European bank revives plan for global arm
EIB head Werner Hoyer is confident EU countries would replace the €3.5bn of British cash and nearly €40bn of callable capital that will be lost as a result of Brexit
London — Europe’s largest development bank, the EIB, has revived plans for a new offshoot focused solely on non-EU projects that it expects to formalise in a year and have up and running within two years, its president said. In an interview, EIB head Werner Hoyer also said he was confident EU countries would replace the €3.5bn of British cash and nearly €40bn of callable capital that will be lost if Brexit goes ahead as planned. The new internationally focused offshoot could potentially invest in a post-Brexit Britain, but its main aim is to bring more of the EU’s foreign spending into a streamlined and market-savvy unit. Hoyer said the plan had been put on the back burner for a year due to Brexit and while a new EU budget was being hammered out, but that it was now active again. “We have revitalised the whole idea and have presented ideas to our shareholders and others,” Hoyer said. The Bank currently invests between €65-80bn a year, with about 10% percent or €7-€8bn of that spent ...
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