The EIB Group has announced a COVID-19 guarantee fund of approximately $27 billion. The fund will be implemented by the Groups subsidiary EIB and the EIF, which is specialised in funding small and medium-sized enterprises. In addition to the COVID-19 guarantee fund, the EIB Group is also implementing the emergency measures to support companies in the EU to overcome the consequences caused by the coronavirus.
The COVID-19 guarantee fund will act as a protective shield for European firms facing liquidity shortages. The EIB Group with the help of its partners will address all impacted markets and sectors through a broad mix of products to respond to the COVID-19 crisis.
In March 2020, The EIB Group has proposed a plan to mobilise approximately $ 44 billion of financing for SMEs and mid-caps. The fund will be supported through loans, credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps.
In March 2020: Covestro has announced a loan with the European Investment Bank (EIB) for $249 million. The loan will provide medium term funding to strengthen CovestroÕs research and development (R&D) work in the areas of sustainability and circular economy within the European Union.
The European Investment Bank Group, is an international financial institution, headquartered in Luxembourg. It is a bank of European Union. The EIB Group has two parts- the European Investment Bank(EIB) and the European Investment Fund(EIF). The EIB is the lending arm of 27 members European Union. The EIF support SMEs, and it work through financial intermediaries in the Member States and in partnership with national promotional banks. EIB helps in creating jobs and improving lives for EU citizens and also helps people in developing countries.