EIB chief says 200b euros needed for infrastructure: WiWo

Europe needs to invest more than 200 billion euros (S$294.05 billion) in infrastructure and education each year, the head of the European Investment Bank (EIB) said in an advanced copy of an interview published on Thursday. 

PHOTO: REUTERS

MAY 28, 201511:15 PM

[BERLIN] Europe needs to invest more than 200 billion euros (S$294.05 billion) in infrastructure and education each year, the head of the European Investment Bank (EIB) said in an advanced copy of an interview published on Thursday.

"For digital infrastructure, the investment gap in Europe adds up to 55 billion euros annually," Werner Hoyer was quoted as saying in an interview to appear in magazine WirtschaftsWoche.

He added that Europe needed to invest 100 billion euros in education annually, while an additional 50 billion was needed for investment in streets, bridges and harbours each year.

Mr Hoyer told the magazine that the investment gap could only be covered by mobilising private capital.

The EIB is responsible for implementing the European Commission's 300 billion-euro plan, announced last December, to boost investment in Europe without adding to public debt.

REUTERS