The Council of Ministers today approved the subscription of the shares corresponding to Spain's participation in the capital increase of the European Investment Bank (EIB). The EIB's subscribed capital will rise by € 10 billion, to a total of more than € 242 billion. Spain has a 9.7% share, so it will contribute just over 970 million euros, which will be paid out in stages over the next three years. With this operation, the Spanish participation in the EIB will amount to a total of 23,517 million euros.
At the European Council on 28 and 29 June 2012, the Heads of State and Government of the EU Member States supported an EIB capital increase, within the Program for Growth and Jobs. The objective is to reinforce the entity's capital and increase the volume of loans by 60,000 million euros in the 2013-2015 period, thus generating more than 180,000 million investment, which represents an increase of 40%. This decision was unanimously endorsed by the EIB's Board of Governors, made up of the Ministers of Economy and Finance of the countries of the Union.
During the last decade, Spain is the EIB's first client, with a highly diversified portfolio and operations signed with all levels of Public Administrations, in which a large number of credit institutions and non-financial companies have participated.
By reinforcing its capacity for action, the EIB figures prominently in the response of the EU institutions to the economic and financial crisis that started in mid-2007. The Bank intends to focus this additional financing on sectors with an impact on growth and employment: access to financing for SMEs, innovation, energy efficiency and strategic infrastructure.
Following this capital increase, the EIB will have greater capacity to finance projects in Spain and will mobilize a greater volume of private investment. This additional financing destined to key sectors for economic recovery will have a positive effect on growth and employment, especially in a context of difficult access to financing by Spanish companies.