Update : European Investment Fund capital increased by 50%

Saturday, June 21, 2008

Posted by admin

• EIF's authorised share capital has been increased by 50% to EUR 3bn as shareholders voted unanimously in favour of the proposal at EIF's Annual General Meeting yesterday.
• This increase in capital is expected to net EIF some EUR 266m in 2007 alone, bringing own funds to an estimated EUR 950m by end June 2007, since the shares are partly paid in and will be issued in several installments.
• EIB President, and Chairman of EIF's Board of Directors, Mr. Philippe Maystadt said that: "This increase in capital will strengthen the hand of the Fund in pursuing its policy objectives while ensuring its financial self-sufficiency until 2013. EIB, as the largest EIF shareholder, demonstrates its ongoing commitment to supporting European SMEs - an EIB Group priority - by exercising fully its share of the capital increase in 2007."
• Welcoming the news, EIF's Chief Executive, Mr. Francis Carpenter, elaborated that: "The capital increase is a huge vote of confidence in EIF at this juncture where, in addition to strengthening our core businesses, we are expanding into new areas, such as technology transfer, and increasingly into new regions such as Southern and Eastern Europe. Our mission, to support early-stage, high-tech SMEs, remains crucial to delivering a competitive knowledge economy in Europe."