Brussels, 27/04/2012 (Agence Europe) - Union for the Mediterranean (UfM) Secretary General Fathallah Sijilmassi held a meeting with European Investment Bank (EIB) President Werner Hoyer in Luxembourg on Thursday. In the first discussions since they took up their respective posts, the two spoke about prospects for the sectoral cooperation that the EIB could provide in the region. The talks, the Bank says, should be seen in the context of the changes that have taken place in the Mediterranean region and the priorities that have resulted from these changes. One of the priorities is job creation, which includes improving the social and economic conditions for the people of the region.
In line with the EIB operational plan to provide €2.3 billion to the Mediterranean partner countries between 2012 and 2013, Werner Hoyer confirmed that the Bank will support UfM-related priorities. In a first phase, the Bank could provide €500 million to support “mature UfM projects” that comply with the “economic, financial and environmental criteria of the EIB”. The EIB and UfM are also working together on the development of a pipeline of new bankable projects, together with the European Commission and international and bilateral financing institutions. These project preparation schemes are expected to generate a volume of additional projects amounting to over €1.2 billion. The target sectors are renewable energy, urban development and the environment. (FB/transl.rt)