The announcement follows the group’s statement at the end of April that it would make up to $2 billion available to finance U.S. stimulus programs. That amount has now been allocated to both US and Canadian projects.
This latest move comes as competing infrastructure developers offer financing to cash scarce customers. IBM now joins their competitors in offering low interest rates, deferred payments and structured credit for projects such as the development of congestion-charge schemes in inner urban areas, or health-information technology, as well as for smaller ventures.
“These stimulus projects and other government projects for more sustainable industries are a huge opportunity for us…We can use financing to make things much more affordable and bring forward the break-even point of the project.” IBM Global Financing’s head of marketing, Nick Gallop, told Reuters.
Europe is like to receive the largest share of the total investment.