The European Commission’s €315bn investment plan has attracted support from China, the first non-EU country to back the initiative.
Jyrki Katainen, vice-president responsible for investment within the Commission, said he was “delighted” by China’s pledge, made following a visit to Beijing.
“This is the right moment to invest in Europe, and I am delighted China has announced its intention to contribute to the Investment Plan,” said Katainen, who has visited all but one EU member state in an effort to win support for the initiative.
He added: “I am confident other institutional investors will follow.”
The Commission did not disclose the size of China’s contribution but it stands alongside €47bn worth of commitments from nine member states, ranging in size from Luxembourg’s €80m to the UK’s €8.5bn.
The European Fund for Strategic Investments (EFSI), part of the €315bn plan, announced its board members in July and confirmed it would offer funding to a number of projects backed by Danish pension funds.
The announcement comes as the Commission seeks to boost investment activity within the EU.
As part of its attempts, it will soon unveil further details of the Capital Markets Union, an attempt by Jonathan Hill’s directorate-general for financial stability to simplify access to market funding.
