Brussels, 07/06/2001 (Agence Europe) - This week, Philippe Maystadt, President of the European Investment Bank, announced that the institution should undertake a capital increase by 2003 due to the definition of new mission and the implementation of a more selective policy (see EUROPE of 5/6 June, p.6). He informed, on Thursday, EUROPE that he hoped that the bank turn its activities towards projects that correspond more to the targets set by the European Council, notably by that in Lisbon. He also wants to revive the partnership between the EIB and the European Commissions, a trend initiated by an agreement, signed last year with Commissioner Michel Barnier, responsible for institutional reform. This cooperation is well organised and allows the EIB to better target its activities. As an example, in the framework of the structural funds, the EIB will finance a programme in the Basilicata, in southern Italy, which includes a group of educational and cultural projects. This will be the first time, until now we only support a set project and not a complete programme stated Mr Maystadt. The EIB/Commission partnership should continue to extend into fields such as climatic change, telecommunications and audiovisual. Before financing a telecommunication project, the EIB will consult the services of Commissioner Erkki Liikanen (responsible for Information Society: Ed.) so as not to support any kind of project and remain coherent with the Community policy, explained the EIB President.
The bank will redirect its loan activities in relation to qualitative criteria, which supposes that it will limit its activities in other fields. We will finance a few less roads, with the exception of transeuropean networks, to direct ourselves towards the less traditional sectors, but more important at present, added the EIB President. This greater qualitative involvement rather than quantitative, by the EIB supposes that it should stabilise it's volume of loans. The ceiling should maintain the same level as in the activity plan 2001-2003 adopted last year, which already specifies that the volume of loans granted by the European Union should not exceed the EUR 30 billion reached in 2000. The bank wants to retain a sufficient margin for manoeuvre, in particular in the pre-accession countries and those of the Mediterranean basin, two priority areas in external activities. In concrete terms, its intervention is notably seen through new Mediterranean partnership mechanisms, for a total of EUR 1 billion, activities in Turkey and a EUR 100 million loan to Russia, in favour of investment in environmental protection.
The capital increase planned for 2003 must be the object of a decision in June 2002, during the next Council of EIB Governors. Its financing could occur through the use of own funds, without the intervention of its shareholders, thus 75% of its capital of EUR 100 billion. If the Member States want more they will then have to intervene warned Mr Maystadt. According to a source close to the EIB, the increase should not be as large as the previous one and should be situated between 25% and 75% of the capital. In 1999, the EIB capital rose from EUR 62 to 100 billion. The capital paid, which represents 6% of the subscribed capital, had been ensured by the bank's reserves. Most of the Member States, in particular the beneficiary countries of the cohesion funds, are favourable towards this increase, specified this source.