In the context of still high interest rates, the European Investment Bank (EIB), chaired by Nadia Calviño, has activated the first 3.6 billion loans from the European funds contemplated in the addendum to the Recovery Plan. This is an initial tranche of the 20 billion resilience fund destined for green and digital investments in the autonomous communities. The former Minister of Economy has pointed out that the arrival of these first aid in the form of soft loans is now pending its budgetary articulation in Spain, for which she has indicated that it would be “important” for the 2024 General Budgets to be approved.
The 3.6 billion loans on favorable conditions from the EIB for public administrations and companies that will be managed jointly by the central government and autonomous communities are divided into 2.7 billion financed by the EIB itself and another 900 million provided by the European Investment Fund (EIF), integrated into the EIB.
As Calviño explained, the approval of the Budgets is relevant so that this fund can reach companies and autonomous communities. The Budgets, he stated, “are the instrument to channel European funds, they were in 2022 and 2023; and now, in this phase, they determine the framework for deploying the aid.” “We work closely with the Government of Spain so that there is no brake” on the arrival of these soft loans,” added the former first vice president at a press conference in Madrid. Government sources assure, for their part, that new public accounts would not be necessary to channel this community aid in which the EIB participates.
The general director of the EIB, Jean-Christophe Laloux, has indicated, for his part, that, although the bank expects a reduction in interest rates in the second half of the year, “we see that our clients face uncertainty ”. Wait or invest now? is the dilemma he has exposed. Guaranteeing investment is the EIB’s “strong point,” added Laloux. “We are a solid partner and we offer them our very long-term financing. That is why we hope that financing will grow in 2024,” he explained.
In 2023, the EIB group (the bank itself and the EIF) signed new financing in Spain for 11.4 billion – 0.78% of GDP -, Calviño has explained, destined for 90 high-impact projects focused on the green transition and digital. It is 14% more than in 2022. By 2024, Laloux has advanced, EIB financing could even grow more. Calviño’s five priorities for this year are “to be an attractive financing option for Spain in the climate transition, support for digitalization, SMEs and stratups, and investment in social infrastructure.”
“Spain is a champion in renewable energy,” said Jean-Christophe Laloux. “The EIB is the climate bank,” added Calviño, and Spain plays an essential role in this type of financing for the deployment of clean energy. In recent months, the EIB has financed projects by companies such as Iberdrola, Endesa, Naturgy, Solaria, Red Eléctrica and El Corte Inglés, among others, Calviño highlighted.
