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European Investment Bank

The European Investment Bank (EIB) is the European Union's investment bank and is owned by the EU Member States.[1][2] It is one of the largest supranational lenders in the world.[3] The EIB finances and invests both through equity and debt solutions projects that achieve the policy aims of the European Union through loans, guarantees and technical assistance.[2][4][5]

European Investment Bank
EIB headquarters, East building
Founded1958
TypeInternational financial institution
Location
OwnerEU member states
President
Werner Hoyer
Vice President
Ambroise Fayolle
Employees
3,410
Websitewww.eib.org

The EIB focuses on the areas of climate, environment, small and medium sized enterprises (SMEs), development, cohesion and infrastructure. It has played a large role in providing finance during crises including the 2008 financial crash and the COVID-19 pandemic.[6][2] Since its inception in 1958 the EIB has invested over one trillion euros.[7] It primarily funds projects that "cannot be entirely financed by the various means available in the individual Member States".

The EIB is one of the biggest financiers of green finance in the world.[8][9][10][11] In 2007, the EIB became the first institution in the world to issue green bonds. In 2019 it committed to stop funding fossil fuel projects by the end of 2021. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition.[12][13] The EIB is not funded through the budget of the EU. Instead, it raises money through the international capital markets by issuing bonds.[14] The EIB is rated triple-A, the most credit-worthy rating on the bond market, by "the Big Three" credit rating agencies: Moody's, Standard and Poor's, and Fitch.[15][16][17] Each member state pays capital into the EIB's reserves which is broadly in line with their share of EU gross domestic product.[18][19][20]

The EIB was founded by the Treaty of Rome, which came into force on 1 January 1958. It was the first of the world's regional development banks and is sometimes referred to as the largest multilateral development bank (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout the world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies.[20]

The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, tax avoidance, and staff harassment.

EIB role within the EU system

The European Investment Bank is the European Union's bank and is owned by the Member States of the European Union. Its role is to fund projects that achieve the aims of the European Union.[21]

Most of the EIB's activity (90%) takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the EU's development aid and cooperation policies. It is active in 140 countries which are grouped into: Enlargement countries, European Free Trade Association (EFTA), EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom.[21][22]

As an independent body the bank takes its own borrowing and lending decisions.[23][24] It cooperates with other EU institutions, especially the European Commission, the European Parliament, and the Council of the European Union.

Financial products and services

The EIB lends to both the private and the public sector through various financial products: Financing is the Bank's main activity, it also provides guidance on how to utilise additional sources of investment.[25]

Loans

The European Investment Bank provides long-term loans, typically up to 50% of a project's overall cost, for the public and the private sector, and for small and medium-sized businesses through intermediated lending partners.[26] The EIB's private sector financing of single large investment projects or investment programmes start from €25 million. It offers framework loans starting from €100 million to public sector entities for investment programmes that consist of a number of smaller projects. Loans for both private and public sector projects have to be aligned with one or more priorities of the EIB. Besides direct debt financing or project finance for the private sector, the EIB makes loans to intermediaries including Groupe BPCE (France), Deutsche Bank AG (Germany), or Intesa Sanpaolo (Italy) that provide small and medium-sized businesses with local and targeted funds up to €12.5 million and below the EIB's threshold for direct private financing of €25 million.[27][28]

Equity

The European Investment Bank invests and co-invests in companies and funds that focus on infrastructure, environment, or small- and medium-sized enterprises and mid-size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long-term financial goals.[29] In some cases, the EIB provides direct quasi-equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences, software and ICT, engineering and automation, renewables and clean technology.[30] These investments, which are a relatively recent addition to the bank's work, tend to be smaller than its previous limits on the size of its deals, because they are aimed at startups and growth companies. The European Investment Fund (EIF) supports the EIB by working with SMEs and related financial partners (Banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds etc.).[31]

The EIB's investments in equity and debt funds usually cover 10% to 20% of the fund size (with a maximum of 25%) and address climate action, infrastructure, or private sector development and social impact goals.[30]

Guarantees

The EIB provides credit enhancement of senior debt using subordinated financing, funded or unfunded guarantees and contingent credit lines.[32] Credit enhancement is the process of improving a company's creditworthiness by taking internal and external measures.[33] The EIB increases the protection of the senior debt, enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors.[34] By offering guarantees to small and medium-sized enterprises or mid-caps, the Bank covers a portion of possible losses from a portfolio of loans and sets the ground for additional financing. A guarantee is a legal contract with which a third party (guarantor) promises to assume a borrower's debt or other liabilities in the event of default.[35]

Advisory services and technical assistance

The European Investment Bank's advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside the European Union.[36] Besides advice on specific investment mechanisms or market development, the services can involve strategic and technical guidance on completing a project. Prior to a funding agreement with the EIB or other investors, future clients can make use of the Bank's expertise in the fields of financial structuring, procurement and regulation, or impact assessment, e.g. regarding a project's implications on climate change. It does not offer advice related to the purchase or sale of securities or any advisory services regarding project evaluation and audit.[37][38]

Mandates and partnerships

Apart from financing projects using its own resources, the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants; which are disbursed funds or products that do not require repayment. Mandates can also involve financial investment and can be based on technical and financial advice.[39]

The EIB has partnerships with organisations across the world, including the European Commission and European External Action Service, the United Nations (e.g. Sustainable Energy for All) or the International Fund for Agricultural Development.[39]

Funding sources

 
2019 EIB donors conference

The European Investment Bank is a not for profit organisation. While it is a European Union body, none of the European Investment Bank's funds come from the European Union budget, the bank is financially autonomous. It has its own resources and money raised through the international capital markets.[40]

The EIB issues bonds to borrow money on capital markets which it then lends to its clients, which is a common way for governments and corporations to borrow money. Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate.[41] The EIB's bonds are purchased by retail investors and institutional investors around the world.

The EIB focuses on long-term investment and is triple-A rated by Moody's, Standard and Poor's, and Fitch.[37] This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives.[42][37]

In addition to benchmark bonds, public bonds, and private placements that vary in terms of size, currencies, maturities, and structures, the Bank offers Green Bonds and Sustainability Awareness Bonds.[43][44]

The European Investment Bank issued the first Green Bond in 2007, called a Climate Awareness Bond. The EIB is the global leader of Green Bonds issuance with over EUR 30.8bn raised in 2020 across 16 currencies.[45][37] With the money raised through Green Bonds, the EIB exclusively supports projects that contribute to climate action in the renewable energy sector (including wind, hydroelectric, solar and geothermal energy production) and the energy efficiency sector (e.g. projects for district heating, co-generation, and building insulation).[46]

Shareholders

The European Investment Bank's has capital from its shareholders, the Member States of the European Union. Each Member State is subscribed in capital based on its economic weight (expressed in Gross domestic product) within the European Union at the time of the country's accession to the European Union.[23]

Following Brexit and the withdrawal of the United Kingdom from the European Union, the European Investment Bank's Board of Governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital (EUR 243.3 billion).[47] As of March 2020, the subscribed capital of the EIB has increased by an additional EUR 5.5 billion, following the decision by two Member States to increase their capital subscriptions (Poland and Romania). The EIB's total subscribed capital now amounts to EUR 248.8 billion. The departure of the UK from the EU did not impact the EIB Group's AAA credit rating.[48]

Breakdown of the EIB's capital as of 1 March 2020[49]
country paid-in capital uncalled capital total subscribed capital
  Germany 4167287407 42555081742 46722369149
  France 4167287407 42555081742 46722369149
  Italy 4167287407 42555081742 46722369149
  Spain 2500372476 25533049371 28033421847
  Netherlands 1155143086 11795972691 12951115777
  Belgium 1155143086 11795972691 12951115777
  Poland 1013823198 10352856629 11366679827
  Sweden 766322950 7825458763 8591781713
  Denmark 584882101 5972639556 6557521657
  Austria 573418425 5855575961 6428994386
  Finland 329450757 3364251741 3693702498
  Greece 313330025 3199631688 3512961713
  Portugal 201923382 2061980655 2263904037
  Czech Republic 196841038 2010081290 2206922328
  Hungary 186220601 1901628594 2087849195
  Ireland 146220406 1493158667 1639379073
  Romania 146220406 1493158667 1639379073
  Croatia 94750368 967562174 1062312542
  Slovakia 67004670 684231479 751236149
  Slovenia 62207800 635247290 697455090
  Bulgaria 45491879 464549338 510041217
  Lithuania 39033623 398599585 437633208
  Luxembourg 29244304 298634014 327878318
  Cyprus 28676120 292831891 321508011
  Latvia 23821199 243254895 267076094
  Estonia 18395807 187852433 206248240
  Malta 10915533 111466131 122381664
27 total 22190715461 226604891420 248795606881

European Investment Bank Group

The EIB Group was formed in 2000. It is composed of the European Investment Bank (EIB) and the European Investment Fund (EIF) and the EIB Institute.[50]

European Investment Bank

90% the European Investment Bank's activity takes place inside the European Union with the aim of fostering European integration and development.[21] It makes investments outside Europe to support the European Union's development aid and cooperation policies. It is active in some 140 countries throughout the world in the following geographical areas: Enlargement countries, European Free Trade Association (EFTA), EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom.[21]

It is one of the largest supranational lenders in the world. Since its establishment in 1958, the European Investment Bank has invested over a trillion euros.[51]

European Investment Fund

The European Investment Fund (EIF) is the European Union's venture capital arm. It also provides guarantees for small and medium sized enterprises (SMEs).[52][53] In 2018, 25 million SMEs in the EU made up 99.8% of all non-financial enterprises, employed around 97.7 million people (66.6% of total employment) and generated 56.4% of total added value (EUR 4,357bn).[54]

The EIF supports businesses through all their stages of development; pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance, early stage venture capital) to the growth and development segment (formal venture capital funds, mezzanine funds, portfolio guarantees/credit enhancement).[55]

The European Investment Bank is the EIF's majority shareholder, holding 62% of shares.[56] The other main shareholder is the European Commission, which holds 29% of shares. The EIF operates on the basis of specific mandates from the European Council and the European Parliament, from the European Commission or other public authorities, from the European Investment Bank or at its own risk.[57][58]

EIB Institute

In 2012, the EIB Institute was created to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It works on community and citizenship for the EIB Group.[59][60]

Objectives and activities

 
EIB anti-corruption conference

The EIB is a not for profit organisation and provides long term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds.[7]

The Bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including the COVID-19 pandemic and the financial crisis of 2007–2008. Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states.[61]

The Bank aims to support sustainable economic growth both within the Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates.[42][37][62] The Bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice.[63] The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with a wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers.[64]

Within the European Commission's Investment Plan for Europe , the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing is granted after preliminary screenings of the viability and the carbon emissions associated with the projects.

