The Council of Ministers today approved the subscription of the shares corresponding to the participation of Spain in the capital increase of the European Investment Bank (EIB). The subscribed capital of the EIB will be raised by 10,000 million euros, to a total of more than 242,000 million. Spain has a 9.7% share, so it will contribute a little more than 970 million euros, which it will disburse in a phased manner 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 of June 28 and 29, 2012, the Heads of State and Government of the EU Member States supported a capital increase of the EIB, within the Program for Growth and Employment. The objective is to reinforce the capital of the entity and increase by 60,000 million euros the volume of loans in the 2013-2015 period and thus generate more than 180,000 million investment, which represents an increase of 40%. This decision was unanimously endorsed by the Board of Governors of the EIB, formed by the Ministers of Economy and Finance of the countries of the Union.
During the last decade Spain is the first customer of the EIB, with a very diversified portfolio and signed operations with all levels of Public Administrations, in which a large number of credit institutions and non-financial companies have participated.
With this strengthening of its capacity for action, the EIB occupies a prominent place in the response of the EU institutions to the economic and financial crisis that began in mid-2007. The Bank intends to concentrate this additional financing on sectors with an impact on growth and employment: access to financing for SMEs, innovation, energy efficiency and strategic infrastructure.
After 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 for 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.