The European Investment Bank Group, the bank of the European Union, today announced details of a comprehensive response to the coronavirus pandemic outside the EU that will provide up to € 5.2 billion in the coming months. This financing is part of the Team Europe response and supported by guarantees from the EU budget. It will both strengthen urgent health investment and accelerate long-standing support for private sector investment that reflects financing needs in more than 100 countries around the world.
“The European Investment Bank is committed to Africa and is reinforcing support for Africa to better tackle the impact of the coronavirus at this crucial time. Following feedback with partners, stakeholders and clients across Africa the EIB is finalising plans to out new coronavirus support to both ensure that African business can cope with economic shocks and public sector partners can continue to support crucial health investment in the coming weeks and months. The EIB stands by Africa and will work closely with African governments, international partners and business to address the new economic and social challenges posed by the coronavirus together.” said Ambroise Fayolle, European Investment Bank Vice President responsible for development.
The immediate fast-tracked support will help to sustain jobs and livelihoods in sectors most threatened by the economic and social impact of the coronavirus, and will be followed by additional long-term health and business financing as needed.
“The COVID-19 pandemic is already hitting many countries and will have profound economic consequences around the world. Many people will lose their jobs and livelihoods. Especially in vulnerable countries this crisis will destroy entrepreneurial networks and exacerbate existing debt distress. We urgently need to show that Europe is there for our partners when they need us. As part of Team Europe, the EU Bank will in the coming weeks identify and support new health and business investment outside the European Union. We will work in close partnership with the European Commission, EU member states, European development finance institutions and other multilateral financial institutions to ensure that public and private partners can better access finance essential to cope with the pandemic shock”, said Werner Hoyer, President of the European Investment Bank.