COVID-19 response

The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus.[65]

On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF), a €25 billion fund which was endorsed by the European Council as part of the overall European Union Covid-19 response package. All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the Bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from the private sector.[66] European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances.[67]

In December 2019, the European Investment Bank signed a €50 million loan to help BioNTech work on cancer treatments. A new loan worth €100 million was approved in June 2020 to support the company's vaccine trials and manufacturing.[68] BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020.[66]

Climate

The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition.[12][13] As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with the goals and principles of the Paris Agreement by the end of 2020.[69][70] In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021-2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects.[71][72]

The EIB contributes to the European Green Deal which aims for Europe to become the first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5 °C by the end of the decade, fight environmental degradation, stop biodiversity loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change.[73][74][75]

Innovation and skills

Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019.[76] This support targeted/aimed at; the development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market.[76]

Development

The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with the aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries.[77] Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the Western Balkan countries recover from the COVID-19 pandemic[78][79] It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the World Health Organization to finance health care projects in 10 African countries.[80]

Infrastructure

Since its foundation in 1958, the European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects.[81] The EIB supports infrastructure projects involving; sustainable transport; energy efficiency, urban development, digital networks, social housing and key public buildings, cultural heritage and water and wastewater management.[81]

Small to medium size enterprises

The Bank is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020). Through it the EIB Group provides direct financing to mid-caps. The group also offers venture debt financing under the European Growth Finance Facility, backed by the European Fund for Strategic Investments.[82]

The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance is limited. Through intermediaries, the EIB finances micro-enterprises (0-9 employees), small enterprises (10-49 employees), medium-sized enterprises (50-249 employees), mid-caps (250-3 000 employees).[83]

In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million.[82]

Cohesion

As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within the Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union.[84] The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and EFTA countries which amounted to €16.13 billion in 2019.[85]

History

The European Investment Bank was founded by the Treaty of Rome, brought about the creation of the European Economic Community (EEC), which came into force on 1 January 1958.[86][87] At the time the role of the Bank was to provide financing in the form of loans for Europe's infrastructure projects.[88][89][90][91]

1960s

In 1962 the Bank was authorised to finance projects also outside the European Community (EC), which was created in 1957 by six Member States - Italy, France, West Germany, Luxembourg, Belgium and the Netherlands. These countries had signed the Treaty of Rome to increase the cooperation among the European countries after World War II. Also in 1962, the EIB issued its first loan carried out in cooperation with the International Bank for Reconstruction and Development.[92] The Bank loaned funds to three Italian companies: Sincat and Celene in Sicily, which needed funds to build a petrochemical complex, and Mercure in Lucania, to exploit a seam of lignite to produce electricity.[93]

In 1968 the EIB moved from Brussels to Luxembourg City, opened an office in Rome and adopted the global loan facility for small and medium-enterprises (SME) financing.[94] The growing economies among the Member States of the European Community at the end of the 1950s and through the 1960s meant that the countries themselves were able to finance their infrastructure development, which lead to the EIB playing a supporting role.[95]

1970s

The 1973–1975 recession in Europe and the first enlargement of the European Community changed the EIB's role. The financial turmoil affecting the initial EC members made it more difficult for the individual nations to pursue their national policy objectives; the addition in 1973 of three new countries to the European Community - United Kingdom, Ireland and Denmark led to the EIB's first capital enlargement.[96] The larger financial base, coupled with the development of European-wide policies at the European Parliament, led the Bank to draft its own regional lending policy starting from 1974.[96]

Under its new policy and a more diversified economic and infrastructure development, the EIB expanded its lending to include industrial development loans in the depressed industrial regions of the growing EC membership.[97] The Bank benefited from the creation of a new structural fund, the European Regional Development Fund (ERDF), founded in 1975. The ERDF was created to provide financial support for the development and structural adjustment of regional economies, economic change, enhanced competitiveness as well as territorial cooperation throughout the EU.

The EIB was the first European Community institution to directly handle the construction of its own headquarters. The purchase of the site on the Kirchberg plateau was agreed to by the Luxembourg Government and the contract between the Grand Duchy and the Bank concluded in November 1972.[98]

1980s

In the 1980 the EIB moved its headquarters to a new building, designed by the British architect Sir Denys Lasdun. The complex known as West Building was designed in the brutalist style on the Kirchberg plateau. Construction began in 1974, inaugurated in 1981 and extended in 1995.[98]

In the 1980s the EIB became responsible for assisting associate countries such as Greece, Spain, and Portugal in achieving requirements for EC admission. In 1981, Greece joined the EIB and five years later, in 1986, Spain and Portugal did the same. In 1987 the Bank began focusing more on loans to finance small and medium-sized enterprises, as well as 'innovative' companies, telecommunications and urban transport initiatives among EC members.[98]

After the fall of the Berlin Wall in 1989, the Bank started to finance projects in former Soviet states, lending to Poland, Romania, Hungary, Bulgaria, the Czech Republic, and Slovakia. The EIB increased investment in the region toward the late 1990s as these countries prepared their applications to join the 15 members of what by then had become the European Union (EU).[98]

1990s

In 1991 the Bank contributed to the foundation of the European Bank for Reconstruction and Development (EBRD) and in 1993 it extended its activities to the Baltic countries (Estonia, Latvia and Lithuania) and to Latin American and Asian countries. In 1994 the European Investment Fund (EIF)—whose logo depicts a bridge symbolising the connection between public and private finance—was established. In 1995, Austria, Finland and Sweden joined the EIB.[99]

The European Investment Bank made its first borrowing operation in euros in 1997, over a year before the new European currency was launched, on 1 January 1999. In the same year the Bank adopted a new logo which consisted of three elements: a central blue stripe, representing Europe, and two grey lateral shapes, representing the headquarters in Luxembourg.[99]

2000s

In 2000 the EIB Group was created and the European Investment Bank became the majority shareholder of the EIF, the specialist arm for providing risk capital. Also in 2000 the Cotonou Agreement - signed in Benin's largest city by the 15 Member States of the European Union and 78 African, Caribbean and Pacific Group of States (ACP Countries), replaced the Lomé Convention (1975). Under the ACP-EU Partnership Agreement, the EIB expanded its cooperation with non-EU countries outside Europe having agreements with the Union.[37]

Following the Lisbon European Council in 2000, the EIB changed objectives. The Bank continued providing infrastructure and policy support to the European Union, as well as contributing to achieving the Lisbon summit's stated objective of making Europe a high-technology and knowledge-based economy.[37]

In 2004, the EIB received a mandate from the European Union for operations in Russia, Belarus, Moldova and Ukraine. In the same year the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia, Malta and Cyprus entered the European Union, followed by Bulgaria and Romania in 2007 and Croatia in 2013.[37]

From 2002, the Bank and the European Commission started coordinating their efforts in investments aimed at mitigation and adaptation to climate change. In 2007 the EIB issued the first Climate Awareness Bonds on the capital markets, the world's first Green Bonds. The funds raised were earmarked to match disbursements to EIB lending projects in the field of renewable energy and energy efficiency.[37]

2010s

The East Building, inaugurated in 2008 on the Kirchberg plateau was designed by Ingenhoven Architekten in association with Werner Sobek.[100] It was the first building in continental Europe to obtain a Bespoke Building Research Establishment Environmental Assessment Methodology (BREEAM) certification of “very good”.[100]

The European Fund for Strategic Investments was launched in 2014 led by the European Commission and the EIB. Part of the Investment Plan for Europe, it initially aimed to mobilise €315 billion and was then extended to €500 billion by 2020. In 2016 the Bank launched the Economic Resilience Initiative which supports regions outside Europe significantly affected by the refugee crisis through investments supporting growth, jobs, infrastructure and social cohesion. In 2019 the Bank agreed to stop funding fossil fuel projects by the end of 2021.[101][102]

2020s

In 2020 it announced the ‘Climate Bank Roadmap 2021-2025' which will include stopping funding for all high carbon projects. As part of the European Guarantee Fund (EGF) to tackle the economic consequences of the COVID-19 pandemic the Bank made available €200 billion of additional financing.[103][67] The bank is funding both efforts at containing the economic effects of the crisis as well as healthcare related projects which; address immediate health-related emergencies, research vaccines and mechanisms to limit the spread of the virus e.g testing.[104][65]

Controversies

Projects

Some projects financed or under the appraisal procedure by the EIB have raised objections from local communities as well as international and national NGOs. These include the M10 motorway in Russia,[105] the Gazela Bridge in Serbia,[106] Rača Bridge between Serbia and Bosnia and Herzegovina,[65] the D1 motorway in the Slovakia, Šoštanj Power Plant in Slovenia, the Bujagali Hydroelectric Power Station in Uganda,[107] the Nenskra Hydropower Plant in Georgia,[108] the Trans Adriatic Pipeline transporting natural gas from Azerbaijan to Europe starting from Greece, through Albania to Italy,[109] the Volkswagen emissions scandal also known as Dieselgate,[110] the Mombasa-Mariakani road project in Kenya,[111] the Olkaria geothermal development in Kenya,[112] the Vinca incinerator in Belgrade, Serbia.[113][114][115]

Transparency

The Transparency Policy of the EIB has been criticised by NGOs. In 2004, the British human rights organisation Article 19 issued a memorandum in which it accused the EIB of failing to meet international (including EU) standards on openness. In 2010 the EIB updated its transparency policy following a public consultation. The latest update of the Transparency Policy in 2015 also followed a public consultation.[116][117]

Climate change

A 2011 report by the CEE Bankwatch Network accused the EIB of a lending policy that failed its responsibility to further the EU goal of cutting carbon emissions.

In 2019 the Bank announced it would cease funding most fossil fuel projects by the end of 2021, a decision approved by members representing 90% of its capital. It will only fund energy projects capable of producing one kilowatt hour of energy for less than 250 grams of carbon dioxide.[118][119][120][121]

The 2019 agreement received criticism for its limitations for continuing to fund carbon-intensive activities including high carbon agriculture, airport expansions and new conventional energy intensive plants including gas.[122][123] In November 2020 the EIB announced the "Climate Bank Roadmap 2021–2025" which will include stopping funding high carbon projects, including a just transition mechanism, increasing accountability and accelerating their timetable for green funding to make more than 50% of annual financing dedicated to green investment by 2025.[124][125][126][127]

Tax

In 2014, eleven NGOs demanded the release of an EIB report into allegations of tax fraud by the Swiss commodity trader Glencore in Zambia related to the Mopani Copper Mines. Following a recommendation of the European Ombudsman the EIB released a summary which stated their investigation had been "non-conclusive". The Ombudsman subsequently called this summary inadequate and accused the EIB of failing to meet its own transparency policy. In response, EIB stopped lending to Glencore in 2011 due to concerns about its corporate governance.[128]

The EIB reviewed its transparency standards applying to control functions by including a new provision of the EIB Group's Transparency Policy of 2015 allowing the Bank to disclose a summary after an investigation has been closed.[129]

Reports in 2010 and 2015, from a coalition of NGOs, implicated the EIB in tax avoidance by lending to businesses that use tax havens. The EIB has been constantly improving its procedures and standards including on governance and tax matters. This includes the EIB's Environmental and Social Standards,[130] the Anti-fraud Policy,[131] and the EIB Group Policy towards weakly regulated, non-transparent and non-cooperative jurisdictions and tax good governance.[132]

Harassment

In 2021 EIB has been criticised related to its treatment of staff, following several cases of harassment, bullying and suicide in its premises.[133][134] The European Parliament, in its annual report on the EIB in July 2021, referred to its “serious concerns about allegations regarding harassment and the working environment" at the EIB.[135] In July 2022, the European Parliament again expressed "serious concerns about the lack of social dialogue at the EIB, in particular to address concerns about harassment allegations and the working environment".[136]

EIB structure

The EIB's departments prepare and implement the decisions of management bodies. The departments carry out evaluation, appraisal and then finance projects; assess and manage risks, run economic or financial background studies and raise financial resources on the capital markets.[137] Article 308 et seq. of the Treaty on the Functioning of the European Union (TFEU) establishes the EIB, and the Protocol (No 5) on the Statute of the European Investment Bank is annexed to the TFEU.

