(BRIEF) The European Investment Bank (EIB) has agreed to grant a €600 million loan to the Republic of Poland to support the country’s economy through investments in virtual and social progress. EIB Vice-President Teresa Czerwińska highlighted the strategic alignment of the agreement with Poland’s objectives of fostering innovation, creating job opportunities and boosting global competitiveness. This financing, which complements EU grants and other sources, demonstrates the EIB’s commitment to supporting Poland’s long-term economic expansion and competitiveness. Polish Finance Minister Andrzej Domański underlined the importance of the EIB’s assistance in the preparation of projects, recognising the multifaceted impact of the agreement on economic, social and territorial cohesion as well as on sustainable progress initiatives.
(PRESS RELEASE) LUXEMBOURG, March 27, 2024 — /EuropaWire/ — The European Investment Bank (EIB) is offering the Republic of Poland a €600 million loan for the Polish economy. The investments made through this investment will bring virtual and social development to life, complementing EU grants.
“This agreement is strategically aligned with the objectives of fostering innovation, promoting the progress of a smart economy, creating new task opportunities and strengthening Poland’s competitiveness on the global stage. The Bank is committed to strengthening the economies of EU Member States, and a vital agreement with the Republic of Poland strengthens Poland’s position as one of the EIB’s most important clients,” said EIB Vice-President Teresa Czerwińska.
EIB financing will complement EU grants, as well as funding from personal resources and public contributions. This strategic collaboration positions the EIB as a key contributor to the effective use of European Commission grants.
“This agreement is another example of our good cooperation. These investments will improve the competitiveness of our economy in the long term. The EIB not only provides long-term financing, but also provides qualified assistance, which is very important in the preparation of the assignment. process,” Polish Finance Minister Andrzej Domański said.
The effect of the agreement will be multifaceted and will contribute directly to the economic, social and territorial team spirit of the European Union. It will play a key role in expanding studies and development, fostering innovation-friendly infrastructures, and gaining better wisdom and skills in Poland. The agreement also aims to contribute to sustainability by protecting the environment, biodiversity and ecosystems.
This initiative follows two operations of nature: the co-financing of the EU budget for the period 2007-2013 and the EU co-financing for the period 2014-2020, confirming a continued commitment to collaborative efforts for the economic and social development of Poland.
Background information
The EIB has been present in Poland since 1990 and has invested more than €93. 09 billion in projects that help the country’s economy. The European Investment Bank (EIB) is the European Union’s long-term lending institution, owned by its Member States. It finances sound investments that contribute to the EU’s policy objectives. The EIB projects competitiveness, stimulates innovation, promotes sustainable development, social and territorial team spirit and supports a just and immediate transition to climate neutrality. The EIB projects competitiveness, stimulates innovation, promotes sustainable development, social and territorial team spirit and contributes to a just and immediate transition towards climate neutrality.
The EIB Group, which is also the European Investment Fund (EIF), signed a total of €88 billion in new financing for more than 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investments, supporting 400,000 businesses and 5. 4 million jobs.
All projects financed through the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not finance investments in fossil fuels. We are on track to deliver on our commitment of €1 trillion in climate and environmental sustainability investments over the next decade. 2030, as promised in our Climate Bank Roadmap. More than a fraction of the EIB Group’s annual financing projects that contribute directly to the climate replace mitigation, adaptation and a healthier environment.
Approximately part of EIB financing in the European Union goes to team-building regions, where the source of per capita income is lower. This underscores the Bank’s commitment to fostering inclusive expansion and convergence of living standards.
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SOURCE: European Investment Bank
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