Representation in United Kingdom

Investment Plan

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Investment plan

The European Investment Fund (EIF) and the British Business Bank (BBB) have signed an agreement under the European Commission's InnovFin initiative to help small and medium-sized enterprises (SMEs) in the UK access an estimated GBP 30 million (ca. EUR 35 million) in additional financing. This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. So far, the UK has been the second largest country of operation for EFSI backed financing with support going to renewable energy, a new hospital in Birmingham, smart meters and SME lending.

07/02/2017

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “Today’s agreement is excellent news for those innovative SMEs who would not otherwise have had the opportunity to obtain the finance they need to grow and create jobs. I am delighted that the Investment Plan is there to support them as they take their next steps.”

The Investment Plan focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, providing visibility and technical assistance to investment projects.

The InnovFin SME Guarantee Facility is established under Horizon 2020, the EU's programme for research and innovation. It provides guarantees and counter-guarantees on debt financing of between EUR 25 000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU member states and associated countries. Under this facility, financial intermediaries are guaranteed by the EU and EIF against a proportion of their losses incurred on the debt financing covered under the facility.

The UK is regularly among the top beneficiaries of EU innovation grant funding, including in the latest rounds of the European Research Council's (ERC) proof of concept grants which support researchers in bringing their ideas to market and Horizon 2020's Fast Track to Innovation (FTI) scheme which does the same for SMEs. Historically, it has been the biggest recipient by far of the FTI scheme since it was launched in January 2015.

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EIB

The European Investment Bank (EIB), Europe’s long-term lending institution, has agreed to provide £108 million to support construction of the new Midland Metropolitan Hospital in Birmingham. This construction project is the first hospital to be supported by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. Since the start of EFSI the EIB board has approved more support for UK projects than in any other EU country.

14/12/2015

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "Innovative social infrastructure projects, such as this new teaching hospital in Birmingham, are one of the key objectives of the Investment Plan for Europe. I'm extremely pleased that with a small amount of backing from the EU budget, the residents of Birmingham will benefit from improved healthcare and shorter waiting times."

Work on the Midland Metropolitan Hospital is expected to start in 2016. Once open in three years’ time, the hospital, costing £350m, will provide state of the art acute healthcare for 530,000 people living in Sandwell and West Birmingham. It will include one of the largest accident and emergency departments in Europe, expected to treat more than 140,000 patients a year.

In the last decade the EIB has provided more than £2 billion for investment in new UK hospitals at Papworth, Alder Hey and Royal Liverpool, Southmead, Dumfries and Galloway, North Staffordshire, Manchester and the Royal Hospital for Sick Children in Edinburgh.

The EIB is also supporting redevelopment of the campuses at Birmingham and Aston Universities, as well as crucial investment in the regional water network by Severn Trent with the largest ever loan to the UK water sector earlier this year.

Background information

The EIB is the long-term lending institution of the EU owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

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EIF and BBB agreement

The European Investment Fund (EIF) and British Business Bank, have signed today an InnovFin agreement for Small and Medium Enterprises (SMEs), benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. The InnovFin agreement will enable British Business Bank to provide guarantees on bank loans to innovative companies in the United Kingdom over the next 2 years. The EU support for innovative UK companies is expected to generate a portfolio of £30 million (c. €38m) of bank loans.

22/05/2016

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The EIB's collaboration with the British Business Bank – which is supported by the Investment Plan for Europe – is very important. The UK is full of innovative start-ups and small businesses which require a helping hand to grow their companies, and today's news will certainly help many aspirations become a reality."

 

The deal signed today in the UK reflects the EU's commitment to rapidly launch concrete initiatives under the EFSI, accelerating lending and guaranteeing transactions capable of boosting jobs and growth in the EU.

Investment Plan

INVESTMENT PLAN FOR EUROPE #investEU The European Commission's top priority is reinvigorating the European economy bringing back jobs and growth. A significant part of this work involves tackling the shortfalls...Read more
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