Governance

The European Investment Bank has three decision-making bodies: the Board of Governors, the Board of Directors and the Management Committee. The Board of Governors, who are the Finance Ministers of the European Union Member States, sets the direction of the European Investment Bank.[138] The Board of Directors oversees strategic direction. The Management Committee supervises daily operations.[138]

The European Investment Bank's President chairs the meetings of the Management Committee. The members of the Management Committee are responsible solely to the Bank; they are appointed by the Board of Governors, on a proposal from the Board of Directors, for a renewable period of six years. The President is also Chair of the Board of Directors.[139][140]

Internal and independent controls aim to guarantee the integrity and soundness of European Investment Bank's operations. These include Investigations, Audit Committee, Compliance, Credit Risk, Financial Control, Internal Control, Internal Audit, External Auditors, and Operations Evaluation.[141] The bank also cooperates with independent control bodies: European Court of Auditors, the European Anti-Fraud Office (OLAF) and the European Ombudsman.[142]

In 2018, seven EU governments demanded improvements in the governance and structure of the institution as well as stricter cost controls. There were concerns that EIB had been slow to implement recommendations raised by its own audit committee, which aimed at improving the risk management and project selection.[141][143]

Presidents

Current president: Werner Hoyer

Dr. Werner Hoyer has been President of the European Investment Bank since 2012.[144][145][146] He was named European Banker of the Year in 2019 for his contribution to economic stability and development in Europe.[147] Under Hoyer the European Investment Bank has funded EUR 150 billion in projects that contribute to reducing greenhouse gas emissions.[101][148][149][150]

Former Presidents

The EIB president is the head of the Management Committee, a nine-member executive body that is responsible for the day-to-day operations of the EIB. They are "appointed by the EIB's Board of Governors, on a proposal from the board of directors", for a renewable six-year term. The President is also the chair of the board of directors. The other eight members are vice-presidents.

  • Pietro Campilli (Italy): February 1958 – May 1959
  • Paride Formentini [it] (Italy): June 1959 – September 1970
  • Yves Le Portz (France): September 1970 – July 1984
  • Ernst-Günther Bröder (Germany): August 1984 – March 1993
  • Sir Brian Unwin (UK): April 1993 – December 1999
  • Philippe Maystadt (Belgium): March 2000 – December 2011
  • Werner Hoyer (Germany): January 2012 – present[151]

Accountability

Internal control bodies

The EIB has four statutory bodies; the Audit Committee, the Board of Governors, the Board of Directors and the Management Committee.[152]

The Audit Committee functions as an independent control body and verifies the Bank's operations and the validity of its accounts. Its six independent members are appointed for a non-renewable term of office of six consecutive financial years by the Board of Governors. It issues a report on the Bank's financial statements at the time of approval of the financial statements by the Board of Directors. The Audit Committee directly reports to the Board of Governors.[153]

The Audit Committee appoints the external auditors of the EIB and evaluates their independence and investigates potential conflicts of interest. In recent years, KPMG has functioned as the EIB's external auditor.[154][155][156]

Other internal organisational provisions such as Financial Control or Internal Audit make recommendations regarding the effectiveness of the Bank's governance, risk management or internal control and express their opinion on certain aspects of the EIB's financial policies and their implementation.[157][158]

The EIB Compliance Function is responsible for ensuring that all of the Bank's activities are in line with its standards of integrity. Its tasks include combating money laundering and the financing of terrorism, and supporting a corporate culture that is based on ethical values and professional conduct.[159]

External control bodies

The EIB also cooperates with independent control bodies: the European Court of Auditors, the European Anti-Fraud Office (OLAF) and the European Ombudsman.[160][139] According to Article 287(3) of the Treaty on the Functioning of the EU (TFEU), the European Court of Auditors has access to information required for the audit of the European Union's expenditure and revenue managed by the EIB.[161] This means that the Court of Auditors is authorised to audit loan operations that are under the mandate conferred by the EU or that are guaranteed by the general EU budget and administered by the EIB.[162] The Bank further collaborates with the European Anti-Fraud Office (OLAF) to combat fraud and corruption within European Institutions.[163][164] Based on a memorandum of understanding between the European Investment Bank and the European Ombudsman, EU citizens can escalate their concerns regarding an EIB project, policy or activity to the European Ombudsman if the outcome of the EIB's Complaints Mechanism is not satisfactory.[165]

Transparency

Complaints can range from environmental degradation or threats to community health and safety to involuntary resettlement.[166] The Complaints Mechanism team examines whether the EIB Group has failed to comply with internal policies, standards or procedures or with applicable legislation and offers mediation to solve conflicts between the complainant and an EIB project or activity. It monitors closed complaints to ensure that agreed measures are implemented. Improvements to the EIB policy framework that are identified during complaints processes are given to the senior management.[167]

The EIB's Project Procurements Complaints Committee (PCC) deals with projects procurement complaints, e.g. objections arising from tendering of EIB-financed contracts for goods, works and consultant services.[168] The Fraud Investigations Division investigates allegations, verifies the existence of a robust anti-fraud policy framework, proactively identifies actual or potential vulnerabilities and trains staff on fraud awareness.[169]

The Bank publishes documents related to its role, governance, accountability, policies and operations. Project-related information usually include a summary of the investment project, the loans obtained through financial intermediaries, environmental and social information, and project briefs. Key figures and information on the EIB's lending activities are published in the EIB Activity Reports (yearly figures) and the Statistical Reports (summary tables). As part of the Bank's Transparency policy the EIB does not publish information that may harm legitimate interests of clients and project partners. It refuses to disclose, for example, personal data, commercial interests such as patents, and information related to on-going investigations. In 2014, the EIB set up a public register to increase transparency and to allow citizens to browse the Bank's publications or to request documents.[170][171][172]

Communication and outreach

The EIB Complaints Mechanism organises events to inform the general public and members of Civil Society Organisations (CSOs) of the mandate of the mechanism, the admissibility criteria and the methodological approach.[173] In addition, the European Investment Bank holds formal public consultations to demonstrate transparency and accountability and to benefit from the participants’ expertise.[174]

Offices

 
EIB Headquarter Building in Luxembourg

The Bank is active in 140 countries throughout the world in the following geographical areas: Enlargement countries, European Free Trade Association (EFTA), EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom.[21][140][152]

Publications and multimedia

The European Investment Bank publishes a wide range of reports, studies, essays, surveys and working papers aimed at professionals and the general public. All publications are available free of charge on the Publications page of the EIB website, in their digital formats: PDF, e-book or online with a limited number of print publications available free of charge.[175]

Annual reports

The EIB publishes annual reports including the Activity Report, the Financial report, the Statistical Report, the Investment Report and the Sustainability Report which cover the main activities of the bank.[176]

Surveys

European Investment Bank does research in several areas.[177] The EIB Group Survey on Investment and Investment Finance (EIBIS) collects information from around 12,500 firms each year across Europe to identify the needs of businesses across all 27 EU Member States. The Central Eastern and South-Eastern Europe (CESEE) Bank Lending Survey is a biannual survey covering around 15 international Banking groups and 85 local subsidiaries or independent local Banks. The Climate Survey, which started in 2018, explores what citizens in all EU Member States, the United Kingdom, China and the United States think about climate change and related issues. The 2020-2021 edition found that more than 75% of people in Europe and 94% in China feel the impact of climate change in their everyday lives. In the US, 72% of people say that climate change affects their daily lives.

Blog

The site of the Bank also hosts blog articles, expert essays, press releases and podcasts. In 2019 the podcast series A Dictionary of finance won The Digital Communication Awards prize for Best Channel.[178] In 2020 the podcast series, Monster under the Bed, received the SABRE Award in the category Best in Audio. The Bank's Climate Solutions content series (expert blog posts, podcast series and e-book) won the European Excellence Award 2020 in the Sustainability and Environment category.[179]

See also

Further reading

  • Steinherr, Alfred (1994). 30 Years of European Monetary Integration from the Werner Plan to Emu. Addison-Wesley Longman Ltd. ISBN 978-0-582-24357-6.
  • The European Union: The History of the Political and Economic Union of Europe's Nations after World War II. Charles Rivers Editors. 2020. ISBN 979-8-6409-6562-9.
  • The Future of European Development Banking: What Role and Place for the European Investment Bank?
  • Laffan, Brigid (1997). The Finances of the European Union. Palgrave, London. ISBN 978-0-333-60985-9.
  • Designing Sustainable Technologies, Products and policies - From science to Innovation
  • The European Investment Bank. "Institutional and Substantive Law: The Legal Framework and the Operational Activity"

External links

  • European Investment Bank website
  • European Investment Bank publications
  • European Investment Fund website

