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EU FinMins endorse EIB engagement in Juncker investment plan

Xinhua, February 18, 2015 Adjust font size:

EU finance ministers on Tuesday welcomed a proposal for the European Investment Bank (EIB) to manage the European Fund for Strategic Investments (EFSI) under the investment plan for Europe announced last November.

The investment plan was introduced by European Commission President Jean-Claude Juncker on Nov. 26.

The fund, backed by the EIB and the European Commission, is intended to support 315 billion euros (about 392.08 billion U.S. dollars) of new investment across Europe over the next three years.

Tuesday's meeting of EU finance ministers recognized the significant role of Europe's long-term lending institution in supporting crucial investment during the crisis, according to an EIB press release.

Werner Hoyer, EIB group president, announced that overall EIB lending activity in 2014 amounted to nearly 77 billion euros, with an additional 3.3 billion euros granted by the European Investment Fund (EIF) to small and medium enterprises.

Hoyer said the EIB would reach its target for additional lending under the capital increase granted by EU member states for the period 2013-2015 in the spring of this year, over six months earlier than anticipated.

"Investment in Europe continues to face unprecedented challenges. The new investment plan builds upon the EIB's unique lending and advisory experience, and has the potential to mobilize private investment crucial for Europe's competitiveness," said Jeroen Dijsselbloem, Eurogroup president and chairman of the EIB's board of governors.

"In partnership with EU member states and the EU Commission, we can successfully tackle the current market failure in risk bearing to get investment going again in Europe," said Hoyer.

The EIB's board of governors is comprised of ministers (usually finance ministers) designated by each of the 28 EU member states, which are the shareholders of the bank. (1 euro = 1.14 U.S. dollars) Endit