LONDON: The European Investment Bank (EIB) has estimated its funding needs for 2020 at EUR 60 billion.The EIB has completed its 2019 funding programme of EUR 50.3 billion – in line with the funding authorization announced for the year.

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The EIB Board of Directors in its December meeting approved a borrowing authorization of up to EUR 65 billion, allowing for upside flexibility.

Bond redemptions for 2020 are estimated at EUR 70 billion. Redemptions in 2019 amounted to EUR 61.6 billion.

The Bank’s strong credit standing is underpinned by exceptional asset quality, a strong capital base and liquidity, firm shareholder support, conservative risk management and a sound funding strategy.