News

Yes to more money to the European Investment Bank

13 March 2019 klockan 14.37

Through its membership of the European Union (EU), Sweden automatically became a member of the European Investment Bank (EIB) in 1995, and helps to finance its activities.

The primary purpose of the bank is to contribute to developing the internal market by providing long-term funding to projects that will profit the public economy. This can, for example, include various research projects.

As the UK intends to leave the EU and thus the EIB on 29 March 2019, there will be a capital increase for the Bank’s members. This is to avoid the EIB from being forced, in the next few years, to reduce lending and thus risk a downgrading of the bank’s high creditworthiness.

For Sweden, this means an increase of its share in the EIB’s capital, corresponding to SEK 14 billion, making a total of SEK 89 billion. In addition, the Government is to give government guarantees to the EIB. The Government has therefore proposed an extra revised budget for 2019 for this to be approved.

The Riksdag has voted in favour of the Government’s proposal on an extra revised budget for 2019.