Admin l Friday, December 01, 2017
ESTONIA – The European Investment Bank(EIB) said it will be able to increase its lending to projects outside the European Union, EU that address migration issues and can benefit from an EU guarantee.
“An additional €3.7 billion will be earmarked for projects addressing the long-term economic needs of refugees, migrants and host and transit communities, and providing a strategic response to the root causes of migration”, EIB said.
On 1 December 2017, EU ambassadors endorsed, on behalf of the Council, an agreement with the European Parliament on a mid-term review of the EIB’s external lending. The extra lending stems from that review.
In total, the financing limit under the EU guarantee will be increased by €5.3 billion.
“By providing extra guarantees for public and private sector lending, this proposal will enable the EIB to rapidly contribute to the EU’s external investment plan”, said Toomas Tõniste, Minister for Finance of Estonia, which currently holds the Council presidency. “The plan sets out to tackle the root causes of migration, helping the beneficiary countries to achieve the sustainable development goals.”
