BAKU, Azerbaijan, May 11
By Leman Zeynalova – Trend:
The European Investment Bank Group (EIB), the bank of the European Union, has prepared a comprehensive response to the coronavirus pandemic outside the EU that will provide up to € 5.2 billion in the coming months, EIB told Trend.
"This financing is part of the Team Europe response and supported by guarantees from the EU budget. It will both strengthen urgent health investment and accelerate long-standing support for private sector investment that reflects financing needs in more than 100 countries around the world, including the Central Asian and South Caucasus countries," the Bank said.
EIB noted that the immediate fast-tracked support targets sustaining of jobs and livelihoods in sectors most threatened by the economic and social impact of the coronavirus, and will be followed by additional long-term health and business financing as needed.
"This rapid response is being adapted to reflect the specific sector needs and new local challenges as the impact of the coronavirus continues to develop. The EIB will also provide technical assistance and share sector expertise to strengthen and enhance the impact of new investment."
The EIB said it stands ready to accelerate about € 1 billion of disbursements on existing approved loans to help the health sector in countries outside of the EU face the coronavirus pandemic, as well as to ensure that business activity can access immediate financing to counter cash flow and liquidity challenges.
"In addition, reinforced support for the health sector will benefit from the EIB’s unique technical experience and financial expertise gained from more than € 30 billion of hospital, healthcare and health innovation investment across Europe and around the world in recent years."
The EIB works with public sector partners to increase concessional financing available for both health and business investment. This includes support for public services including health, regional trade and highly vulnerable sectors such as tourism and hospitality.
Fast-track financing is being available for countries where the EIB already operates, as is the case in the Central Asian and South Caucasus countries. The initiative has been designed so that EIB financing can be supported by additional backing from international and European development finance partners.
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