• The European Investment Bank Group — the European Investment Bank (EIB) and the European Investment Fund (EIF) — invested €469 million in 2021 to support Slovakia’s sustainable development and faster COVID-19 recovery.
• The EIB lent €240 million for climate action, regional development and support for SMEs and mid-caps.
• The EIF provided €228.8 million in equity and EGF guarantees to support Slovak SMEs and mid-caps, making 2021 a record year for the EIF in Slovakia.
• Today, the EIB has signed a Memorandum of Understanding with the Government of the Slovak Republic to provide technical and financial support for modernising the national rail network.

The European Investment Bank Group, which consists of the European Investment Bank (EIB) and European Investment Fund (EIF), invested €469 million in 2021 in the Republic of Slovakia, increasing its investment volume by over 122% compared to the year before.

In 2021, the EIB lent €240 million in five operations supporting climate action, small and medium-sized enterprises (SMEs) and balanced regional development in Slovakia. At the same time, the EIF provided a record €228.8 million in six operations — two equity operations (€25m) and four guarantee operations (€203.8m). EIF operations supported SMEs and accelerated their recovery from COVID-19 pandemic.

EIB Vice-President Lilyana Pavlova, in charge of operations in Slovakia, said: “The volumes of operations in the country underline once again the EIB Group’s commitment to remaining a reliable partner for Slovakia even in the most difficult of times. The EIB Group responded to the needs of the Slovak economy and more than doubled its operations in the country compared to the previous year. This helped boost economic activity in the country, protect jobs and income for Slovaks, and ensure that the country can continue to develop its infrastructure. I am particularly proud of our contribution to COVID-19 recovery in Slovakia and the fact that we provided close to €361 million for this purpose. I would like to thank our partners in the public and private sector, especially the Government of Slovakia, for their efficient cooperation in the opportunity to make Slovakia stronger.”

Deputy Prime Minister and Minister of Finance of the Slovak Republic, Igor Matovič, said: “These figures rank the EIB amongst the largest investors in Slovakia. Moreover, EIB operations always follow its public policy, particularly as regards fostering innovation, supporting climate change adaptation and financing public transport, all of which helps make our future a little bit brighter. I would like to highlight how swiftly and effectively the EIB is able to react to different situations. The bank's response to the COVID-19 crisis was remarkable. We can see the same phenomenon today in the Russian military attack on Ukraine. I really appreciate how we are already talking with EIB representatives about our financing needs in the Ukrainian refugee crisis. This is further evidence of the importance and professionalism of this institution.”

European Guarantee Fund provides €303 million to Slovak SMEs and mid-caps

The establishment of the European Guarantee Fund (EGF) enabled the EIF to provide €203.8 million in guarantees to public and private banks, and also allowed the EIB to issue additional guarantees worth €100 million. These EGF guarantees unlocked new credit lines for Slovak SMEs and mid-caps without jeopardising the stability of the national financial sector. These businesses used the EGF-guaranteed loans to support their liquidity, protect and create jobs, and continue investing despite the pandemic.

The EIB Group and 22 EU Member States, including Slovakia, established the EGF in 2020 as an immediate response to the pandemic, supporting the faster recovery of EU companies. Since December 2020, the EIB Group has approved €23.2 billion in EGF guarantees in participating member countries, including Slovakia. The guarantees are expected to mobilise €174.4 billion in investments in SMEs and mid-caps in these participating countries.

EIB invests €240 million in Slovak SMEs and mid-caps, and in modernising regional infrastructure

In 2021, the EIB signed five new operations in Slovakia. It pursued its excellent cooperation with the Prešov region and devoted €30 million to supporting regional investments in transport and social infrastructure. This was the third EIB loan for regional infrastructure in Prešov. It will help modernise and renovate infrastructure with improved energy efficiency and environmental protection, as well as contributing to the balanced development of Slovakia.

The EIB provided an additional €210 million to the country’s banking sector in operations with Tatra Leasing Slovakia (€60 million), Societe Generale Group Slovakia (€20 million), UniCredit Group Slovakia (€100 million), and EXIMBANKA (€30 million). These operations supported SMEs and mid-caps, and unlocked more accessible sources of long-term financing for liquidity needs, protecting and creating jobs, and climate action, as well as the faster recovery from COVID-19. The operation with UniCredit Group Slovakia provided EGF-backed guarantees.

Steady and reliable support for the Slovak economy

Over the past five years, the EIB has invested some €1.6 billion in Slovakia, half of which (€802 million) in the form of credit lines for local SMEs and mid-caps. Between 2017 and 2021, the EIB supported Slovakia with €386.2 million for the national transport sector. The EIB also invested €77.2 million in the country’s industry, €70 million in energy, €42.5 million in services, €23.7 million in urban development and €10 million in modernising the education sector. Other areas of the Slovak economy have also benefited from EIB investments, including healthcare and composite infrastructure, which received a further €6.7 million in long-term funding from the Bank.

