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InvestEU: The European Plan Mobilising Billions To Boost Slumping Investment

InvestEU: The European Plan Mobilising Billions To Boost Slumping Investment

Europe needs investment in its businesses, innovation and infrastructure if is to meet its climate goals and kickstart the economic recovery. However, Almost half of EU companies say they are planning to cut investment in the aftermath of the Covid pandemic.

The pandemic has made investment decisions "more complicated" explains Werner Hoyer, President of the European Investment Bank (EIB) as "the revenues and the resources of the companies are getting scarcer and scarcer". It is "a big concern" for "Europe's competitiveness and role in the world", he says.

How is InvestEU helping? A new EU programme, InvestEU, is mobilising billions of euros in capital by taking on some of the financial risks for investors. It is guaranteeing 26 billion euros from the EU budget and 7 billion from partner banks. It is expected to mobilise around 370 billion euros in public and private financing.

The money will go towards projects that contribute to innovation and going digital, support SMEs, particularly those hard hit by the COVID crisis, foster social inclusion and boost sustainable infrastructure. At least 30% of all the investments must contribute to building a greener Europe, supporting Europe's green transition. The European Commission is working in partnership with the European Investment Bank, as well as other national promotional banks and international financial institutions.

InvestEU follows in the steps of the European Fund for Strategic Investment (EFSI), also known as the Juncker Plan, which successfully generated more than 500 billion euros in extra investment.

 

Source: Euronews

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