EU Alert - Funds

This newsletter provides a selection of opinions and analysis from our EU legal experts on interesting policy developments, recent case law and new regulatory directions of major industry practices. It is released biweekly and covers areas such as: Competition Law, Sanctions, Trade, Energy, Finance, EU funds, Data IP and Privacy, Life Sciences, Transport and Court of Justice of the European Union news.

The aim is to provide an up–to–date tool for quick and easy consultation on the most current and important topics at EU level.

EUROPEAN INVESTMENT BANK (EIB)

Spain: the European Investment Bank Group and Banco Santander to unlock 1.2 billion euro in new financing to back small businesses and mid-caps (18.06.2024) – The European Investment Bank Group has invested 530 million euro in a Banco Santander asset-backed securitisation operation. This investment will enable Banco Santander to unlock almost 1.2 billion euro, contributing to finance green and women’s entrepreneurship projects, among others. The operation contributes to EIB Group priorities such as climate action, cohesion, and the development of the European securitisation market.

France: European Investment Bank invests 150 million euro in EDF’s 3 billion euro green bond issued on 11th June 2024 (14.06.2024) – The European Investment Bank (EIB) has invested 150 million euro in a 3 billion euro multi-tranche senior green bond issue from energy company EDF. The EIB investment applies to the longer-term (20-year) bond tranche, with the EIB’s contribution representing 12% of the financing for this 1.25-billion-euro tranche. This is the first time that the EIB has participated in an EDF green bond issue. The funds raised will finance investment in adapting the electrical grid to the needs of the energy transition.

Czechia: railway safety and capacity strengthened with European Investment Bank loan of 13 billion euro (13.06.2024) – The European Investment Bank signs 527 million euro loan agreement with Czech Ministry of Finance for major railway upgrade. The financing is part of 2 billion euro EIB operation, to increase the capacity of Czech railways for freight and passenger transport while making them safer and more comfortable. Works to benefit lines across country and strengthen trans-European transport network (TEN-T) with three major corridors running through Czechia.

Bulgaria to get energy boost with European Investment Bank -NEK deal on new hydropower plants (12.06.2024) – The European Investment Bank will help Bulgarian national electricity company NEK prepare to build two large pumped-storage hydropower plants vital to ensuring adequate domestic and EU energy supplies. In particular, the two projects involving the EIB Advisory services bolster the stability of the power grid and integrate more renewable power sources.

Ukraine gets 100 million euro from European Investment Bank loan to rebuild social infrastructure in war-torn cities (11.06.2024) – The European Investment Bank is lending Ukraine 100 million euro to reconstruct social municipal infrastructure damaged in the war against Russia. The funds, agreed at the Ukraine Recovery Conference in Berlin, will be for rebuilding schools, kindergartens, hospitals, social housing and local transport infrastructure as well as ensuring the supply of essential services such as clean water and sanitation. In the face of numerous challenges stemming from Russia’s invasion in 2022, many Ukrainian communities are striving to resume normal life. Reconstructing hospitals and schools and reestablishing social services are crucial steps in this process.

The European Commission and European Investment Bank Group seek to unlock over 1 billion euro for Ukrainian small businesses (11.06.2024) – The European Commission and European Investment Bank Group have moved to support the private sector in Ukraine by seeking to unlock more than 1 billion euro in lending to small and medium-sized enterprises (SMEs). At the Ukraine Recovery Conference in Berlin, the Commission and EIB Group signed agreements for two guarantee facilities totalling 190 million euro. They are designed to enhance access to finance for SMEs in Ukraine by sharing risk with Ukrainian local banks and financial intermediaries.

Ukraine wins 20 million euro EU extension of advisory assistance for economic development (11.06.2024) – The European Investment Bank (EIB) and European Commission have announced a 20 million euro agreement to extend advisory assistance for economic development in Ukraine. The 20 million euro envelope is financed 50/50 by the Commission and the EIB’s EU for Ukraine advisory programme. The extension of the advisory aid under JASPERS (Joint Assistance to Support Projects in European Regions) aims to ensure the optimal use of resources for Ukraine’s recovery and reconstruction.

Portugal: the European Investment Bank signs advisory agreement with BPI and Santander to promote green investment (11.06.2024) – The European Investment Bank has signed two advisory service agreements with the BPI and Santander to support them in identifying and financing climate action and environmental sustainability projects. These agreements fall under the scope of the signing of loan and guarantee operations with the EIB to finance the green transition of small businesses and mid-caps, and energy-efficient building renovations. The advisory support aims to raise awareness of and implement the EIB’s climate and environmental sustainability requirements, which are in line with the EU taxonomy. The advisory services will also support banks’ capacity, procedures and operational tools for developing green products and promoting best practice for reporting the impact of the projects and monitoring the investments that promote the green transition.


EUROPEAN INVESTMENT FUND (EIF)

Romanian fintech Instant Factoring IFN to expand its debt and institutional capacity to support micro and small companies with the European Investment Fund support (24.06.2024) – The European Investment Fund (EIF) signed a RON 5 million (1 million euro) subordinated loan agreement with Romania-based fintech Instant Factoring IFN to help it expand lending to small businesses in the country. EIF subordinated loan strengthens Instant Factoring’s capital base, helping increase lending to underbanked businesses in Romania. Deal marks first time a Romanian fintech and factoring company receives InvestEU funding. This agreement was facilitated by the InvestEU programme, which aims to trigger over 372 billion euro in additional investment over the period 2021-2027.

The European Commission, the European Investment Bank and the European Investment Fund pave the way for new 300 million euro export credit guarantee facility to support exports by European companies to Ukraine (21.06.2024) – The agreement enables the InvestEU guarantee to be used by the EIB Group’s risk-capital subsidiary, the European Investment Fund, to support the export credit sector, aimed at boosting exports to Ukraine by small and medium-sized companies in the EU. This initiative is part of a wider EU effort to support Ukraine’s economic recovery by promoting trade and economic exchanges.

The European Investment Fund launches Gender Smart Equity Investment Programme (18.06.2024) – The European Investment Fund is launching the Gender Smart Equity Investment Programme, joining forces with national promotional institutions and regional mandators to promote gender diversity in the venture capital and private equity ecosystems by empowering women in leadership positions. The new programme will promote women leaders in venture capital and private equity. Germany and the Netherlands are the first movers on board. The programme is open for pan-EU participation.

Nordic businesses get boost with 30 million euro European Investment Fund backing for Swedish private credit fund (13.06.2024) – The European Investment Fund has committed 30 million euro to Ture Credit Fund III, a fund advised by Stockholm-based Ture Invest Partners AB. The fund aims to close its capital raising in 2024 with a target size of 500 million euro, focusing on institutional investors. Ture Credit Fund III will invest in small and medium-sized enterprises in the Nordic region, focusing on software, healthcare, education and environmental services, incorporating social objectives into the financing.

InvestEU: European Investment Fund and Malta Development Bank agreement to mobilise around 44 million euro in investments in sustainable and creative projects (12.06.2024) – The European Investment Fund (EIF), part of the EIB Group, has joined forces with the Malta Development Bank (MDB) in further driving the green transition in Malta, and supporting cultural and creative businesses by providing the latter with two guarantees totaling 20 million.euro. The operations aim to foster environmental sustainability and cultural activities while boosting the country’s economic development and job creation. It is expected that this new agreement will contribute to mobilise investments in the real economy of around 44 million euro.

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