OREANDA-NEWS. July 02, 2015. The European Investment Bank (EIB) is lending EUR 600 million, the first tranche of an approved loan of EUR 1.16 billion, to Slovakia to co-finance priority projects receiving support from EU funds within the period 2014-2020. The EIB funds will cover the national co-financing contribution in line with the Partnership Agreement and Operational Programmes in the areas of R&D, the information society, human resources, the environment and public administration.

    “This EIB loan will co-finance priority investments in Slovakia with a total expected project cost of up to EUR 14.2 billion. It will foster the absorption of EU funds in areas crucial for growth and job creation and the strengthening of the competitiveness of Slovakia. Projects to be funded will support research and innovation, provide equal access to ICT technologies, particularly in rural areas, and promote life-long learning of citizens, thus improving their employment chances.” commented EIB Vice President L?szl? Baranyay.

    The EIB financing will be provided in the form of a Structural Programme Loan. In addition to large-scale infrastructure projects, the EIB loan may also be used to finance a large number of relatively small investment schemes, which, due to their small size, would not otherwise qualify for direct EIB financing.

    “We appreciate this loan which can secure the implementation of EU funds and further accelerate the development of the Slovak economy. It builds on the previous excellent experience with the Bank’s operations in our country and is an important element in continuing the fruitful co-operation between Slovakia and the EIB.” added Deputy Prime Minister and Minister of Finance Peter Ka?im?r.

    The EIB loan offers long-term co-financing on the most attractive terms for projects under the EU programmes across Slovakia.

    This loan builds on the successful co-operation between the EIB and Slovakia in the area of co-financing projects with EU funds, which the Bank previously financed with loans of EUR 95 million in 2004 and EUR 1.3 billion in 2010. The former loan was successfully allocated and the latter one will be fully used by the end of the current year.