EIF shareholders approve capital increase to €4.5bn


news_euro_flag_lrgThe shareholders of the European Investment Fund (EIF) have increased its capital by 50 per cent to €4.5bn.

EIF said that the increase, which was approved by its stakeholders including the European Investment Bank, the European Commission and 25 public and private financial institutions, will enable it to extend its support of European SMEs.

The fund will receive additional resources of €560m as a result of the increase.

EIF CEO Pier Luigi Gilibert said, “The capital increase reflects a huge vote of confidence in EIF at this juncture where, in addition to strengthening our core business, we are expanding into new areas and further increasing our collaboration with partners at national level.

“Our mission to support SMEs across Europe remains crucial to stimulating growth, employment and innovation in Europe.”

Gilbert took over as CEO in February this year, replacing Richard Pelly.

Prior to joining the EIB in 1984, he worked as an economist in the research and in the international departments of Banca Commerciale Italiana in Milan.

Copyright © 2014 AltAssets