The European Union, led by the European Commission, including the European Investment Bank, has presented a support package of 540 billion euros
The European Union and its bodies have been upgrading and expanding the EU’s response to the COVID-19 pandemic for weeks. The Union’s response is aimed at saving lives, protecting health, jobs, and the economy for all Europeans. The results of this response are special, just like the crisis itself.
The European Union, led by the European Commission, including the European Investment Bank, has presented a support package of 540 billion euros. To date, the Union and its member states have mobilized more than 3.2 trillion euros in various pandemic response packages. Its response is bold, fast, and truly European. The 540 billion euro package is an appropriate set of measures and a clear expression of solidarity that makes the European Union even stronger. It consists of three pillars that address the urgent needs of EU member states: one pillar is dedicated to preserving jobs, the second to governments, and the third to businesses and the economy.
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Support of two hundred billion euros
The European Investment Bank Group is an integral part of this massive support, particularly with ideas and its contribution to supporting the European Union in mitigating the effects of the pandemic, protecting jobs and the incomes of Europeans. According to the measures prepared by the European Union, the EIB will contribute to the effective implementation of the third pillar, aimed at supporting European businesses, especially small and medium-sized enterprises. The success so far in providing assistance to such businesses shows us how our contribution will be extremely beneficial to Europe, its citizens, and the economy.
The EIB Group will establish the European COVID-19 Guarantee Fund into which EU member states will invest 25 billion euros. The goal of this fund, along with other urgent measures announced by the EIB Group, is to attract two hundred billion euros in investments or 1.5 percent of the EU’s GDP and direct them straight into the European economy. This is a protective shield that will help the EU economy cope with the consequences of the COVID-19 pandemic.
The EIB will collaborate with commercial banks and national development institutions to attract two hundred billion euros for the European economy. Thanks to the EIB’s experience, financing will be available immediately and as simply as possible. This is exactly the form of rapid response that Europe needs. Our collaboration with commercial banks will also contribute to the stability of the domestic banking sector, which is very important for EU member states. The fund will complement the measures of other EU institutions and the measures of member states at the national level, such as those introduced by the Croatian government.
Support for healthcare
To ensure our measures are comprehensive, the EIB Group has increased support for the European healthcare sector. We have also supported the treatment and development of a vaccine against COVID-19. A series of EIB projects for health, research, and development worth five billion euros will support planned investments in key healthcare infrastructure, equipment, research, and development. In Croatia, this includes support for one of the largest hospitals and university teaching centers in the country – KBC Rijeka.
The EIB also operates in the immediate Croatian neighborhood, supporting the countries of the Western Balkans in combating the negative effects of COVID-19. The EIB Group has supported EU measures of twenty billion euros announced by the European Commission with 5.2 billion euros. Of this amount, seven hundred million euros will be available to the Western Balkans to address the immediate health crisis, as well as to finance small businesses.
The future after the pandemic
After the first support mechanism in the fight against the current crisis, the EU will need a recovery plan. The EIB Group is ready to help. We need a rapid recovery focused on environmental protection and combating climate change. Support for addressing the climate crisis remains on our agenda, and the effort we put in as the European Union’s climate bank remains strong. Economic recovery must help Europe increase and enhance innovation and competitiveness. It is not enough to return to the pre-crisis ‘normal’ state. As the largest multilateral lender in the world, the EIB is one of the main European levers in achieving a healthy and strong recovery. The European Investment Bank Group looks forward to its contribution to the recovery of the European Union, especially Croatia.
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