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Brandenburg’s investment bank committed 1.8 billion euros in funding last year

February 13, 2020


Abstract : Last year, the investment bank of the eastern German state of Brandenburg, the ILB, committed almost 1.8 billion euros in subsidies - 800 million euros in the form of subsidized loans.

CAPTION: The ILB, Brandenburg’s investment bank. (picture alliance / dpa)

Last year, the investment bank of the eastern German state of Brandenburg, the ILB, committed almost 1.8 billion euros in subsidies - 800 million euros in the form of subsidized loans. This is one of the best results so far, said CEO Tillmann Stenger on Monday at the ILB's annual press conference. Investments of 2.7 billion euros had been pledged to approximately 6,200 projects. 12,500 jobs were secured and almost 1,800 new jobs were created, he said.

"The willingness to invest continues," said Stenger. This year, new commitments of 1.1 billion euros are planned. Among other things, the reduction of bureaucracy is one of the issues the bank was addressing: a 10-point program is to be developed in order to reduce the administrative workload.

Brandenburg’s finance minister Katrin Lange, a member of the center-left Social Democrats (SPD), who is also chairperson of ILB’s Board of Directors, stressed that half of the commitments of almost 1 billion euros had been financed by state funds. The money had gone towards a number of areas, including the expansion of broadband and the promotion of housing construction. In addition, the state had contributed 36 million euros to drought aid and almost 80 million euros to funding programmes for the improvement of regional economic structures.

The ILB was founded in 1990 and has so far committed 43 billion euros in funding. Just under 2 euros have been invested for every euro of funding.

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