Italy says it will contribute €8 billion to the EU’s new €315 billion investment fund, joining Germany and France, which have also pledged €8 billion each, and Spain, which said it will commit €1.5 billion, to bolster the fund set up by European Commission President Jean-Claude Juncker to finance high risk projects.
“The ball is rolling” said European Commission Vice-President Jyrki Katainen. “I am delighted that member states are putting their money where their mouths are, helping us to make the most of the plan and to create jobs and lasting growth in Europe."
The Commission itself is committing €16 billion in guarantees for the initiative. A further €5 billion will come from the European Investment Bank, which is overseeing the fund.
The hope is that these commitments will pull in private money, creating a €315 billion fund.
Projects put forward for the fund’s backing include building refuelling stations for hydrogen fuel cell vehicles in Germany, expanding broadband networks in Spain, and making public buildings in France more energy-efficient.On average, EU seed capital will provide 20 per cent of the funding for a given project, with private investment required to cover the rest.
The investment fund should be up and running as quickly as possible to ensure that financing starts flowing to projects this summer, Katainen said.
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