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Luxembourg announces 80 mln euro contribution to European investment plan

Xinhua, April 7, 2015 Adjust font size:

Luxembourg has announced it will contribute 80 million euros (87.03 million U.S. dollars) to the European Union's 315 billion-euro investment plan, according to a press release issued here Tuesday by the European Commission (EC).

The contribution will be made via Luxembourg's national promotional bank, Societe Nationale de Credit et d'Investissement (SNCI), to projects benefiting from finance by the European Fund for Strategic Investments (EFSI), which is the core element of the investment plan.

Luxembourg is the fifth country to contribute to the investment plan even before the EFSI has been formally set up, following the lead of Germany, Spain, France and Italy.

Germany announced in February that it would contribute 8 billion euros. Also in February, Spain announced a 1.5 billion-euro contribution. In March, both France and Italy pledged 8 billion euros each.

National promotional banks play a crucial role in getting Europe investing again. They have the expertise to carry out the investment plan, and they ensure the most efficient use of public resources, said the press release.

The EC, under its president Jean-Claude Juncker, announced a 315 billion-euro investment plan last November to get Europe growing again and get more people back to work. One step of the investment plan is to set up the ESTI, which would be guaranteed with public money and aimed at mobilizing at least 315 billion euros of additional investment over 2015 to 2017.( 1 euro = 1.09 U.S. dollars) Endit