European Investment Bank (EIB) Group President Nadia Calviño has announced a €3 billion financing package for agriculture, forestry and fisheries across Europe, along with measures to strengthen agricultural insurance. The EIB Group loans will be matched with other participating financial institutions, unlocking around €8.4 billion of long-term investment for the bioeconomy sector.

The support marks the largest EIB-backed financing initiative for European agriculture and will target small and medium-sized enterprises (SMEs) and mid-caps. It will be deployed over the next three years, with the first loans expected to be signed in the first half of 2025.

A share of the loans will be earmarked for young or new farmers, as they typically have more difficulty in obtaining traditional bank financing. Support will also be targeted to women farmers to address a gender imbalance in agriculture, as well as green investments to help farmers make the green transition a success, in support of the European Union's sustainability goals.

"I welcome the EIB's strong commitment to the EU farming community, especially young farmers and women farmers," said EU Commissioner for Agriculture and Food Christophe Hansen . "Closing the financing gap in the sector is crucial and with the support of the EIB Group we are giving agriculture the tools to thrive and grow. We will work closely with the EIB to ensure this financing opportunity is exploited on the ground and delivers results. Together, we are securing a sustainable future for the sector."

"Agriculture is a vibrant part of European life and a productive part of our economy. The EIB Group financing announced today will help support a new generation of farmers, including more women in the sector," EIB Group President Nadia Calviño said at the EU Agri-Food Days conference in Brussels. "Our investments are part of a holistic approach, working with the European Commission, to support innovation and help build the sustainability and resilience of small businesses involved in every part of the broader bioeconomy and agriculture sectors."

The new funding aims to boost investments in a range of activities, including soil health, digital tools, water management and climate resilience. It is also intended to strengthen training in sustainable farming practices and land purchases by young or new farmers, helping to increase the share of European farmers under 40 to 12% and the share of women to 31.6%.