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european, investment, bank, confused, with, european, central, bank, european, bank, reconstruction, development, ebrd, council, europe, development, bank, european, union, investment, bank, owned, member, states, largest, supranational, lenders, world, financ. Not to be confused with the European Central Bank ECB the European Bank for Reconstruction and Development EBRD or the Council of Europe Development Bank CEB The European Investment Bank EIB is the European Union s investment bank and is owned by the EU Member States 1 2 It is one of the largest supranational lenders in the world 3 The EIB finances and invests both through equity and debt solutions projects that achieve the policy aims of the European Union through loans guarantees and technical assistance 2 4 5 European Investment BankEIB headquarters East buildingFounded1958TypeInternational financial institutionLocationKirchberg LuxembourgOwnerEU member statesPresidentWerner HoyerVice PresidentAmbroise FayolleEmployees3 410Websitewww wbr eib wbr orgThe EIB focuses on the areas of climate environment small and medium sized enterprises SMEs development cohesion and infrastructure It has played a large role in providing finance during crises including the 2008 financial crash and the COVID 19 pandemic 6 2 Since its inception in 1958 the EIB has invested over one trillion euros 7 It primarily funds projects that cannot be entirely financed by the various means available in the individual Member States The EIB is one of the biggest financiers of green finance in the world 8 9 10 11 In 2007 the EIB became the first institution in the world to issue green bonds In 2019 it committed to stop funding fossil fuel projects by the end of 2021 The EIB plans to invest 1 trillion euros in climate related projects by 2030 including a just transition 12 13 The EIB is not funded through the budget of the EU Instead it raises money through the international capital markets by issuing bonds 14 The EIB is rated triple A the most credit worthy rating on the bond market by the Big Three credit rating agencies Moody s Standard and Poor s and Fitch 15 16 17 Each member state pays capital into the EIB s reserves which is broadly in line with their share of EU gross domestic product 18 19 20 The EIB was founded by the Treaty of Rome which came into force on 1 January 1958 It was the first of the world s regional development banks and is sometimes referred to as the largest multilateral development bank MDB The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU s internal market The EIB is active in 140 countries throughout the world It makes around 10 of its investments outside the EU to support the European Union s development aid and cooperation policies 20 The EIB has been criticised and caused controversy for various actions and inactions of its own or projects it funded including insufficient stakeholder consultation lack of organisational transparency climate change response tax avoidance and staff harassment Contents 1 EIB role within the EU system 2 Financial products and services 2 1 Loans 2 2 Equity 2 3 Guarantees 2 4 Advisory services and technical assistance 2 5 Mandates and partnerships 3 Funding sources 3 1 Shareholders 4 European Investment Bank Group 4 1 European Investment Bank 4 2 European Investment Fund 4 3 EIB Institute 5 Objectives and activities 5 1 COVID 19 response 5 2 Climate 5 3 Innovation and skills 5 4 Development 5 5 Infrastructure 5 6 Small to medium size enterprises 5 7 Cohesion 6 History 6 1 1960s 6 2 1970s 6 3 1980s 6 4 1990s 6 5 2000s 6 6 2010s 6 7 2020s 6 8 Controversies 6 8 1 Projects 6 8 2 Transparency 6 8 3 Climate change 6 8 4 Tax 7 EIB structure 7 1 Governance 7 2 Presidents 7 2 1 Current president Werner Hoyer 7 2 2 Former Presidents 7 3 Accountability 7 3 1 Internal control bodies 7 3 2 External control bodies 7 3 3 Transparency 7 3 4 Communication and outreach 7 4 Offices 8 Publications and multimedia 8 1 Annual reports 8 2 Surveys 8 3 Blog 9 See also 10 Further reading 11 External links 12 ReferencesEIB role within the EU system EditThe European Investment Bank is the European Union s bank and is owned by the Member States of the European Union Its role is to fund projects that achieve the aims of the European Union 21 Most of the EIB s activity 90 takes place inside the European Union with the aim of fostering European integration and development It makes investments outside Europe to support the EU s development aid and cooperation policies It is active in 140 countries which are grouped into Enlargement countries European Free Trade Association EFTA EU Southern Neighbourhood EU Eastern Neighbourhood Sub Saharan Africa Caribbean and Pacific Asia and Latin America Central Asia and the United Kingdom 21 22 As an independent body the bank takes its own borrowing and lending decisions 23 24 It cooperates with other EU institutions especially the European Commission the European Parliament and the Council of the European Union Financial products and services EditThe EIB lends to both the private and the public sector through various financial products Financing is the Bank s main activity it also provides guidance on how to utilise additional sources of investment 25 Loans Edit The European Investment Bank provides long term loans typically up to 50 of a project s overall cost for the public and the private sector and for small and medium sized businesses through intermediated lending partners 26 The EIB s private sector financing of single large investment projects or investment programmes start from 25 million It offers framework loans starting from 100 million to public sector entities for investment programmes that consist of a number of smaller projects Loans for both private and public sector projects have to be aligned with one or more priorities of the EIB Besides direct debt financing or project finance for the private sector the EIB makes loans to intermediaries including Groupe BPCE France Deutsche Bank AG Germany or Intesa Sanpaolo Italy that provide small and medium sized businesses with local and targeted funds up to 12 5 million and below the EIB s threshold for direct private financing of 25 million 27 28 Equity Edit The European Investment Bank invests and co invests in companies and funds that focus on infrastructure environment or small and medium sized enterprises and mid size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long term financial goals 29 In some cases the EIB provides direct quasi equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences software and ICT engineering and automation renewables and clean technology 30 These investments which are a relatively recent addition to the bank s work tend to be smaller than its previous limits on the size of its deals because they are aimed at startups and growth companies The European Investment Fund EIF supports the EIB by working with SMEs and related financial partners Banks guarantee leasing and microfinance institutions private equity and venture capital funds etc 31 The EIB s investments in equity and debt funds usually cover 10 to 20 of the fund size with a maximum of 25 and address climate action infrastructure or private sector development and social impact goals 30 Guarantees Edit The EIB provides credit enhancement of senior debt using subordinated financing funded or unfunded guarantees and contingent credit lines 32 Credit enhancement is the process of improving a company s creditworthiness by taking internal and external measures 33 The EIB increases the protection of the senior debt enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors 34 By offering guarantees to small and medium sized enterprises or mid caps the Bank covers a portion of possible losses from a portfolio of loans and sets the ground for additional financing A guarantee is a legal contract with which a third party guarantor promises to assume a borrower s debt or other liabilities in the event of default 35 Advisory services and technical assistance Edit The European Investment Bank s advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside the European Union 36 Besides advice on specific investment mechanisms or market development the services can involve strategic and technical guidance on completing a project Prior to a funding agreement with the EIB or other investors future clients can make use of the Bank s expertise in the fields of financial structuring procurement and regulation or impact assessment e g regarding a project s implications on climate change It does not offer advice related to the purchase or sale of securities or any advisory services regarding project evaluation and audit 37 38 Mandates and partnerships Edit Apart from financing projects using its own resources the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants which are disbursed funds or products that do not require repayment Mandates can also involve financial investment and can be based on technical and financial advice 39 The EIB has partnerships with organisations across the world including the European Commission and European External Action Service the United Nations e g Sustainable Energy for All or the International Fund for Agricultural Development 39 Funding sources Edit 2019 EIB donors conference The European Investment Bank is a not for profit organisation While it is a European Union body none of the European Investment Bank s funds come from the European Union budget the bank is financially autonomous It has its own resources and money raised through the international capital markets 40 The EIB issues bonds to borrow money on capital markets which it then lends to its clients which is a common way for governments and corporations to borrow money Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate 41 The EIB s bonds are purchased by retail investors and institutional investors around the world The EIB focuses on long term investment and is triple A rated by Moody s Standard and Poor s and Fitch 37 This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives 42 37 In addition to benchmark bonds public bonds and private placements that vary in terms of size currencies maturities and structures the Bank offers Green Bonds and Sustainability Awareness Bonds 43 44 The European Investment Bank issued the first Green Bond in 2007 called a Climate Awareness Bond The EIB is the global leader of Green Bonds issuance with over EUR 30 8bn raised in 2020 across 16 currencies 45 37 With the money raised through Green Bonds the EIB exclusively supports projects that contribute to climate action in the renewable energy sector including wind hydroelectric solar and geothermal energy production and the energy efficiency sector e g projects for district heating co generation and building insulation 46 Shareholders Edit The European Investment Bank s has capital from its shareholders the Member States of the European Union Each Member State is subscribed in capital based on its economic weight expressed in Gross domestic product within the European Union at the time of the country s accession to the European Union 23 Following Brexit and the withdrawal of the United Kingdom from the European Union the European Investment Bank s Board of Governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital EUR 243 3 billion 47 As of March 2020 the subscribed capital of the EIB has increased by an additional EUR 5 5 billion following the decision by two Member States to increase their capital subscriptions Poland and Romania The EIB s total subscribed capital now amounts to EUR 248 8 billion The departure of the UK from the EU did not impact the EIB Group s AAA credit rating 48 Breakdown of the EIB s capital as of 1 March 2020 49 country paid in capital uncalled capital total subscribed capital Germany 4167 287 407 42555 081 742 46722 369 149 France 4167 287 407 42555 081 742 46722 369 149 Italy 4167 287 407 42555 081 742 46722 369 149 Spain 2500 372 476 25533 049 371 28033 421 847 Netherlands 1155 143 086 11795 972 691 12951 115 777 Belgium 1155 143 086 11795 972 691 12951 115 777 Poland 1013 823 198 10352 856 629 11366 679 827 Sweden 766322 950 7825 458 763 8591 781 713 Denmark 584882 101 5972 639 556 6557 521 657 Austria 573418 425 5855 575 961 6428 994 386 Finland 329450 757 3364 251 741 3693 702 498 Greece 313330 025 3199 631 688 3512 961 713 Portugal 201923 382 2061 980 655 2263 904 037 Czech Republic 196841 038 2010 081 290 2206 922 328 Hungary 186220 601 1901 628 594 2087 849 195 Ireland 146220 406 1493 158 667 1639 379 073 Romania 146220 406 1493 158 667 1639 379 073 Croatia 94750 368 967562 174 1062 312 542 Slovakia 67004 670 684231 479 751236 149 Slovenia 62207 800 635247 290 697455 090 Bulgaria 45491 879 464549 338 510041 217 Lithuania 39033 623 398599 585 437633 208 Luxembourg 29244 304 298634 014 327878 318 Cyprus 28676 120 292831 891 321508 011 Latvia 23821 199 243254 895 267076 094 Estonia 18395 807 187852 433 206248 240 Malta 10915 533 111466 131 122381 66427 total 22190 715 461 226604 891 420 248795 606 881European Investment Bank Group EditThe EIB Group