Brussels, 05/11/2014 (Agence Europe) - Speaking in Athens during the annual FEMIP meeting (see yesterday's issue of EUROPE) on Thursday 30 October, Werner Hoyer, the president of the European Investment Bank (EIB) stated that the Mediterranean was undoubtedly experiencing some difficult times and was facing considerable political, social and economic challenges but that it was also, “undergoing profound transformation” as well as some success stories in both Tunisia and Egypt.
He explained that “We voice one message: that we believe in the Mediterranean, we believe in its huge potential, we believe in its people” and added that there were so many things, so many ideas, projects and accomplishments that were helping to shape a better future for the region.
Hoyer announced “We are in the process of finalising a renewed partnership with the European Commission, which will provide at least €100 million of risk capital investment to support private sector businesses, and we will actively seek to match this initial amount with other contributions including from third parties willing to support SMEs in the region”. He also said that, “the EIB's Board of Governors approved earlier in the year a new Facility of up to €3 billion on the Bank's own risk, for investments across the Mediterranean and Eastern neighbourhood regions”.
Hoyer asserted that “I am here today as President of the EIB to confirm that you can continue counting on us, your long-standing financial partner for over 36 years now”. He pointed out that, “At the start of the new 2014-2020 programming period, the Bank has been entrusted with a new External Lending Mandate, providing us with almost €10 billion guaranteed by the European Union to invest in the Mediterranean region”. Hoyer said that their mandate involved optimising their support for three transversal objectives: creating jobs, climate action and regional integration. He said that this was the goal and that they were already working towards implementing it and that already this year they had signed more than €1 billion worth of operations, ranging from energy production in Egypt, to repairing the roads in Morocco. The president of the EIB also explained that they would be developing new projects, such as a €15 million facility to encourage private sector participation in public-private partnerships. He added that he would be in Tunisia later in the year to sign an innovative credit line operation for SMEs. (FB)