EIB Group wins European Award for global fight against COVID-19
12 October 2021
The EIB Group is recognized for speeding up recovery of EU and world economies
The award was presented at the Tatra Summit, held in Slovakia to discuss the most pressing economic and political issues around the world
The European Investment Bank Group’s global response to the COVID-19 economic and healthcare crises has been recognized with the annual European Award by GlobSec, a research institute based in Bratislava that is dedicated to finding solutions for a better world. EIB Vice President Lilyana Pavlova accepted the award at the Tatra Summit, one of Slovakia’s leading international conferences that brings together leaders in the public and private sectors to discuss pressing economic and political issues. GlobSec sponsors the summit.
Previous recipients of the European Award include Sviatlana Tsikhanouskaya, a human rights activist and former presidential candidate in Belarus; the former European Council President, Donald Tusk, and the Organisation for Economic Co-operation and Development.
Speaking about the EIB’s award, Vice President Lilyana Pavlova said: “The EIB is extremely proud of its work to help the European economy and society recover from COVID-19 and to assist more than 100 countries across the world. The results are clear: millions of jobs saved, hundreds of thousands of companies continuing to business, better hospitals, and millions of people vaccinated. Our new European Guarantee Fund moves closer by the day to its goal of mobilizing €200 billion for the EU economy. I want to thank GlobSec for acknowledging that the EIB is a great partner.”
More than €56 billion invested in recovery
Since the start of the pandemic, the European Investment Bank and European Investment Fund has provided more than €56 billion to help businesses, healthcare and vaccine development.
The Bank’s European Guarantee Fund is part of a €540 billion COVID-19 package offered by the European Union. The fund enabled the EIB Group to increase support dramatically for small companies. The EIB’s work is part of Team Europe, which combines the assistance of the European Union and all member states to speed-up the recovery and strengthen health systems.
Wide-ranging package for healthcare
The EIB Group supported projects to halt the spread of the coronavirus, treat people who become ill and develop a vaccine. It found extra financing by using the InnovFin Infectious Diseases Finance Facility and other financial instruments shared with the European Commission. The Bank financed urgent infrastructure projects and helped to supply healthcare equipment and supplies around the world.
“In 2020, the EIB approved more than €9.2 billion worth of projects dedicated to the fight against COVID-19,” said Vice President Pavlova. “Another €2 billion is in the pipeline for COVID-19 health and life science projects in 2021.”
To make sure people in poorer countries can get a vaccine, the European Investment Bank approved hundreds of millions of euros in financing for the COVAX initiative. We are in discussions to keep financing global vaccine distribution programmes that help vulnerable populations everywhere.
Vice Presidents of the European Investment Bank Lilyana Pavlova and Kris Peeters spoke in separate panels at the Seventh Prague European Summit (PES) and shared the EIB views on COVID-19 recovery, green transition, and future of sustainable mobility in the European Union.
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.
Fair and equitable access to a successful COVID-19 vaccine, regardless of income, for millions of people across Africa, Asia, the Caribbean and Pacific, and in Europe’s eastern and southern neighbourhood, has been enabled by €500 million of new European financial support for the global vaccine initiative COVAX. Team Europe’s engagement will accelerate global efforts to bring the pandemic under control and scale up distribution of a successful vaccine as soon as it becomes available.