was formed in 2000 It is composed of the European Investment Bank EIB and the European Investment Fund EIF and the EIB Institute 50 European Investment Bank Edit 90 the European Investment Bank s activity takes place inside the European Union with the aim of fostering European integration and development 21 It makes investments outside Europe to support the European Union s development aid and cooperation policies It is active in some 140 countries throughout the world in the following geographical areas Enlargement countries European Free Trade Association EFTA EU Southern Neighbourhood EU Eastern Neighbourhood Sub Saharan Africa Caribbean and Pacific Asia and Latin America Central Asia and the United Kingdom 21 It is one of the largest supranational lenders in the world Since its establishment in 1958 the European Investment Bank has invested over a trillion euros 51 European Investment Fund Edit Main article European Investment Fund The European Investment Fund EIF is the European Union s venture capital arm It also provides guarantees for small and medium sized enterprises SMEs 52 53 In 2018 25 million SMEs in the EU made up 99 8 of all non financial enterprises employed around 97 7 million people 66 6 of total employment and generated 56 4 of total added value EUR 4 357bn 54 The EIF supports businesses through all their stages of development pre seed seed and start up phase technology transfer business angel financing microfinance early stage venture capital to the growth and development segment formal venture capital funds mezzanine funds portfolio guarantees credit enhancement 55 The European Investment Bank is the EIF s majority shareholder holding 62 of shares 56 The other main shareholder is the European Commission which holds 29 of shares The EIF operates on the basis of specific mandates from the European Council and the European Parliament from the European Commission or other public authorities from the European Investment Bank or at its own risk 57 58 EIB Institute Edit In 2012 the EIB Institute was created to promote and support social cultural and academic initiatives with European stakeholders and the public at large It works on community and citizenship for the EIB Group 59 60 Objectives and activities Edit EIB anti corruption conference The EIB is a not for profit organisation and provides long term project funding guarantees and advice to further the goals of the European Union It is part of the European Commission s Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds 7 The Bank funds projects in the areas of climate environment innovation and skills infrastructure small and medium sized enterprises cohesion and development as well as crises including the COVID 19 pandemic and the financial crisis of 2007 2008 Since 1959 the European Investment Bank has signed almost 25 000 projects around the world It funds projects both inside and outside the EU that meet one of the criteria of in less developed regions where projects can not be funded by individual member states and projects which benefit multiple member states 61 The Bank aims to support sustainable economic growth both within the Member States of the European Union and externally Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates 42 37 62 The Bank pursues the objectives of the European Union by providing long term project funding as well as guarantees and advice 63 The EIB Group European Investment Bank and European Investment Fund supports companies small businesses and start ups by cooperating with a wide network of commercial Banks national Banks and institutions leasing companies venture capital and private equity funds angel investors and various providers 64 Within the European Commission s Investment Plan for Europe the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects Project financing is granted after preliminary screenings of the viability and the carbon emissions associated with the projects COVID 19 response Edit The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health related emergencies the search for a vaccine against COVID 19 and solutions to slow the spread of the virus 65 On 26 May 2020 the EIB Board of Directors approved the Pan European Guarantee Fund EGF a 25 billion fund which was endorsed by the European Council as part of the overall European Union Covid 19 response package All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the Bank Using the EGF the EIB group aimed to mobilise up to 200 billion of additional financing for small and medium sized European businesses from the private sector 66 European Union companies are eligible to seek financing from the Pan European Guarantee Fund if they have financial issues due to the economic implication of the COVID 19 pandemic but could have been able to secure loans under pre crisis circumstances 67 In December 2019 the European Investment Bank signed a 50 million loan to help BioNTech work on cancer treatments A new loan worth 100 million was approved in June 2020 to support the company s vaccine trials and manufacturing 68 BioNTech s COVID 19 vaccine was approved for use by the UK drug regulators in December 2020 66 Climate Edit The EIB Group is one of the world s main financiers of climate action The EIB plans to invest 1 trillion euros in climate related projects by 2030 including a just transition 12 13 As the EU s climate Bank the European Investment Bank Group committed in November 2019 to align its activities with the goals and principles of the Paris Agreement by the end of 2020 69 70 In November 2020 the EU member states approved the EIB Group Climate Bank Roadmap 2021 2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU By the end of 2021 the EIB will stop financing all fossil fuel projects 71 72 The EIB contributes to the European Green Deal which aims for Europe to become the first carbon neutral continent by 2050 It finances projects that limit global warming to 1 5 C by the end of the decade fight environmental degradation stop biodiversity loss and address inequalities caused by climate change In 2019 the European Investment Bank Group financed projects for 19 3 billion to fight climate change 73 74 75 Innovation and skills Edit Since 2000 the EIB has financed projects which include skills development with more than 210 billion of investment including 14 4 billion in 2019 76 This support targeted aimed at the development and commercialisation of new products economic processes and business models increased investment in research and development education upskilling and training and improved connectivity and access through broadband and mobile networks In addition the adoption and diffusion of digital and other emerging technologies and empowering women s participation in the labour market 76 Development Edit The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with the aim of contributing to stable growth within the Member States of the European Union emerging markets and developing countries 77 Since 2010 the EIB financing outside the European Union reached 69 6 billion In 2020 the European Investment Bank Group has offered loans to more than 100 countries financed vaccines diagnostics and treatments and invested 1 7 billion to help the Western Balkan countries recover from the COVID 19 pandemic 78 79 It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries providing financing for 280 million partnered with the World Health Organization to finance health care projects in 10 African countries 80 Infrastructure Edit Since its foundation in 1958 the European Investment Bank has supported the development of infrastructure for both EU Member States and third countries In 2019 the EIB provided 15 74 billion to support infrastructure projects 81 The EIB supports infrastructure projects involving sustainable transport energy efficiency urban development digital networks social housing and key public buildings cultural heritage and water and wastewater management 81 Small to medium size enterprises Edit The Bank is part of InnovFin the EU Finance for Innovators a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020 Through it the EIB Group provides direct financing to mid caps The group also offers venture debt financing under the European Growth Finance Facility backed by the European Fund for Strategic Investments 82 The EIB Group works with a broad network of commercial Banks national promotional Banks and institutions leasing companies venture capital and private equity funds angel investors and service providers including in regions where access to finance is limited Through intermediaries the EIB finances micro enterprises 0 9 employees small enterprises 10 49 employees medium sized enterprises 50 249 employees mid caps 250 3 000 employees 83 In 2019 the EIB Group provided 25 52 billion in loans and other services to 386 600 SMEs and mid caps which employ 4 4 million 82 Cohesion Edit As a supranational institution the EIB focuses on economic social and territorial cohesion and solidarity within the Member States of the European Union and outside the EU The EIB prioritises projects addressing inequalities by providing jobs and education public infrastructure and services a sustainable environment across the European Union 84 The EIB s annual target for cohesion financing is 30 of all new operations in the EU Pre Accession and EFTA countries which amounted to 16 13 billion in 2019 85 History EditThe European Investment Bank was founded by the Treaty of Rome brought about the creation of the European Economic Community EEC which came into force on 1 January 1958 86 87 At the time the role of the Bank was to provide financing in the form of loans for Europe s infrastructure projects 88 89 90 91 1960s Edit In 1962 the Bank was authorised to finance projects also outside the European Community EC which was created in 1957 by six Member States Italy France West Germany Luxembourg Belgium and the Netherlands These countries had signed the Treaty of Rome to increase the cooperation among the European countries after World War II Also in 1962 the EIB issued its first loan carried out in cooperation with the International Bank for Reconstruction and Development 92 The Bank loaned funds to three Italian companies Sincat and Celene in Sicily which needed funds to build a petrochemical complex and Mercure in Lucania to exploit a seam of lignite to produce electricity 93 In 1968 the EIB moved from Brussels to Luxembourg City opened an office in Rome and adopted the global loan facility for small and medium enterprises SME financing 94 The growing economies among the Member States of the European Community at the end of the 1950s and through the 1960s meant that the countries themselves were able to finance their infrastructure development which lead to the EIB playing a supporting role 95 1970s Edit The 1973 1975 recession in Europe and the first enlargement of the European Community changed the EIB s role The financial turmoil affecting the initial EC members made it more difficult for the individual nations to pursue their national policy objectives the addition in 1973 of three new countries to the European Community United Kingdom Ireland and Denmark led to the EIB s first capital enlargement 96 The larger financial base coupled with the development of European wide policies at the European Parliament led the Bank to draft its own regional lending policy starting from 1974 96 Under its new policy and a more diversified economic and infrastructure development the EIB expanded its lending to include industrial development loans in the depressed industrial regions of the growing EC membership 97 The Bank benefited from the creation of a new structural fund the European Regional Development Fund ERDF founded in 1975 The ERDF was created to provide financial support for the development and structural adjustment of regional economies economic change enhanced competitiveness as well as territorial cooperation throughout the EU The EIB was the first European Community institution to directly handle the construction of its own headquarters The purchase of the site on the Kirchberg plateau was agreed to by the Luxembourg Government and the contract between the Grand Duchy and the Bank concluded in November 1972 98 1980s Edit In the 1980 the EIB moved its headquarters to a new building designed by the British architect Sir Denys Lasdun The complex known as West Building was designed in the brutalist style on the Kirchberg plateau Construction began in 1974 inaugurated in 1981 and extended in 1995 98 In the 1980s the EIB became responsible for assisting associate countries such as Greece Spain and Portugal in achieving requirements for EC admission In 1981 Greece joined the EIB and five years later in 1986 Spain and Portugal did the same In 1987 the Bank began focusing more on loans to finance small and medium sized enterprises as well as innovative companies telecommunications and urban transport initiatives among EC members 98 After the fall of the Berlin Wall in 1989 the Bank started to finance projects in former Soviet states lending to Poland Romania Hungary Bulgaria the