European DFIs and EIB launch €280m Covid-19 financing initiative

As part of Europe’s response to the Covid-19 pandemic, eleven members of EDFI, the Association of European Development Finance Institutions, are partnering with the European Investment Bank (EIB) to create a new dedicated Covid-19 financing initiative through the existing European Financing Partners (EFP) scheme. The €280 million initiative will support financial institutions and businesses in developing countries and ensure continued business investment.

“Increasing targeted support for private sector investment around the world is crucial to strengthen the resilience of companies and communities most impacted by Covid-19. The European Investment Bank is pleased to join forces with development finance partners from across Europe to build on the successful track record of European Financing Partners. The €280 million of new Covid-19 support represents a further milestone in team Europe’s rapid response to support partners around the globe,” said Ambroise Fayolle, EIB vice president.

The dedicated support enables EDFI members and the EIB to scale up their targeted response to support businesses and SMEs in developing and emerging markets and local financial institutions most impacted by Covid-19. The initiative will start operations in November with an initial amount of €280 million. It has been designed to provide additional support to clients suffering from the economic consequences of the pandemic.

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