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EU bank says preparing to fund 11 projects in Poland

Xinhua, November 19, 2016 Adjust font size:

The European Investment Bank (EIB), the long-term lending institution of the European Union (EU), says it is preparing to finance 11 investment projects in Poland, local media reported Friday.

The funding would come under the European Fund for Strategic Investments (EFSI) and go to projects in both the public and private sectors, EIB executives have told Polish Press Agency.

According to the EIB press office, the bank has so far signed 94-million-euro (about 99.6 million U.S. dollars) worth of loan agreements in Poland; the total value of agreements that the bank may decide to finance this year and the next is 860-960 million euros.

The EFSI has been launched jointly by the EIB and the European Commission to help overcome the investment gap in the EU by mobilising private financing for strategic projects.

The EFSI offers a variety of financial instruments to help carry out projects that are slightly riskier than others, according to the bank's Vice-President Vazil Hudak.

The EFSI is part of the European Commission's Investment Plan for Europe, which commonly known as the Juncker Plan. The EIB is among the key institutions responsible for putting the plan into practice. (1 euro = 1.06 U.S. dollars) Endit