Brussels, 19/07/2012 (Agence Europe) - The Committee of the Regions (CoR) and the European Investment Bank (EIB) are resolved to work hand in hand. EIB President Werner Hoyer addressed regional representatives on Wednesday 18 July at their meeting on the occasion of the CoR plenary session. The EIB guarantees €20 billion to the less developed regions and €15 billion to urban development and is therefore a key ally for the local authorities in dealing with the crisis. CoR President-elect (see related article), Ramon Luis Valcarel Siso, said that the “CoR and the EIB should work together towards achieving a stronger territorial, economic and social cohesion in Europe”. Werner Hoyer pointed out that his institution remained the “bank of all member states”, adding that what they are interested in is the prosperity of the Union as a whole, in the hope that Europe may be put back on the path to growth. Outgoing CoR President Mercedes Bresso for her part underlined that the CoR fully supported innovative financial instruments taken on board by the EIB, such as project bonds (compulsory lending). (MD/transl.jl)