Magazine article Europe-East

EUROPEAN INVESTMENT BANK : EP-PRESIDENCY COMPROMISE ONaEIB'S EXTERNAL LENDING MANDATE

Magazine article Europe-East

EUROPEAN INVESTMENT BANK : EP-PRESIDENCY COMPROMISE ONaEIB'S EXTERNAL LENDING MANDATE

Article excerpt

The Hungarian EU Presidency and the European Parliament worked out a compromise on the mid-term review of the European Investment Bank's external lending mandate (2007-2013)(1), on 21 June. An additional guarantee of 1 billion will be granted to the Mediterranean partner countries. Pre-accession lending will also be increased by 400 million.

This compromise text aims more broadly to streamline and bring EIB lending operations more closely into line with the Union's foreign policy activities.

The Commission proposed the initial decision in April 2010, which was adopted by the EP at first reading, on 17 February in plenary. The text was put through conciliation after awaiting the Council's first reading since February.

The new compromise text will be put to the vote in the EP Committee on Budgets (BUDG), on 27 June, before being approved by Coreper. The final text is expected to be adopted by the EP and the Council at the end of September.

Apart from an increase in the guarantees, the compromise establishes that the bank will develop indicators and monitoring systems to assess the impact of its operations, in particular on employment and reducing poverty. The bank still lacks its own indicators, unlike institutions such as the World Bank. Another important point is simplification of the procedure for amending the list of countries eligible for EIB loans, carried out by the Commission. …

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