Cities today issue 12 | Page 56

We tailor our financing to the specific needs of the borrower and the project, in line with sound banking practice and procedures. Borrowers can be both public and private, from within or outside the EU. Our traditional financing instruments are medium and long-term loans, with fixed or variable interest rates, in euros or other currencies. For projects of at least €25 million we provide individual loans covering up to 50 percent of the investment cost. For projects of less than €25 million, we provide indirect lending through intermediated loans to partner banks (via so-called credit lines). We can also finance research, development and innovation projects–an area that often involves greater risk and where it is therefore more difficult to obtain funding–by using the Risk-Sharing Finance Facility (RSFF). This joint initiative of the EIB and the European Commission is aimed at private companies or public institutions with a higher than average risk profile. EIB financing may be accompanied by EU grants to finance investment promoting the reduction of energy consumption. Also we offer technical assistance to help improve the quality and sustainability of urban investment projects and ensure that they comply with EU policies and standards. This technical assistance can range from overall feasibility studies to more specific studies on specific implementation issues. Photo: EIB SPONSORED STATEMENT As urban public transport projects are only rarely financially self-supporting and usually face substantial operating deficits, the EIB uses its financial and technical experience to help meet their specific needs The Royal Eye Hospital, Manchester in the UK has been redeveloped through EIB funding