The EIF’s record year in Slovakia, helping local SMEs and mid-caps to recover from the COVID-19 crisis faster

The EIF lent €228.8 million to the local economy in Slovakia. It provided €20 million in equity to the Slovak Venture Fund and another €5 million to Sandberg Investment Fund II. The majority of the EIF’s contribution to the Slovak economy — €203.8 million — came in the form of EGF-backed guarantees for public and private banks including Slovenska Sporitelna, Slovenska zarucna a rozvojova banka and UniCredit Leasing Slovakia, making 2021 the most successful year on record for the EIF in the country.

Since 2017, the EIF has invested some €55 million in equity, €316.5 million in guarantees and €6.9 million in inclusive finance. EIF activities in 2021 reinforced and supported the faster COVID-19 recovery of Slovak small and medium enterprises and unlocked new sources of more affordable long-term financing, crucial for maintaining liquidity and investment as well as protecting and creating jobs.

EIB advisory services help Slovakia attract new investments for faster, green and sustainable development

In 2021, EIB advisory services continued to provide valuable support to the Government of Slovakia and the country’s public and private sector. EIB advisory services had 37 active assignments in the country. In 2021, EIB advisory services took on 11 new assignments and completed nine.

EIB advisory services are mainly provided in Slovakia through Joint Assistance to Support Projects in European Regions (JASPERS), and include the European Local Energy Assistance (ELENA), the EIB Advisory Hub, and the Invest EU Advisory Hub.

Climate change and environmental issues are the main priorities for EIB advisory services in Slovakia, in particular for JASPERS. Other supported sectors include sustainable mobility and the development of the TEN-T network, the just transition, energy efficiency, social infrastructure, urban regeneration, smart development, the circular economy, and waste and water investments.

EIB to mobilise technical and financial support for modernising the Slovak rail sector, complementing EU grants from the Recovery and Resilience Fund and the 2021-2027 Multiannual Financial Framework

On 15 March 2022, the European Investment Bank and the Slovak Republic signed a Memorandum of Understanding, paving the way for the EIB Group’s active involvement in supporting the development of the railway infrastructure network in the Slovak Republic.

Building on long-standing cooperation between the EIB and the Slovak Republic in the transport sector, the memorandum will allow EIB advisory services (JASPERS and the European Investment Advisory Hub) to provide valuable technical support to the Ministry of Transport and Construction in preparing railway modernisation projects. EIB funding would be available to co-finance and complement grant resources from the European Union, in particular the Recovery and Resilience Fund (RRF), the Operational Programme Slovakia 2021-2027 and Connecting Europe Facility (CEF).

EIB Vice-President Lilyana Pavlova said: “The EIB will provide valuable technical support to the Government of Slovakia to help in the preparation of projects vital for the modernisation of the national rail sector. Complementing EU grants with EIB funds, we will help implement some €4.8 billion in investment for a more affordable, green and sustainable transport network in Slovakia, which will cut travelling times, improve the quality of living, support business, enhance trade and contribute to the sustainable and balanced regional development of all Slovak regions. Modernising the rail sector will help us achieve our ambitious climate goals faster and accelerate our progress towards a carbon-neutral Europe, a goal the European Union plans to achieve by 2050.”

Deputy Prime Minister and Minister of Finance of the Slovak Republic, Igor Matovič, said: “Although the ratification of the memorandum does not imply any commitments, I consider this step to be very important for Slovakia. We all know very well how much we need effective investment in neglected railway infrastructure. In addition, as a partner with precise evaluation methods and strict criteria related to the implementation of projects, the EIB is a strong guarantor of transparency.”

Under current estimates, the EIB will support the development of projects that should attract some €4.8 billion, of which €2.2 billion from EU funds. The Slovak Government plans to implement the modernisation projects by the end of the decade and co-finance them with EU grants, in particular from the Recovery and Resilience Fund (RRF) and the 2021-2027 EU Multiannual Financial Framework.

The EIB has been a long-term partner of Slovakia in modernising the country’s transport sector, and has invested to date €2.2 billion in modernising key road, railway and urban infrastructure projects across the country.

About the EIB in Slovakia:

Since the beginning of its lending operations in Slovakia in 1992, the EIB has invested €9.7 billion across key economic sectors — including small and medium-sized enterprises (SMEs), transport, infrastructure and energy. In 2021 alone, the EIB invested €240 million to support social and economic development in Slovakia.

One of the EIB’s main activities in Slovakia is to help SMEs and to improve their access to long-term financing by creating credit lines with local financial institutions. Responding to the COVID-19 emergency, the EIB has approved more than €695 million for the Slovak economy to improve its resilience and strengthen its economic recovery.