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EU allocates more cash to help small businesses join green transformation

A significant slice of the €2.9 billion rise in share capitalization for the EU agency tasked with lending to small businesses is expected to be devoted to the green transformation of the bloc.

The EU-member-state-owned European Investment Bank (EIB) on Friday announced the share capitalization of the European Investment Fund (EIF) it holds a 62% stake in, will rise from €4.5 billion to around €7.4 billion.

The added financial muscle is expected to enable the EIF to play a big role in the bloc’s InvestEU program, and particularly its focus on driving green and digital transformations.

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European Commission executive VP Valdis Dombrovskis, quoted in an EIB press release on Friday, said of the move: “This means that the EIF will be fully equipped to implement the InvestEU program, to help EU businesses in emerging out of the [Covid-19] crisis, and to support the green and digital transformation of the EU economy.”

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Source: pv magazine