Lisbon, 06/11/2007 (Agence Europe) - The European Investment Bank (EIB) is moving towards what it describes as the creation of a Mediterranean bank - wording that indicates a change in direction by the EIB, which in the past stressed the high cost of such a Mediterranean development bank and the danger of losing EU guarantees for loans to non-EU countries in the Mediterranean region. Philippe de Fontaine Vive, Vice-president of the EIB, is calling for a realistic approach, and adds that the EIB will not go it alone but is prepared, if asked, to set up a Mediterranean bank. A EuroMed Bank or a Mediterranean bank? Philippe de Fontaine Vive would not be drawn on this, not wanting to anticipate the form such a bank might take, or its structure, shareholders and mandate. He also refused to comment on the implications of creating such a bank on FEMIP (the EIB's EuroMed Investment and Partnership Facility), which partner countries, backed by the European Parliament and the EuroMed Parliamentary Assembly, want to be turned into a bank. Philippe de Fontaine Vive said the EIB was prepared to study the idea and, most importantly, was prepared to listen to partner countries. He said it would be a fundamental error to have preconceived ideas. He called for an end to an approach that gave the impression of giving partner countries various options, saying that it was necessary to listen first and then decide together. He said the realism he was referring to was due to the fact that this is an extremely interesting moment in the EuroMed policy, which is now one of the EU's priorities. Philippe de Fontaine Vive added that enlargement had even played into this due to the accession of Cyprus, Malta and Slovenia (three new member states on the Mediterranean). The EIB's financial commitments during the several year period, now coming to a close, totalled more than €1.4bn in the Mediterranean region.
The EIB is prepared to act where it is requested to act, including, explained Philippe de Fontaine Vive, in response to a question, within the Mediterranean Union, if the French plan for a Mediterranean Union is put into practice. He did not see any limits to EIB action other than the technical powers it has been assigned and the agreement of the shareholders (the EIB's shareholders are the EU member states). Europe will shortly be returning in more detail to the EIB's re-confirmed commitment to the Mediterranean region. (F.B.)