Brussels, 17/02/2011 (Agence Europe) - Against the backdrop of events in Tunisia and Egypt and calls from the head of European diplomacy, Catherine Ashton, to free up additional resources for the Mediterranean region, the European Parliament took position, on Thursday 17 February, in favour of an amendment tabled by the permanent rapporteur for the European Investment Bank (EIB), Ivaïlo Kalfin (S&D, Bulgaria), aiming to increase the total amount of guarantees granted to loans from the Bank for infrastructure and SMEs in North Africa by €1 billion. The Parliament also supported the principle of €2 billion in extra funding to support loans for environmental projects.
The MEPs decided to increase the upper limit of guarantees granted to the EIB by the EU by €1.7 billion for its loans outside the EU. This sum includes the additional €1 billion for SMEs and infrastructure in the Mediterranean basin. The EU guarantees for the Bank will rise to €29.567 billion by the end of 2013, €2 billion of which will go to environmental and climate projects.
In addition to the extra billion in guarantees for North Africa, the MEPs also supported the proposal by French MEP Vincent Peillon (S&D) to create a financial institution specifically dedicated to the Mediterranean, along the lines of the EBRD. Peillon stated in a press release that “by involving the partner countries in the capital and the management of the project, this institution will also make them co-owners of the actions carried out on the ground” (our translation).
In its adoption of this resolution, which was adopted by 538 in favour, 37 against and 37 abstentions (the amendment to add €1 billion in guarantees for North Africa was adopted by 546 votes against 48, plus 6 abstentions), the EP also calls on the EIB to carry out qualitative improvements. They would like to see better coordination with the new European External Action Service of the European Commission to implement the external policies of the Union. They would also like to see greater transparency and increased involvement of the stakeholders, as well as improved monitoring and assessment of the results, taking account of the impact in terms of development and the environment.
This was the first reading of the Kalfin report. After Thursday's vote, negotiations with the Council can start. Second reading is scheduled to take place in the next three or four months. (O.L./transl.fl)