The European Investment Bank (EIB), the European Union's lending arm, said it was ready to mobilize up to 40 billion euros ($44.7 billion) to fight the economic crisis in the EU caused the novel coronavirus (COVID-19) outbreak
BRUSSELS (Pakistan Point News / Sputnik - 17th March, 2020) The European Investment Bank (EIB), the European Union's lending arm, said it was ready to mobilize up to 40 billion euros ($44.7 billion) to fight the economic crisis in the EU caused the novel coronavirus (COVID-19) outbreak.
"The EIB Group has proposed a plan to mobilize up to EUR 40 billion of financing. This will go towards bridging loans credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps," it said.
"The EIB Group, including the European Investment Fund (EIF) which specializes in support for SMEs, will work through financial intermediaries in the Member States and in partnership with national promotional banks," the EIB said.