Czech Republic and Slovakia The EIB increased investment in the region toward the late 1990s as these countries prepared their applications to join the 15 members of what by then had become the European Union EU 98 1990s Edit In 1991 the Bank contributed to the foundation of the European Bank for Reconstruction and Development EBRD and in 1993 it extended its activities to the Baltic countries Estonia Latvia and Lithuania and to Latin American and Asian countries In 1994 the European Investment Fund EIF whose logo depicts a bridge symbolising the connection between public and private finance was established In 1995 Austria Finland and Sweden joined the EIB 99 The European Investment Bank made its first borrowing operation in euros in 1997 over a year before the new European currency was launched on 1 January 1999 In the same year the Bank adopted a new logo which consisted of three elements a central blue stripe representing Europe and two grey lateral shapes representing the headquarters in Luxembourg 99 2000s Edit In 2000 the EIB Group was created and the European Investment Bank became the majority shareholder of the EIF the specialist arm for providing risk capital Also in 2000 the Cotonou Agreement signed in Benin s largest city by the 15 Member States of the European Union and 78 African Caribbean and Pacific Group of States ACP Countries replaced the Lome Convention 1975 Under the ACP EU Partnership Agreement the EIB expanded its cooperation with non EU countries outside Europe having agreements with the Union 37 Following the Lisbon European Council in 2000 the EIB changed objectives The Bank continued providing infrastructure and policy support to the European Union as well as contributing to achieving the Lisbon summit s stated objective of making Europe a high technology and knowledge based economy 37 In 2004 the EIB received a mandate from the European Union for operations in Russia Belarus Moldova and Ukraine In the same year the Czech Republic Estonia Hungary Latvia Lithuania Poland Slovakia Slovenia Malta and Cyprus entered the European Union followed by Bulgaria and Romania in 2007 and Croatia in 2013 37 From 2002 the Bank and the European Commission started coordinating their efforts in investments aimed at mitigation and adaptation to climate change In 2007 the EIB issued the first Climate Awareness Bonds on the capital markets the world s first Green Bonds The funds raised were earmarked to match disbursements to EIB lending projects in the field of renewable energy and energy efficiency 37 2010s Edit The East Building inaugurated in 2008 on the Kirchberg plateau was designed by Ingenhoven Architekten in association with Werner Sobek 100 It was the first building in continental Europe to obtain a Bespoke Building Research Establishment Environmental Assessment Methodology BREEAM certification of very good 100 The European Fund for Strategic Investments was launched in 2014 led by the European Commission and the EIB Part of the Investment Plan for Europe it initially aimed to mobilise 315 billion and was then extended to 500 billion by 2020 In 2016 the Bank launched the Economic Resilience Initiative which supports regions outside Europe significantly affected by the refugee crisis through investments supporting growth jobs infrastructure and social cohesion In 2019 the Bank agreed to stop funding fossil fuel projects by the end of 2021 101 102 2020s Edit In 2020 it announced the Climate Bank Roadmap 2021 2025 which will include stopping funding for all high carbon projects As part of the European Guarantee Fund EGF to tackle the economic consequences of the COVID 19 pandemic the Bank made available 200 billion of additional financing 103 67 The bank is funding both efforts at containing the economic effects of the crisis as well as healthcare related projects which address immediate health related emergencies research vaccines and mechanisms to limit the spread of the virus e g testing 104 65 Controversies Edit Projects Edit Some projects financed or under the appraisal procedure by the EIB have raised objections from local communities as well as international and national NGOs These include the M10 motorway in Russia 105 the Gazela Bridge in Serbia 106 Raca Bridge between Serbia and Bosnia and Herzegovina 65 the D1 motorway in the Slovakia Sostanj Power Plant in Slovenia the Bujagali Hydroelectric Power Station in Uganda 107 the Nenskra Hydropower Plant in Georgia 108 the Trans Adriatic Pipeline transporting natural gas from Azerbaijan to Europe starting from Greece through Albania to Italy 109 the Volkswagen emissions scandal also known as Dieselgate 110 the Mombasa Mariakani road project in Kenya 111 the Olkaria geothermal development in Kenya 112 the Vinca incinerator in Belgrade Serbia 113 114 115 Transparency Edit The Transparency Policy of the EIB has been criticised by NGOs In 2004 the British human rights organisation Article 19 issued a memorandum in which it accused the EIB of failing to meet international including EU standards on openness In 2010 the EIB updated its transparency policy following a public consultation The latest update of the Transparency Policy in 2015 also followed a public consultation 116 117 Climate change Edit A 2011 report by the CEE Bankwatch Network accused the EIB of a lending policy that failed its responsibility to further the EU goal of cutting carbon emissions In 2019 the Bank announced it would cease funding most fossil fuel projects by the end of 2021 a decision approved by members representing 90 of its capital It will only fund energy projects capable of producing one kilowatt hour of energy for less than 250 grams of carbon dioxide 118 119 120 121 The 2019 agreement received criticism for its limitations for continuing to fund carbon intensive activities including high carbon agriculture airport expansions and new conventional energy intensive plants including gas 122 123 In November 2020 the EIB announced the Climate Bank Roadmap 2021 2025 which will include stopping funding high carbon projects including a just transition mechanism increasing accountability and accelerating their timetable for green funding to make more than 50 of annual financing dedicated to green investment by 2025 124 125 126 127 Tax Edit In 2014 eleven NGOs demanded the release of an EIB report into allegations of tax fraud by the Swiss commodity trader Glencore in Zambia related to the Mopani Copper Mines Following a recommendation of the European Ombudsman the EIB released a summary which stated their investigation had been non conclusive The Ombudsman subsequently called this summary inadequate and accused the EIB of failing to meet its own transparency policy In response EIB stopped lending to Glencore in 2011 due to concerns about its corporate governance 128 The EIB reviewed its transparency standards applying to control functions by including a new provision of the EIB Group s Transparency Policy of 2015 allowing the Bank to disclose a summary after an investigation has been closed 129 Reports in 2010 and 2015 from a coalition of NGOs implicated the EIB in tax avoidance by lending to businesses that use tax havens The EIB has been constantly improving its procedures and standards including on governance and tax matters This includes the EIB s Environmental and Social Standards 130 the Anti fraud Policy 131 and the EIB Group Policy towards weakly regulated non transparent and non cooperative jurisdictions and tax good governance 132 HarassmentIn 2021 EIB has been criticised related to its treatment of staff following several cases of harassment bullying and suicide in its premises 133 134 The European Parliament in its annual report on the EIB in July 2021 referred to its serious concerns about allegations regarding harassment and the working environment at the EIB 135 In July 2022 the European Parliament again expressed serious concerns about the lack of social dialogue at the EIB in particular to address concerns about harassment allegations and the working environment 136 EIB structure EditThe EIB s departments prepare and implement the decisions of management bodies The departments carry out evaluation appraisal and then finance projects assess and manage risks run economic or financial background studies and raise financial resources on the capital markets 137 Article 308 et seq of the Treaty on the Functioning of the European Union TFEU establishes the EIB and the Protocol No 5 on the Statute of the European Investment Bank is annexed to the TFEU Governance Edit The European Investment Bank has three decision making bodies the Board of Governors the Board of Directors and the Management Committee The Board of Governors who are the Finance Ministers of the European Union Member States sets the direction of the European Investment Bank 138 The Board of Directors oversees strategic direction The Management Committee supervises daily operations 138 The European Investment Bank s President chairs the meetings of the Management Committee The members of the Management Committee are responsible solely to the Bank they are appointed by the Board of Governors on a proposal from the Board of Directors for a renewable period of six years The President is also Chair of the Board of Directors 139 140 Internal and independent controls aim to guarantee the integrity and soundness of European Investment Bank s operations These include Investigations Audit Committee Compliance Credit Risk Financial Control Internal Control Internal Audit External Auditors and Operations Evaluation 141 The bank also cooperates with independent control bodies European Court of Auditors the European Anti Fraud Office OLAF and the European Ombudsman 142 In 2018 seven EU governments demanded improvements in the governance and structure of the institution as well as stricter cost controls There were concerns that EIB had been slow to implement recommendations raised by its own audit committee which aimed at improving the risk management and project selection 141 143 Presidents Edit Current president Werner Hoyer Edit Werner Hoyer Dr Werner Hoyer has been President of the European Investment Bank since 2012 144 145 146 He was named European Banker of the Year in 2019 for his contribution to economic stability and development in Europe 147 Under Hoyer the European Investment Bank has funded EUR 150 billion in projects that contribute to reducing greenhouse gas emissions 101 148 149 150 Former Presidents Edit The EIB president is the head of the Management Committee a nine member executive body that is responsible for the day to day operations of the EIB They are appointed by the EIB s Board of Governors on a proposal from the board of directors for a renewable six year term The President is also the chair of the board of directors The other eight members are vice presidents Pietro Campilli Italy February 1958 May 1959 Paride Formentini it Italy June 1959 September 1970 Yves Le Portz France September 1970 July 1984 Ernst Gunther Broder Germany August 1984 March 1993 Sir Brian Unwin UK April 1993 December 1999 Philippe Maystadt Belgium March 2000 December 2011 Werner Hoyer Germany January 2012 present 151 Accountability Edit Internal control bodies Edit The EIB has four statutory bodies the Audit Committee the Board of Governors the Board of Directors and the Management Committee 152 The Audit Committee functions as an independent control body and verifies the Bank s operations and the validity of its accounts Its six independent members are appointed for a non renewable term of office of six consecutive financial years by the Board of Governors It issues a report on the Bank s financial statements at the time of approval of the financial statements by the Board of Directors The Audit Committee directly reports to the Board of Governors 153 The Audit Committee appoints the external auditors of the EIB and evaluates their independence and investigates potential conflicts of interest In recent years KPMG has functioned as the EIB s external auditor 154 155 156 Other internal organisational provisions such as Financial Control or Internal Audit make recommendations regarding the effectiveness of the Bank s governance risk management or internal control and express their opinion on certain aspects of the EIB s financial policies and their implementation 157 158 The EIB Compliance Function is responsible for ensuring that all of the Bank s activities are in line with its standards of integrity Its tasks include combating money laundering and the financing of terrorism and supporting a corporate culture that is based on ethical values and professional conduct 159 External control bodies Edit The EIB also cooperates with independent control bodies the European Court of Auditors the European Anti Fraud Office OLAF and the European Ombudsman 160 139 According to Article 287 3 of the Treaty on the Functioning of the EU TFEU the European Court of Auditors has access to information required for the audit of the European Union s expenditure and revenue managed by the EIB 161 This means that the Court of Auditors is authorised to audit loan operations that