EIB Group increases financing to €77bn in 2020
The European Investment Bank (EIB) increased financing volumes to €76.8 billion in 2020 - exceeding its own targets - as it redirected its business to fight the COVID-19 pandemic and its economic consequences on all fronts.
A third of these funds, €25.5 billion, went into the immediate crisis response that started with a first package in March. Most of it went to small and medium-sized businesses to avoid insolvencies and job losses, especially in countries that did not have the budgetary means for massive national rescue packages.
EIB Group support for SMEs grew by €5 billion to €30.6 billion. In total, more than 425,000 companies profited from financing, sustaining more than 4.2 million jobs. The EU bank achieved this without neglecting its other investment priorities: environmental investment reached €16.8 billion, infrastructure projects were supported with €15 billion and €14.4 billion went to innovation projects.
As part of the COVID-19 response, the EIB Group massively increased its financing for the health sector. It not only supported hospitals, but also played a substantial role in the development and mass production of vaccines to stop the devastating virus. Early in the year, the EU bank quickly approved a €100 million loan to BioNTech, the German company that brought us the first COVID-19 vaccine in association with Pfizer. The Group financed a number of vaccines, but also companies that develop COVID therapies and testing technology.
