EIB Group provides €469 million to Slovakia in 2021 and continues to help modernise its national rail network
- The European Investment Bank Group — the European Investment Bank (EIB) and the European Investment Fund (EIF) — invested €469 million in 2021 to support Slovakia’s sustainable development and faster COVID-19 recovery.
- The EIB lent €240 million for climate action, regional development and support for SMEs and mid-caps.
- The EIF provided €228.8 million in equity and EGF guarantees to support Slovak SMEs and mid-caps, making 2021 a record year for the EIF in Slovakia.
- Today, the EIB has signed a Memorandum of Understanding with the Government of the Slovak Republic to provide technical and financial support for modernising the national rail network.
The European Investment Bank Group, which consists of the European Investment Bank (EIB) and European Investment Fund (EIF), invested €469 million in 2021 in the Republic of Slovakia, increasing its investment volume by over 122% compared to the year before.
In 2021, the EIB lent €240 million in five operations supporting climate action, small and medium-sized enterprises (SMEs) and balanced regional development in Slovakia. At the same time, the EIF provided a record €228.8 million in six operations — two equity operations (€25m) and four guarantee operations (€203.8m). EIF operations supported SMEs and accelerated their recovery from COVID-19 pandemic.
EIB Vice-President Lilyana Pavlova, in charge of operations in Slovakia, said: “The volumes of operations in the country underline once again the EIB Group’s commitment to remaining a reliable partner for Slovakia even in the most difficult of times. The EIB Group responded to the needs of the Slovak economy and more than doubled its operations in the country compared to the previous year. This helped boost economic activity in the country, protect jobs and income for Slovaks, and ensure that the country can continue to develop its infrastructure. I am particularly proud of our contribution to COVID-19 recovery in Slovakia and the fact that we provided close to €361 million for this purpose. I would like to thank our partners in the public and private sector, especially the Government of Slovakia, for their efficient cooperation in the opportunity to make Slovakia stronger.”
Deputy Prime Minister and Minister of Finance of the Slovak Republic, Igor Matovič, said: “These figures rank the EIB amongst the largest investors in Slovakia. Moreover, EIB operations always follow its public policy, particularly as regards fostering innovation, supporting climate change adaptation and financing public transport, all of which helps make our future a little bit brighter. I would like to highlight how swiftly and effectively the EIB is able to react to different situations. The bank’s response to the COVID-19 crisis was remarkable. We can see the same phenomenon today in the Russian military attack on Ukraine. I really appreciate how we are already talking with EIB representatives about our financing needs in the Ukrainian refugee crisis. This is further evidence of the importance and professionalism of this institution.”
European Guarantee Fund provides €303 million to Slovak SMEs and mid-caps
The establishment of the European Guarantee Fund (EGF) enabled the EIF to provide €203.8 million in guarantees to public and private banks, and also allowed the EIB to issue additional guarantees worth €100 million. These EGF guarantees unlocked new credit lines for Slovak SMEs and mid-caps without jeopardising the stability of the national financial sector. These businesses used the EGF-guaranteed loans to support their liquidity, protect and create jobs, and continue investing despite the pandemic.
The EIB Group and 22 EU Member States, including Slovakia, established the EGF in 2020 as an immediate response to the pandemic, supporting the faster recovery of EU companies. Since December 2020, the EIB Group has approved €23.2 billion in EGF guarantees in participating member countries, including Slovakia. The guarantees are expected to mobilise €174.4 billion in investments in SMEs and mid-caps in these participating countries.
