Rome

Finance ministers eye billions in EIB capital for SME loans

'Up to 60 bln euros for small-business financing'

Finance ministers eye billions in EIB capital for SME loans

(see related) Rome, June 14 - Italy's economy minister on Friday said the eurozone's four biggest economies agreed that the European Investment Bank (EIB) should use a capital increase towards creating up to 60 billion euros in financing for small and medium enterprises (SMEs). Fabrizio Saccomanni was speaking after a meeting in Rome on the eurozone unemployment crisis, which was attended by labor and finance ministers from France, Germany, Spain and Italy. He said "there was consensus on finding new financing channels for SMEs" and on the need for "the EIB, which had a capital increase of 10 billion euros last year, to use (these funds) in an innovative way, multiplying the capital base up to a maximum of 60 billion euros". Distinct from the European Central Bank (ECB), the EIB is the EU's nonprofit long-term lending body, whose shareholders are member states.

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