In the year of the worst global health and economic crisis for generations, the European Investment Bank (EIB) Group rapidly redirected its business to fight the COVID-19 pandemic and its economic consequences on all fronts. It increased financing volumes to €76.8 billion, exceeding its own targets. A third of these funds, €25.5 billion, went into the immediate crisis response that started with a first package in March. Most of it went to small and medium-sized businesses to avoid insolvencies and job losses, especially in countries that did not have the budgetary means for massive national rescue packages.
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Find out how the EIB Group takes action to address the climate and environment emergency in the critical decade 2021-2030.
If you missed the Finance in Common Summit on 12 November, the first ever gathering of all of the world’s Public Development Banks, you can get a flavour of it in this video highlighting key moments for the EIB and its partners.
The EIB was honoured to host one of the ten High-Level Events of the summit, which presented concrete climate actions to reach the objectives of the Paris Agreement. A centrepiece of the summit was the announcement by President Hoyer and Vice-President Fayolle of the approval of the EIB Climate Bank Roadmap.
During the summit, we also signed the Gender equality declaration alongside the Industrial Development Bank of Turkey (TSKB) and 23 other public development banks, announced a new partnership to enhance gender equality in the clean energy sector in Africa and Asia with the Dutch entrepreneurial development bank FMO and responsAbility Investments AG, as well as a financing agreement to support businesses impacted by COVID-19 in Brazil, with Banco de Desenvolvimento de Minas Gerais (BDMG).
The EIB also joined the Call for Action towards a Water Finance Coalition alongside Agence Française de Développement, the Development Bank of Latin America and the World Bank. Finally, we signed the Joint Declaration of Finance in Common, the summit’s main deliverable.
There was an important message of support to crown the summit from French President Emmanuel Macron, acknowledging the transformational role of the Public Development Banks and of the EIB itself in pursuing climate and Sustainable Development Goals.
“Climate change might not feel like a top priority right now under COVID-19 conditions, but the climate emergency and the environmental emergency are challenges that won’t wait for us,” says EIB President Werner Hoyer in an interview with GlobalCapital. More on why our climate ambition becomes transformation.