The European Investment Bank asked EU governments to stump up nearly €18 billion and commit €157 billion more for the lender to support the bloc’s economic recovery and climate ambitions.
EIB President Werner Hoyer told EU finance ministers at Friday’s Ecofin Council that it would need €17.7 billion of fresh money paid in, according to treasury officials on the videoconference. The rest would be callable capital, drawn upon only if needed to cover losses.
Hoyer told media in late June that his bank would need more money and staff to handle the projects that the European Commission has in mind as part of a €750 billion recovery blueprint.
At the time, the German was coy about the money needed from its shareholders — the EU countries. He said only that it would be at least €10 billion up front.
The final amount is much higher, as also pointed out in an EIB note —to EU treasuries dated July 9. Leaders will debate the recovery blueprint next week.
“The capital costs to deliver on the ambitions outlined below amount at Group level to EUR 175 billion of subscribed capital increase of which EUR 17.7 billion paid-in capital,” said the five-page note, highlighting the EU’s plans to fight climate change and revive the economy.
“Additional resources would be needed if the Bank were to be asked to further step up its activities also outside of the EU,” the document added.
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