The European Investment Bank (EIB) is already working on a financial package with 900 million euros to help rebuild the disaster caused by the DANA in Spain. This has been announced by its president, Nadia Calvinoduring an appearance held this Wednesday at the European Parliament.
Calviño, who was first vice president of the Government and Minister of Economy in the previous legislature, has indicated that the EIB is “moving quickly” to expedite financial support to repair and rebuild “homes, businesses and infrastructure.”
To speed up the process, the public bank will reschedule investment items that Spain already had for other matters and will allocate them to reconstruction. An initiative that has already been applied in Central European countries that also suffered catastrophic flooding last September.
“We have to make sure rebuild better: with techniques adapted to the new realitythat resist and protect against increasingly frequent and intense climate shocks,” said the president of the largest public bank in the world. “Not only is it correct, it is profitable. Every euro invested saves between five and seven euros in damage repair,” he added.
In a press release distributed this Wednesday, the EIB has indicated that it is at the disposal of the Spanish administrations to adopt additional measures if necessary. The specific financing vehicle is still unknown. The EIB limits itself to providing financing, which can take the form of loans, guarantees, co-financing… but not direct aid.
The EIB funds are added to the 10.6 billion in support measures that the Government has begun to mobilize this week. The ‘DANA plan’ includes direct aid for home repairs, tax measures, mortgage moratoriums and a labor shield, among other initiatives.