The European Investment Bank (EIB), the EU bank, today announced the launch of a new financing initiative that aims to unlock close to €1 billion of investment in the agriculture and bio-economy sector. The bio-economy sector encompasses the value chains of production and the processing of food, material and energy using renewable biological resources from land and sea. This large EIB lending programme for agriculture and bio-economy outlines the Bank's broader support for this sector. The operation will be guaranteed by the EU budget under the European Fund for Strategic Investments (EFSI), which forms a central part of the Investment Plan for Europe of the European Commission under the Juncker administration. In a new Regulation applicable from early 2018, the scope of EFSI was extended to include a specific sectorial focus on sustainable agriculture and the wider bio-economy.

European Commissioner for Agriculture and Rural Development Phil Hogan said: “Facilitating access to finance to unlock investment in the agriculture sector is crucial to maintaining Europe's position as the global leader of high-quality, safe food products. This is where the Juncker Plan can play an important role. I am delighted to welcome this initiative which will, with the support of the Juncker Plan, provide a €1 billion boost to jobs and growth in Europe's rural economy.”

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Full press release via the below link.