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Thursday, 05 September 2013

EU turns to development banks to boost private investments

The European Commission is pushing for further public-private collaboration by seeking the closer involvement of development banks such as the European Investment Bank (EIB) and the European Bank for reconstruction and Development (EBRD), in order to maintain its position as biggest provider of development aid, but that requires governance reforms. EurActiv France reports.
Together, the Commission and the banks could finance large investment projects in energy or transport, allowing the EU to make a bigger impact without additional expenses, it is estimated. This technique, known as “binding”, allows for a quicker disbursement of European money, known to be slow. The banks present the project to the Commission and the countries which take the final decision.
In December 2012, a European platform composed of the Commission, the Member States and European financial institutions was created to do a feasibility study on improving financing. This ended up showing that the selection procedures and the follow-up of the operations should become more efficient and transparent. The organisation of these investment facilities is not satisfactory, due to the large number of financial institutions that are associated with it, the study quoted by Euractiv shows.
Currently, the procedures vary depending on which organisation has been selected. This, is why, new assessment criteria of the projects and common governance norms defined by the platform should be applied to all financial institutions as of 2014.

Source: EurActiv.fr