The European Investment Bank, the long-term financing arm of the European Union, has more than doubled the size of its Czech koruna domestic debt programme to Ck80bn (€2.5bn) as it cements its standing as an alternative to the Czech government in the bond market.

The EIB raised the limit of its Czech domestic debt programme, which is arranged by Commerzbank Securities, from Ck30bn to Ck80bn on Friday. Nine other banks including ABN Amro, HVB, Citigroup, Deutsche Bank and ING, are permanent dealers under the programme.