EIB can be congratulated for hard work that has allowed EFSI to be operational and the first projects to be financed under the new initiative, in parallel to parliamentary approval.” Mr. Schelling said.
All projects, including those earmarked for support under the EFSI guarantee, need to receive approval of the EIB board prior to loan contracts being finalised. The European Parliament is due to discuss and vote on the EFSI at its plenary meeting on 24 June 2015. Once final loan details are concluded following the vote and adoption by the Council, the EIB Group is committed to supporting projects that have already been earmarked for financing under EFSI on its balance sheet even if the EU guarantee should be found not to apply.
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