| Author (Person) | Woolfe, Jeremy |
|---|---|
| Series Title | European Voice |
| Series Details | Vol.9, No.39, 20.11.03, p31 |
| Publication Date | 20/11/2003 |
| Content Type | News |
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By Jeremy Woolfe Date: 20/11/03 THE European Investment Bank (EIB) intends to raise and lend €40 billion in the period from now until 2010 to help correct Europe's imbalance between investment in R&D and investment in transport. "The EU does not devote enough resources to R&D and innovation," Philippe Maystadt, president of the Luxembourg-based long-term financing bank, told this paper. It is estimated that 30% of the money will come from American investors, who will purchase EIB dollar-denominated bonds. The EIB says that its own security is based on the top-class credit ratings of the 15 EU member states. Hence, its bonds are solid enough to carry low returns, to borrowers' benefit. The bank, which formerly was known for its investments in public utility projects in the developing zones of the EU, has changed towards investments to boost Europe's innovation gap with the US and Japan. Typically, the EIB funds no more than 30% of any project but it can go up to 50% in poorer parts of the EU. |
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| Subject Categories | Culture, Education and Research, Politics and International Relations |
