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The European Investment Bank wants to create a “new development subsidiary” and raise more cash from the EU prior to Britain leaving the bloc.

Analysts say the EIB is attempting to shore up against the 16 percent funding hole which will emerge when Britain stops paying into the project.

The European Commission is reportedly concerned over the bank’s plans to grab funds from the EU’s executive arm to make up the money lost from Britain leaving the EU in 2019.

EIB boss Werner Hoyer shared his plans with the EU finance ministers during their monthly meeting on December 5 in Brussels, with the ministers’ reaction reported to have been muted.

The EIB is the European Union's non-profit long-term lending institution established in 1958 under the Treaty of Rome.