EUROPEAN INVESTMENT BANK : EIB INCREASES CAPITAL BY 10 BN EURO.

The European Investment Bank (EIB) announced, on 8 January, that its shareholders, the 27 EU member states, had unanimously approved a 10 billion capital increase, which will be paid up in full. The EIB will thus be able to lend up to an additional 60 billion over a three-year period for economically viable projects throughout the Union.

The share of the capital increase to be subscribed by each shareholder was determined on the basis of its current shareholding in the bank's capital. The additional lending will focus on support for four priority sectors: innovation and education, SMEs, clean energy and modern infrastructures. The new financing will come on top of the EIB's 50 billion regular annual lending.

In early 2012, the European Council asked the EIB to examine ways of promoting growth and in June 2012 recommended an...