Insider Economy EIB mobilises €40 billion in funding to fight crisis caused by COVID-19

EIB mobilises €40 billion in funding to fight crisis caused by COVID-19

The European Investment Bank (EIB) announced it will rapidly mobilise a funding facility that may reach up to €40 billion for Cypriot and European businesses under strain from the COVID-19 pandemic.

EIB called on member-states to set up a further guarantee for SME and Midcap support from EIB Group and national promotional banks.

Funding may reach up to €40 billion can be mobilised on short notice, backed up by guarantees from the European Investment Bank Group and the European Union budget, while extra funding available for healthcare sector for emergency infrastructure and development of cures and vaccines, the bank said.

The EIB President Werner Hoyer called for significant, scalable additional guarantee from Member States to ensure access to finance for SMEs and midcaps

“Covid 19 is exacting a tragic toll in human suffering across Europe and the world. The Bank, and I personally, are close to the people hit by the contagion. The pandemic is also having a devastating economic impact which is already showing,” Hoyer said.

(Cyprus News Agency)

Top Stories

Larry King dies at 87

Larry King dies at 87. Photo taken at his concert at Hard Rock Live in Hollywood, Florida on January 25, 2012. (Reuters)

Russia: Vladivostok police detains Navalny supporters

At least 35 Russians were detained on Saturday (January 23) in the Far Eastern city of Vladivostok at a rally for the release of...

Police begin investigation of athlete’s accusations for sexual abuse

Police has began the investigation of accusations made by female shooting athlete Andri Eleftheriou for sexual abuse. Eleftheriou spoke about these allegations a few...

Rapid tests major factor for possible COVID-19 relaxations Ministry says

The results of rapid tests carried out on the population of Cyprus constitute a major factor for any possible relaxations in COVID-19 measures and...

Mainly fine on Saturday with high cloud

Mainly fine on Saturday with high cloud developing initially. Winds will be north-easterly to south-easterly, moderate, force 3 to 4 Beaufort, turning strong, 4 to...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...