RIGA, Jun 5 (LETA) - The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) will increase the InvestEU Facility's guarantees by EUR 478.4 million and provide EUR 11.4 million to finance advisory activities in EU countries of the bank's operation, EBRD representatives told LETA.

At the Annual Meeting of the EBRD Board of Governors and Business Forum in Riga, EBRD President Odile Renaud-Basso and EU Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis (New Unity) announced plans to increase investment in sustainable infrastructure, green economy, digitalization, small and medium-sized enterprises (SMEs), innovation, and research in all EU countries where the EBRD operates.

These funds will allow the EBRD to finance higher-risk projects that would otherwise struggle to attract commercial financing. In addition, advisory activities will help prepare and implement appropriate investment projects, including through technical and legal support.

The EBRD is one of the largest partners of InvestEU. The bank has already mobilized more than EUR 470 million in InvestEU guarantees, supporting projects with a total value of more than EUR 5 billion, covering sectors such as energy, transport, municipal infrastructure, real estate, natural resources, manufacturing, and agribusiness in all EU countries of the EBRD's operation.

Renaud-Basso welcomed the opportunity to further expand cooperation with the EU, the EBRD's main partner and donor, in the bank's countries of operation in the EU.

"This is another very concrete example of our partnership, which mobilizes investment in innovative ways and helps companies access vital finance," Renaud-Basso said.

Dombrovskis noted that today's agreement with the EBRD is a concrete example of how the EU can use its budget more effectively to leverage investment for its strategic priorities. Strengthening the EBRD with additional guarantees of up to EUR 478.4 million and EUR 11.4 million in advisory support will help finance higher-risk projects in sustainable infrastructure, green economy, digitization, innovation, research and support SMEs across the EU, where the EBRD is active.

"It is also a testament to our continuously growing cooperation with the EBRD. It also shows the value of our simplification agenda: following the reforms driven by our Omnibus investment package, InvestEU is becoming more efficient, more flexible, and easier to use, while continuing to contribute to Europe's long-term competitiveness, resilience, and clean energy transition," Dombrovskis said.