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Wednesday, 19 October 2011

Climate change: EIB welcomes new mandate for lending outside the EU

The European Investment Bank and the European Commission welcome the final adoption today of new legislation on EIB lending outside the EU on the basis of an EU budgetary guarantee.  The new mandate streamlines the objectives of EIB lending and provides for additional resources to tackle climate change and to support the EU’s Southern and Eastern neighbours. The new mandate is expected to enter into force on 1st November 2011.

EIB President Philippe Maystadt said: “This new mandate will strengthen the EIB’s capacity to respond to global challenges such as climate change and will further the EU’s partnership with neighbouring countries. We will work even more closely with the European External Action Service (EEAS) and the European Commission in pursuing EU policy goals.” [...]

On top of an existing financial envelope of 25.8 billion euro, the new mandate provides for an extra EUR 2 billion of lending for climate action and an extra EUR 1.7 billion of lending for the EU’s pre-accession, neighbourhood and partner countries. [...]

Among the novelties of the new mandate is the introduction of high-level objectives for financing across all eligible countries, namely:

  • local private sector development, including support for small and medium-sized enterprises (SMEs);
  • social and economic infrastructure;
  • climate change mitigation and adaptation

Source: EIB

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