This Friday, the Ministers of Economy and Finance of the European Union (EU) gave the green light to modify the Statutes of the European Investment Bank (EIB) in order to maintain its financing capacity at current levels. at approximately 90,000 million euros annually.
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Specific, supported raising the proportion of capital from 250% to 290% subscribed and the reserves that the bank can direct in the form of loans to companies, which makes it possible to “maintain the volumes planned for 2024 and implement additional mandates and guarantees” backed by the community budget, as reported by the entity in a statement.
This amendment, which is still subject to a formalization process that will take months, will give the EIB “enough margin” to deploy its strategic agenda – also validated today by the ministers – and to invest in areas “clue” such as security and defense, clean energy, electric batteries, social and territorial cohesion.
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Financing
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On the other hand, the EIB stressed that this new limit will affect its capital position, which has been “reinforced with internal measures to increase efficiency and profitability” from the bank “without having an impact on European taxpayers”. “Our shareholders have endorsed a clear plan for the coming years that builds on the strengths of the EIB Group and paves the way to increase its efficiency and impact, increasing investments where they will make a difference”said the president of the EIB, Nadia Calviño.
The change in the EIB Statute to raise the limit of its financing capacity must now exceed a formal approval process that involves both Member Statessome with ratifications in their parliaments, the European Commission and the European Parliament.
Once this process is completed, it will give Finance Ministers, as governors of the EIB, the ability to modify this limit in accordance with their future financing priorities, without requiring a new change to the entity’s Statutes.
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EFE