are under the mandate conferred by the EU or that are guaranteed by the general EU budget and administered by the EIB 162 The Bank further collaborates with the European Anti Fraud Office OLAF to combat fraud and corruption within European Institutions 163 164 Based on a memorandum of understanding between the European Investment Bank and the European Ombudsman EU citizens can escalate their concerns regarding an EIB project policy or activity to the European Ombudsman if the outcome of the EIB s Complaints Mechanism is not satisfactory 165 Transparency Edit Complaints can range from environmental degradation or threats to community health and safety to involuntary resettlement 166 The Complaints Mechanism team examines whether the EIB Group has failed to comply with internal policies standards or procedures or with applicable legislation and offers mediation to solve conflicts between the complainant and an EIB project or activity It monitors closed complaints to ensure that agreed measures are implemented Improvements to the EIB policy framework that are identified during complaints processes are given to the senior management 167 The EIB s Project Procurements Complaints Committee PCC deals with projects procurement complaints e g objections arising from tendering of EIB financed contracts for goods works and consultant services 168 The Fraud Investigations Division investigates allegations verifies the existence of a robust anti fraud policy framework proactively identifies actual or potential vulnerabilities and trains staff on fraud awareness 169 The Bank publishes documents related to its role governance accountability policies and operations Project related information usually include a summary of the investment project the loans obtained through financial intermediaries environmental and social information and project briefs Key figures and information on the EIB s lending activities are published in the EIB Activity Reports yearly figures and the Statistical Reports summary tables As part of the Bank s Transparency policy the EIB does not publish information that may harm legitimate interests of clients and project partners It refuses to disclose for example personal data commercial interests such as patents and information related to on going investigations In 2014 the EIB set up a public register to increase transparency and to allow citizens to browse the Bank s publications or to request documents 170 171 172 Communication and outreach Edit The EIB Complaints Mechanism organises events to inform the general public and members of Civil Society Organisations CSOs of the mandate of the mechanism the admissibility criteria and the methodological approach 173 In addition the European Investment Bank holds formal public consultations to demonstrate transparency and accountability and to benefit from the participants expertise 174 Offices Edit EIB Headquarter Building in Luxembourg The Bank is active in 140 countries throughout the world in the following geographical areas Enlargement countries European Free Trade Association EFTA EU Southern Neighbourhood EU Eastern Neighbourhood Sub Saharan Africa Caribbean and Pacific Asia and Latin America Central Asia and the United Kingdom 21 140 152 European Union Country CityAustria ViennaBelgium BrusselsBulgaria SofiaCroatia ZagrebCzech Republic PragueDenmark CopenhagenFinland HelsinkiFrance ParisGermany BerlinGreece AthensHungary BudapestIreland DublinItaly RomeLithuania VilniusLuxembourg LuxembourgNetherlands AmsterdamPoland WarsawPortugal LisbonRomania BucharestSlovakia BratislavaSlovenia LjubljanaSpain MadridSweden Stokholm Non European Union Country CityAlbania TiranaAustralia SydneyBarbados BridgetownBosnia and Herzegovina SarajevoCameroon YaoundeChina BeijingColombia BogotaCote d Ivoire AbidjanDominican Republic Santo DomingoEgypt CairoEthiopia Addis AbabaGeorgia TbilisiIndia New DelhiJordan AmmanKenya NairobiLebanon BeirutMoldova ChișinăuMorocco RabatNew Zealand AucklandRussia MoscowSenegal DakarSerbia BeogradSouth Africa PretoriaTunisia TunisTurkey AnkaraTurkey IstanbulUkraine KyivUnited Kingdom LondonUnited States Washington D CPublications and multimedia EditThe European Investment Bank publishes a wide range of reports studies essays surveys and working papers aimed at professionals and the general public All publications are available free of charge on the Publications page of the EIB website in their digital formats PDF e book or online with a limited number of print publications available free of charge 175 Annual reports Edit The EIB publishes annual reports including the Activity Report the Financial report the Statistical Report the Investment Report and the Sustainability Report which cover the main activities of the bank 176 Surveys Edit European Investment Bank does research in several areas 177 The EIB Group Survey on Investment and Investment Finance EIBIS collects information from around 12 500 firms each year across Europe to identify the needs of businesses across all 27 EU Member States The Central Eastern and South Eastern Europe CESEE Bank Lending Survey is a biannual survey covering around 15 international Banking groups and 85 local subsidiaries or independent local Banks The Climate Survey which started in 2018 explores what citizens in all EU Member States the United Kingdom China and the United States think about climate change and related issues The 2020 2021 edition found that more than 75 of people in Europe and 94 in China feel the impact of climate change in their everyday lives In the US 72 of people say that climate change affects their daily lives Blog Edit The site of the Bank also hosts blog articles expert essays press releases and podcasts In 2019 the podcast series A Dictionary of finance won The Digital Communication Awards prize for Best Channel 178 In 2020 the podcast series Monster under the Bed received the SABRE Award in the category Best in Audio The Bank s Climate Solutions content series expert blog posts podcast series and e book won the European Excellence Award 2020 in the Sustainability and Environment category 179 See also EditClimate action Green New Deal Sustainable Development Goals Treaty on the Functioning of the European UnionDevelopment finance institution Investment banking Multilateral development bank European Long Term Investors European Banking unionFurther reading EditSteinherr Alfred 1994 30 Years of European Monetary Integration from the Werner Plan to Emu Addison Wesley Longman Ltd ISBN 978 0 582 24357 6 The European Union The History of the Political and Economic Union of Europe s Nations after World War II Charles Rivers Editors 2020 ISBN 979 8 6409 6562 9 The Future of European Development Banking What Role and Place for the European Investment Bank Laffan Brigid 1997 The Finances of the European Union Palgrave London ISBN 978 0 333 60985 9 Designing Sustainable Technologies Products and policies From science to Innovation The European Investment Bank Institutional and Substantive Law The Legal Framework and the Operational Activity External links EditEuropean Investment Bank website European Investment Bank publications European Investment Fund websiteReferences Edit Memorandum Of Understanding Between The European Commission The European Investment Bank Together With The European Investment Fund And The European Bank For Reconstruction And Development In Respect Of Cooperation Outside The European Union PDF European Investment Bank a b c The European Investment Bank Fact Sheets on the European Union European Parliament www europarl europa eu Retrieved 21 April 2021 Putten Maartje van 2008 Policing the banks accountability mechanisms for the financial sector Montreal Quebec McGill Queen s University Press ISBN 978 0 7735 7665 0 OCLC 760073184 Audit preview European Regional Development Fund supporting SMEs in getting more competitive www eca europa eu Retrieved 21 April 2021 Kenton Will European Investment Bank EIB Investopedia Retrieved 21 April 2021 Our priorities EIB org Retrieved 21 April 2021 a b The European Investment Bank Fact Sheets on the European Union European Parliament www europarl europa eu Retrieved 28 April 2021 Climate change The EIB finances one of the largest solar plants in Spain Solarcentury 11 December 2019 Retrieved 22 April 2021 EU Bank launches ambitious new climate strategy and Energy Lending Policy EEAS European External Action Service European Commission Retrieved 22 April 2021 3 Green finance in the Mediterranean IEMed www iemed org Retrieved 22 April 2021 Martin Berg on sustainable finance Where does it stand Landscape News 24 November 2019 Retrieved 22 April 2021 a b gt 1 TRILLION FOR European Investment Bank European Investment Bank 29 January 2020 Retrieved 22 April 2021 a b The Just Transition Mechanism making sure no one is left behind European Commission European Commission Retrieved 22 April 2021 Official Journal C 202 2016 eur lex europa eu Retrieved 22 April 2021 European Investment Bank 2020 EIB Activity Report 2019 European Investment Bank European Investment Bank doi 10 2867 4882 ISBN 978 92 861 4606 0 Retrieved 22 April 2021 European Investment Bank Aaa stable Annual credit analysis PDF Moodys European Investment Bank PDF Fitch Ratings European Investment Bank Ratings Direct PDF S amp P Global Ratings Shareholders EIB org Retrieved 22 April 2021 a b European Investment Bank EIB European Union 16 June 2016 Retrieved 22 April 2021 a b c d e Our regions of activity EIB org Retrieved 28 April 2021 Ujvari Balazs 2017 Introduction The European Investment Bank 7 9 a b EUR Lex EN Official Journal C 326 26 10 2012 P 0001 0390 Retrieved 28 April 2021 Eric Bussiere Michel Dumoulin and Emilie Willaert in collaboration with Charles Barthel Jurgen Elvert Paolo Tedeschi and Arthe Van Laer 2008 The EIB 1958 2008 Imprimerie centrale societe anonyme PDF p 118 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link CS1 maint url status link ELTI aisbl European Long Term Investors European Investment Bank EIB Permanent Observer www eltia eu Retrieved 28 April 2021 Financial Instruments AECM Retrieved 28 April 2021 Financial intermediaries www eib org Retrieved 28 April 2021 The European Investment Bank supporting the circular transition with awareness building advisory and financing Circular City Funding Guide Circular City Funding Guide Retrieved 28 April 2021 Banton Caroline How Equity Financing Works Investopedia Retrieved 28 April 2021 a b Equity EIB org Retrieved 28 April 2021 What we do www eif org Retrieved 28 April 2021 Guarantees EIB org Retrieved 28 April 2021 Credit Enhancement Definition Examples Types of Credit Enhancement WallStreetMojo 23 November 2019 Retrieved 28 April 2021 Credit enhancement for project finance EIB org Retrieved 28 April 2021 Guarantees in support of SMEs and mid caps and other objectives EIB org Retrieved 28 April 2021 Advisory Hub eiah Retrieved 28 April 2021 a b c d e f g h i Disclaimer www eib org Retrieved 28 April 2021 Services eiah eib org Retrieved 28 April 2021 a b Mandates and Partnerships EIB org Retrieved 28 April 2021 Facts amp Figures European Investment Bank European Investment Bank 30 January 2020 Retrieved 28 April 2021 Fern Jason o Bond Investopedia Retrieved 28 April 2021 a b StackPath www instituteforgovernment org uk Retrieved 28 April 2021 Borrowing EIB org Retrieved 28 April 2021 European Investment Bank 2018 The EIB Group Operating Framework and Operational Plan 2018 European Investment Bank Publications Office of the European Union doi 10 2867 67744 ISBN 978 92 861 3541 5 Retrieved 28 April 2021 EIB makes climate finance mainstream as taxonomy unlocks standards www globalcapital com 15 October 2020 Retrieved 28 April 2021 European Investment Bank 2014 Environmental and Social Standards Overview European Investment Bank Publications Office of the European Union doi 10 2867 58327 ISBN 978 92 861 2046 6 Retrieved 28 April 2021 EIB President regrets Brexit and welcomes EU 27 united support for EIB Group European Investment Bank Retrieved 28 April 2021 EU member states avert 100bn Brexit disaster for European Investment Bank The Independent 31 January 2020 Retrieved 28 April 2021 Shareholders Annual meeting of the Board of Governors European Investment Bank Retrieved 28 April 2021 60 years improve lives together EIB org Retrieved 28 April 2021 European Investment Fund www eif org Retrieved 28 April 2021 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link European Investment Fund EIF EVPA Retrieved 28 April 2021 EIB Group Corporate Governance Report 2019 European Investment Bank European Investment Bank 12 October 2020 Retrieved 28 April 2021 Homepage European Investment Bank EIB org Retrieved 28 April 2021 Frequently Asked Questions EIB org Retrieved 28 April 2021 Shareholders www eif org Retrieved 28 April 2021 Register of Shareholders at 26 04 2021 www eif org Retrieved 28 April 2021 Who We Are EIB Institute institute eib org Retrieved 28 April 2021 Union Publications Office of the European 17 August 2017 The EIB Institute a question of priority op europa eu ISBN 978 92 861 3259 9 Retrieved 28 April 2021 EUR Lex 12016E309 EN EUR