Commission backs €27bn EIB investments worldwide

EIB HQ in Luxembourg

The European Commission and the European Investment Bank (EIB) have signed a “Guarantee Agreement” through which the Commission will support up to €26.7 billion of EIB financial operations to enable public investments worldwide in sectors like clean energy, digital and transport infrastructure, health and education over the next seven years.

More than two thirds of this guarantee cover is planned for investments in “enlargement and neighbourhood countries.”

It will also contribute to financing Ukraine’s post-war reconstruction.

The remaining part will be used for EIB loans for projects in Sub-Saharan Africa, Asia, the Pacific, Latin America and the Caribbean.

Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi, said: “Today’s landmark guarantee agreement with the European Investment Bank will enable to finance the implementation of our Economic and Investment Plans for the Western Balkans, the Southern and Eastern Neighbourhood.

“We launched these three substantial investment plans to support their post-COVID socio-economic recovery and to speed up the closing of their development gap with the EU.

“We worked together with the region to identify the key bottlenecks of their development.

“Although each investment plan is individually designed for the region it aims to build faster and more sustainable road, rail and digital connections, decarbonise the economies, ensure safe energy supplies, create sustainable business opportunities and put conditions in place that make the young generation stay in the region.

“In the next years together with the EIB we will be able to deliver in the Western Balkans, the Southern Neighbourhood, and the Eastern Partnership countries these much needed and awaited investments, bringing growth and jobs directly and on a larger scale than ever before.”

Commissioner for International Partnerships, Jutta Urpilainen, said: “The EU’s new Global Gateway strategy will help us connect Europe and partners across the globe, with investments in sustainable and high-quality infrastructure.

“Now more than ever, we need stronger partnerships, supported by ambitious financial instruments such as today’s guarantee agreement.

“We count on the European Investment Bank as our key strategic partner as we rollout the Global Gateway strategy.

“Through our powerful tool, the European Fund for Sustainable Development Plus, our guarantees will leverage billions of investments – both from the public and private sectors.

“This is Team Europe in action, working together to create a transformational impact for our partners.”

President of the European Investment Bank, Werner Hoyer, said: “The agreement signed today is an essential tool to implement the Global Gateway strategy and support a green, digital and inclusive recovery worldwide.

“Today’s challenges require unprecedented levels of investment. Partnerships, multilateral cooperation, and mobilising private capital are preconditions for success.

“With EIB Global, our new arm for international partnerships and development finance, we aim to enhance the impact of EU investments across the world, through closer cooperation in a ‘Team Europe’ approach.

“This will help us all enhance the impact of Europe’s efforts in all our partner countries.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.