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European Union Readies $264 Billion Investment Plan, Pais Says

The European Union is working on an investment plan of 200 billion euros ($265 billion) to be focused on infrastructure, renewable energy and technology, El Pais said, citing unidentified people familiar with the matter.

The money will be channeled mostly toward countries worst hit by the European debt crisis, the newspaper said. The program may be implemented by using 12 billion euros available under the European Financial Stabilisation Mechanism to boost the capital of the European Investment Bank, El Pais reported.

The EIB, in turn, would use its expanded capital to guarantee the issuance of bonds backed by assets such as infrastructure projects to be offered to pension funds and other institutional investors, El Pais said. An alternative would be expanding the EIB’s capital with funds from the governments, the newspaper said.

Also, the European Union is considering securitizing the EIB’s loan portfolio, freeing up its capital and allowing the lender to provide new financing, El Pais said.

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