IDEA joins EIF shareholding

Agencia de Innovación y Desarrollo de Andalucía IDEA (the Agency for Innovation and Development of Andalusia) has purchased three shares in the European Investment Fund, through a sale of shares by the European Investment Bank, effective 31 December 2006.

EIF is a member of the EIB Group (EIB holds 61.2% of the EIF share capital) and works in close cooperation with the European Union and the European Commission (holding 30% of the EIF share capital), and a range of banks and financial institutions, now totalling 27 in number and holding 8.8% of the EIF's capital. EIF's authorised capital amounts to EUR 2 billion.

IDEA, the regional development agency of the Junta de Andalucía (Autonomous Government of Andalusia), aims to contribute to Andalusia's economic and social development, through supporting regional businesses, employers and the regional government itself.

Miguel Ángel Serrano Aguilar, General Manager of Agency IDEA, stated: "The aims of the Junta de Andalucía with this operation are to cooperate closely with the EIB Group in order to enable the development of new joint projects of major significance, and to keep Andalusia in an outstanding position as to the level of institutional presence and implication with relevant European institutions. In the future, we expect to develop together with the EIF new instruments to support SMEs, especially in the area of financial engineering".

Francis Carpenter, EIF's Chief Executive, commented: "EIF has been successfully collaborating with IDEA for a number of years in the venture capital field. We are very happy to take an already fruitful relationship to a new level by welcoming IDEA as shareholder. IDEA is the first regional financial institution to become a member of EIF, thus underlying EIF's role in dynamic European regions".