Lithuanian Presidency reaches agreement with European Parliament on EIB support to investment projects outside EU

18 December 2013, Last updated at, 10:52 EET
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author: PantherMedia/Scanpix

The Lithuanian Presidency has on December 17 in Brussels reached an agreement with the European Parliament on the EU guarantee to the European Investment Bank to finance operations supporting investment projects outside the Union.

The proposal aims to ensure the continuation of the EU guarantee for the EIB external financing for the EU multiannual budget of 2014–2020 with clearly defined objectives, such as: local private sector development, in particular support to SMEs; development of social, environmental and economic infrastructure; enhanced focus on climate change mitigation and adaptation. The effort is also made to better align the EIB financing with the Union policies.

The proposal foresees a maximum ceiling of the EIB financing operations under EU guarantee of EUR 30 billion throughout the 2014–2020 period. This maximum ceiling shall be broken down into two parts: a fixed ceiling of a maximum amount of EUR 27 billion; and an optional additional amount of EUR 3 billion. A fixed ceiling was successfully raised by the co-legislators by EUR 2 billion compared to the initial proposal. The activation in whole or in part of the optional amount and its regional distribution will be decided under ordinary legislative procedure following a mid-term review.

Lending operations under the mandate will be mostly focused on the Pre-Accession and Neighborhood and Partnership countries.

Background

The overall scope and general conditions of the EU guarantee coverage for EIB external operations are set out in decisions of the European Parliament and of the Council. The most recent decision covering the EIB financing operations outside the Union over the period beginning on February 1, 2007 and ending on December 31, 2013 was established by Decision No 1080/2011/EU of the European Parliament and of the Council. It requires the Commission to present to the European Parliament and the Council a proposal for establishing the EU guarantee under the next multiannual financial framework.

The proposed new decision will cover the EU guarantee for EIB external financing operations over the period 2014–2020.

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