The European Investment Bank Group (EIBG) has announced plans to mobilize up to €40 billion ($44 billion) to companies under strain from the coronavirus pandemic.
The bank said extra funding also will be made available for emergency infrastructure, the healthcare sector, and the development of cures and vaccines.
“COVID-19 is exacting a tragic toll in human suffering across Europe and the world. The pandemic is also having a devastating economic impact which is already showing,” said EIB president Werner Hoyer. ”We need a strong European response, and we need it now.”
The EIBG said it also will help finance urgent infrastructure improvements and equipment needs in the health sector, with a current pipeline of projects amounting to around €5 billion ($5.5 billion).
EIBG said these actions can be implemented quickly to ease liquidity shortages and will be implemented in partnership with National Promotional Banks.
Hoyer added EIBG Group
