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Cabinet Okays €1.3-billion Loan From EIB
Friday 12 November 2010 Zoom in | Print page
Bratislava, November 12 (TASR) - Slovakia is set to draw up to €1.3 billion from the European Investment Bank (EIB) within the co-financing of EU-funded projects after the Government on Friday approved an agreement proposal between the EIB and Slovakia on a framework loan for funding priority projects, TASR learnt on the same day.
The loan was earlier given the green light by the EIB, while Slovakia's state budget for this year was already counting on it.
In line with the agreement, the loan ought to be drawn in a maximum of eight tranches, with the level of each tranche set at a minimum of €100 million. The first tranche, to be drawn this year, won't exceed €350 million.
This loan represents the biggest financial injection from the EIB in Slovakia's history. Assistance from the EIB is designed to make the process of drawing of EU Funds simpler and more effective. This means that projects seeking funding from Brussels will be facilitated when co-financed and pre-financed by the EIB.
The total estimated amount of €13.8 billion is set to go towards projects co-funded by EU money in the 2007-13 period. Of this sum, 11.4 billion is to be covered from EU funds, and 1.3 billion by an EIB loan. Slovakia's state budget is to chip in €777 million, with the remaining €408 million to be provided by the beneficiaries of the projects.
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