Lex eur lex europa eu Retrieved 28 April 2021 The EIB in numbers EIB org Retrieved 28 April 2021 Shaoul Jean Stafford Anne Stapleton Pamela 1 July 2007 Partnerships and the role of financial advisors private control over public policy Policy amp Politics 35 3 479 495 doi 10 1332 030557307781571678 Audit preview European Regional Development Fund supporting SMEs in getting more competitive www eca europa eu Retrieved 28 April 2021 a b c Coronavirus outbreak EIB Group s response EIB org Retrieved 28 April 2021 a b UK approves Pfizer BioNTech Covid vaccine for rollout next week the Guardian 2 December 2020 Retrieved 28 April 2021 a b EIB Board approves 25 billion Pan European Guarantee Fund in response to COVID 19 crisis European Investment Bank Retrieved 28 April 2021 Investment Plan for Europe European Investment Bank to provide BioNTech with up to 100 million in debt financing for COVID 19 vaccine development and manufacturing European Investment Bank Retrieved 28 April 2021 EU member states approve EIB Group Climate Bank Roadmap 2021 2025 European Investment Bank Retrieved 28 April 2021 EIB 2020 When ambition becomes transformation www globalcapital com 13 October 2020 Retrieved 28 April 2021 European Investment Bank to phase out fossil fuel financing the Guardian 15 November 2019 Retrieved 28 April 2021 European Investment Bank EIB Financial Times www ft com Retrieved 28 April 2021 EU says it will remain top investor against climate change in defiance of Trump The Independent 26 January 2017 Retrieved 28 April 2021 EIB plans to cut all funding for fossil fuel projects by 2020 the Guardian 26 July 2019 Retrieved 28 April 2021 European Investment Bank 2020 EIB Group Sustainability Report 2019 European Investment Bank European Investment Bank doi 10 2867 35760 ISBN 978 92 861 4667 1 Retrieved 28 April 2021 a b Innovation Overview 2020 European Investment Bank European Investment Bank 11 May 2020 Retrieved 28 April 2021 Clifton Judith Diaz Fuentes Daniel Gomez Ana Lara 2018 The European Investment Bank Development Integration Investment JCMS Journal of Common Market Studies 56 4 733 750 doi 10 1111 jcms 12614 ISSN 1468 5965 S2CID 158639004 The EIB and development EIB org Retrieved 28 April 2021 EIB support for development Overview 2020 European Investment Bank European Investment Bank 3 July 2020 Retrieved 28 April 2021 EPIC EDFI European Development Finance Institutions EDFI Retrieved 28 April 2021 a b Infrastructure and the EIB EIB org Retrieved 28 April 2021 a b SMEs and mid caps EIB org Retrieved 28 April 2021 Anonymous 5 July 2016 SME definition Internal Market Industry Entrepreneurship and SMEs European Commission Retrieved 28 April 2021 Economic and social cohesion EIB org Retrieved 28 April 2021 Cohesion and Regional Development Overview 2020 European Investment Bank European Investment Bank 13 October 2020 Retrieved 28 April 2021 Annual Report 1959 European Investment Bank European Investment Bank 12 April 1960 Retrieved 28 April 2021 EUR Lex 11957E TXT EN EUR Lex eur lex europa eu Retrieved 28 April 2021 Chronology of the EIB 1958 2020 EIB org Retrieved 28 April 2021 History of European Investment Bank FundingUniverse www fundinguniverse com Retrieved 28 April 2021 Gehler J Cantz M O Brien J F Tolksdorf M Spranger J 1975 Mannosidosis clinical and biochemical findings Birth Defects Original Article Series 11 6 269 272 ISSN 0547 6844 PMID 99 Mooij J 1 January 2011 E Bussiere e a Die Bank der Europaischen Union Die EIB 1958 2008 BMGN Low Countries Historical Review 126 1 doi 10 18352 bmgn lchr 7276 ISSN 2211 2898 Vol 17 No 3 April 1962 of The Business Lawyer on JSTOR www jstor org Retrieved 28 April 2021 International Bank for Reconstruction and Development general conditions for loans World Bank Retrieved 28 April 2021 Annual Report 1968 European Investment Bank European Investment Bank 12 April 1969 Retrieved 28 April 2021 A History of Europe in 6 Projects European Investment Bank European Investment Bank 20 July 2018 Retrieved 28 April 2021 a b Experimental program for the development of peat gasification Monthly status report April 1 April 30 1978 1 January 1978 doi 10 2172 6729235 OSTI 6729235 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Liberto Daniel European Monetary System EMS Definition Investopedia Retrieved 28 April 2021 a b c d European Regional Development Fund turns 40 ec europa eu Retrieved 28 April 2021 a b New logo on the threshold of the third millennium European Investment Bank Retrieved 28 April 2021 a b Building www eib org Retrieved 28 April 2021 a b EU Bank launches ambitious new climate strategy and Energy Lending Policy European Investment Bank Retrieved 28 April 2021 European Investment Bank ends lending to fossil fuel projects Climate Home News 15 November 2019 Retrieved 28 April 2021 New pan European Guarantee Fund European Microfinance Network Retrieved 28 April 2021 BioNTech moves to head of pack for COVID 19 vaccine with EU finance European Investment Bank Retrieved 28 April 2021 Moscow St Petersburg M11 Motorway Verdict Traffic www roadtraffic technology com Retrieved 28 April 2021 Eviction of Roma Sparks Controversy in Serbia Balkan Insight 17 March 2009 Retrieved 28 April 2021 Pottinger Lori 4 April 2010 Going After Uganda s Big Bad Dam Investors HuffPost Africa Campaigns International Rivers Retrieved 28 April 2021 Georgia s billion dollar dam violates international standards Bankwatch Retrieved 28 April 2021 NoTAP Two years of resistance DefundTAP Retrieved 28 April 2021 Secrecy of VW fraud report unacceptable says MEP EUobserver 23 April 2018 Retrieved 28 April 2021 In Kenya a motorway funded by the European Investment Bank runs over roadside dwellers Bankwatch Retrieved 28 April 2021 Ol Karia Seeing Conflict At The Margins Retrieved 28 April 2021 Belgrade incinerator public private partnership PPP Belgrade Serbia Bankwatch Retrieved 28 April 2021 EU Delegation to Serbia explains what s problematic about the incinerator project in Vinca www ekapija com Retrieved 28 April 2021 Will the EBRD give up financing the Vinca incinerator due to complaints about harmfulness Tek Deeps 20 August 2020 Retrieved 28 April 2021 Aleksandra Antonowicz Cyglicka Kadri Green Anna Roggenbuck Ana Maria Seman Xavier So 2016 Going Abroad A critique of the European Investment Bank s External Lending Mandate PDF pp 4 5 a href Template Cite web html title Template Cite web cite web a CS1 maint multiple names authors list link CS1 maint url status link Refining transparency and responsible investment The case of EIB and sustainable finance European Law Blog 18 July 2019 Retrieved 28 April 2021 EIB plans to cut all funding for fossil fuel projects by 2020 The Guardian 26 July 2019 Retrieved 28 April 2021 Ekblom Jonas 15 October 2019 European Investment Bank postpones decision on fossil fuel lending Reuters Retrieved 28 April 2021 European Investment Bank to cease funding fossil fuel projects by end 2021 euronews 15 November 2019 Retrieved 28 April 2021 European Investment Bank EIB Financial Times Retrieved 28 April 2021 Prager Alicia 25 September 2019 Sustainable financing may have its limits www euractiv com Retrieved 28 April 2021 Hickel Jason Why Growth Can t Be Green Foreign Policy Retrieved 28 April 2021 EU member states approve EIB Group Climate Bank Roadmap 2021 2025 European Investment Bank Retrieved 28 April 2021 The EIB has further to go to become the EU Climate Bank Climate Home News 7 July 2020 Retrieved 28 April 2021 Gas slips through as EIB slashes fossil fuel funding Greenpeace European Unit Retrieved 28 April 2021 European Investment Bank EIB Financial Times Retrieved 28 April 2021 European Investment Bank halts loans to Glencore the Guardian 31 May 2011 Retrieved 28 April 2021 EIB Group Transparency Policy European Investment Bank European Investment Bank 10 March 2015 Retrieved 28 April 2021 Environmental and Social Standards European Investment Bank European Investment Bank 29 October 2018 Retrieved 28 April 2021 EIB Anti Fraud Policy European Investment Bank European Investment Bank 8 November 2013 Retrieved 28 April 2021 EIB Group Policy towards weakly regulated non transparent and non cooperative jurisdictions and tax good governance European Investment Bank European Investment Bank 25 March 2019 Retrieved 28 April 2021 Bodoni Stephanie 23 September 2021 EU s Investment Bank Slammed for Response to Alleged Harassment www bloomberg com Archived from the original on 22 September 2022 Retrieved 22 September 2022 MEPs confront EIB on unpunished harassment allegations delano lu 4 April 2021 Archived from the original on 3 August 2022 Retrieved 22 September 2022 European Parliament resolution of 7 July 2021 on the financial activities of the European Investment Bank annual report 2020 2020 2124 INI European Parliament resolution of 7 July 2022 on the control of the financial activities of the European Investment Bank EIB Group Corporate Governance Report 2019 European Investment Bank 12 October 2020 Retrieved 28 April 2021 a b Mertens Daniel Thiemann Matthias 2 October 2017 Building a hidden investment state The European Investment Bank national development banks and European economic governance Journal of European Public Policy 26 1 23 43 doi 10 1080 13501763 2017 1382556 ISSN 1350 1763 S2CID 158834652 a b Governance and structure EIB org Retrieved 28 April 2021 a b Anonymous 16 June 2016 European Investment Bank EIB European Union Retrieved 28 April 2021 a b EU Transparency International 15 November 2016 Transparency International EU Transparency International EU Retrieved 28 April 2021 Coordination with European financial institutions European Commission European Commission Retrieved 28 April 2021 European Investment Bank EIB Financial Times www ft com Retrieved 28 April 2021 Banker The Werner Hoyer President European Investment Bank View from IMF 2017 www thebanker com Retrieved 28 April 2021 Werner Hoyer European Investment Bank Retrieved 28 April 2021 Konferenzen 23 EURO FINANCE WEEK 2020 Die EURO FINANCE WEEK im Uberblick Montag 16 November 2020 BANKING DAY Award Ceremony European Banker of the Year 2019 Begrundung der Wahl dfv Euro Finance Group www dfv eurofinance com Retrieved 28 April 2021 President Werner Hoyer awarded European Banker of the Year European Investment Bank Retrieved 28 April 2021 EU Bank launches ambitious new climate strategy and Energy Lending Policy EEAS European External Action Service European Commission Retrieved 28 April 2021 EIB to stop financing fossil fuel projects from end 2021 Balkan Green Energy News 15 November 2019 Retrieved 28 April 2021 Stakeholder engagement on the EIB Group s Climate Bank Roadmap 2021 2025 Turning ambition into reality EIB org Retrieved 28 April 2021 Former Presidents www eib org Retrieved 28 April 2021 a b European Investment Bank 2015 The Governance of the European Investment Bank European Investment Bank Publications Office of the European Union doi 10 2867 533383 ISBN 978 92 861 2354 2 Retrieved 28 April 2021 Audit Committee EIB org Retrieved 28 April 2021 External Auditors EIB org Retrieved 28 April 2021 Audit Committee Annual Reports for the year 2019 European Investment Bank European Investment Bank 4 August 2020 Retrieved 28 April 2021 Audit Committee Annual Reports for the year 2018 European Investment Bank European Investment Bank 29 July 2019 Retrieved 28 April 2021 Internal Audit EIB org Retrieved 28 April 2021 Financial Control EIB org Retrieved 28 April 2021 Compliance EIB org Retrieved 28 April 2021 EIB Group Corporate Governance Report 2019 European Investment Bank European Investment Bank 12 October 2020 Retrieved 28 April 2021 C 2016202EN 01017001 xml eur lex europa eu Retrieved 28 April 2021 European Court of Auditors EIB org Retrieved 28 April 2021 European Anti Fraud Office EIB org Retrieved 28 April 2021 European Anti Fraud Office European Anti Fraud Office European Commission Retrieved 28 April 2021 European Ombudsman EIB org Retrieved 28 April 2021 What we do Complaints Mechanism EIB org Retrieved 28 April 2021 EIB Group Complaints Mechanism Policy European Investment Bank European Investment Bank 13 November 2018 Retrieved 28 April 2021 Project Procurement complaints EIB org Retrieved 28 April 2021 Investigating Prohibited Conduct EIB org Retrieved 28 April 2021 Public register EIB org Retrieved 28 April 2021 EIB transparency and access to information EIB org Retrieved 28 April 2021 Taylor Kira 28 January 2021 European investment bank loses landmark case on green scrutiny www euractiv com Retrieved 28 April 2021 Communication and outreach Complaints Mechanism EIB org Retrieved 28 April 2021 Public consultations EIB org Retrieved 28 April 2021 Publications EIB org Retrieved 28 April 2021 Publications EIB org Retrieved 28 April 2021 Our research EIB org Retrieved 28 April 2021 Winnerlist 2019 Digital Communication Awards 2021 5 August 2019 Retrieved 28 April 2021 2020 IN2 SABRE Award Winners www provokemedia com Retrieved 28 April 2021 Retrieved from https en wikipedia org w index php title European Investment Bank amp oldid 1133434255, wikipedia, wiki, book, books, library,

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