Marseilles, 28/04/2003 (Agence Europe) - Participants in a conference on investing for sustainable development that was held in Marseilles on 25 April stressed the need to step up initiatives involving European investment programmes in the Mediterranean area, taking advantage of the new finance mechanisms implemented by the EU through the EIB. EIB aid to beneficiary countries should rise by EUR 2 billion a year, more than a third of which will be destined for private sector projects, the remainder going to large-scale programmes and areas with high value added on the social front (environment, health and education). The conference participants wanted new financial products to be developed, strengthening of existing products and the role of funding from local banks for SMEs, including partnerships between local entrepreneurs and the EU. On the fringes of the conference the EIB and three European savings banks signed an agreement to set up an Averroes Fund for Euro-Med SMEs (see Europe of 26 April, p.15).