Brussels 18/10/2010 (Agence Europe) - FEMIP (the Facility for Euro-Mediterranean Investment and Partnership), a fund managed by the European Investment Bank (EIB), is more than ever prepared to act to help put the projects planned under the Union for the Mediterranean (UfM) into practice, explained EIB Vice-President Philippe de Fontaine Vive in Paris on Monday morning when he described FEMIP's contribution to increasing cooperation between both sides of the Mediterranean a few weeks ahead of the UfM “summit” in Barcelona. He said that FEMIP's financial support reached nearly €1.6 billion in 2009 and this record amount should continue or even be exceeded in 2010. He added that through its loans and investment capital operations, and also research and technical assistance at regional and national level, FEMIP has shown itself to be a reliable partner and has proved its ability to act in support of Mediterranean countries, as desired by the European Union.
He stressed the work around the UfM priorities of cleaning up the Mediterranean, the Mediterranean Solar Plan, maritime and land highways and the Mediterranean business development initiative. FEMIP will be assisted by the whole range of financial and non-financial instruments available like loans, investing in shares and bonds, technical assistance and industry studies ahead of projects, he explained, adding that FEMIP would also be able to count on solid partnership with the European Commission and other international finance institutions, as well as confidence that has been built with member states and partner countries.
De Fontaine Vive explained that there has been genuine progress with the measure to clean up the Mediterranean because 78 priority projects had been identified and a mechanism established to help promoters plan financially and technically viable projects that will therefore be easier to finance. He said that using a similar method for the Solar Plan, FEMIP had found renewable energy projects in the region and was working on deciding on funding for a large-scale pilot project in Morocco. He said that similar research and identification of priority projects was under way with other partners for the land and sea highway initiative. He added that FEMIP had carried out research that will help decide on specifications for the enterprise development initiative. In addition, the EIB has been organising reflection among donors for urban development in order to identify criteria for examining sustainable urban projects.
De Fontaine Vive explained that with FEMIP, the UfM has already been able to benefit from an important funding tool in the service of the general guidelines to be announced in the next few months. He added that for “the big ambition” that is the Union for the Mediterranean, FEMIP is more than ever prepared to act. (F.B./transl.fl)