Please note that the process regarding the economic situation in Europe due to the covid-19 outbreak is ongoing. Additional measures may alter and have an impact on what is mentioned. This is not a guide book on what to do, nor a complete list of sources. We are updating the section continuously based on the information at hand.
Background
- Package proposed on 16 March by European Investment Bank Group (EIBG)
- Potential financing of up to EUR 40 billion, focused on SMEs and midcaps
- Extra funding available for healthcare sector for emergency infrastructure and development of cures and vaccines
- President Hoyer calls for significant, scalable additional guarantee from Member States to ensure access to finance for SMEs and midcaps
- The EIBG, incl EIF which is the part that focuses on SMEs, will work through financial intermediaries in the Member States and in partnership with national promotional banks
- The EIB is calling upon Members to introduce guarantees to ensure access to finance remains open
- It would be for Member States to determine where the funds for the guarantee would come from, President Hoyer suggested they could be drawn from the European Financial Stability Mechanism (EFSM), or could be pooled by Member States themselves into a temporary new fund
EIF crisis package
EIB crisis package