FRANKFURT (MNI) – The European Commission said Thursday a E10
billion increase in funding for the European Investment Bank could,
together with private funds, unlock up to E180 billion in new
investments.
In a letter to the European Council, Commission President Jose
Manuel Barroso and EIB President Werner Hoyer said a E10 billion capital
increase could be support up to E60 billion in extra public financing
over the next 3-4 years. This could be boosted to E180 billion through
investment “from other providers of finance.”
“A E10 billion increase in the EIB’s capital could unlock
investment up to eighteen times that amount,” Barroso said in a separate
statement. “I hope that this decisive contribution to growth and jobs
will receive the backing of member states at this crucial time for the
European economy.”
The capital increase for the EIB will be discussed during the June
28-29 European Council meeting.
— Frankfurt bureau: +49 69 720 142; email: frankfurt@marketnews.com
[TOPICS: M$X$$$,MGX$$$]
