corporate_banner_en

IFIs on track to deliver on investments for growth in Central and South Eastern Europe

About
Some dates and figures
Structure
Shareholders
Governance
Board of Governors
Board of Directors
Board Committee on Staff Remuneration
Board Committee on Risk Policy
Board Committee on Equity Participation Policy
Board Committee on Ethics and Compliance
Management Committee
Audit Committee
Control and Evaluation
Organisation Structure
Corporate Responsibility
Responsible Finance
Responsible Borrower
Our footprint
An employer of choice
Community engagement
Reporting on Corporate Responsibility
G.R.I.
PART I: Profile
1. Strategy and Analysis
2. Organizational Profile
3. Report Parameters
4. Governance, Commitments, and Engagement
PART II : Management Approach
DMA-PS - Disclosure on Management Approach Product Portfolio
DMA EC - Disclosure on Management Approach EC
DMA EN - Disclosure on Management Approach EN
DMA LA - Disclosure on Management Approach LA
DMA HR - Disclosure on Management Approach HR
DMA SO - Disclosure on Management Approach SO
DMA PR - Disclosure on Management Approach PR
PART III: Performance Indicators
Product and Service Impact
Economic
Environmental
Social : Labor Practices and Decent Work
Social : Human Rights
Social: Society
Social: Product Responsibility
Compliance
Accountability
Complaints mechanism
Cases
Admissibility
Procedure
Initial Assessment
Investigation
Mediation
Consultation
Our response
Admissibility timing
Procedure summary
How to complain
FAQ
Fraud and Corruption
How to report fraud or corruption
Part of the EU family
Partners
Civil Society
Events
Consultations
Key policies and standards
Contacts
Banking Community
Multilateral Development Banks
Universities
Jobs
Working for the EIB
Professional and Managerial
Administrative and support
General Internships
FEMIP Internships Programme
EPTATF Internships Programme
The GRAD programme
Summer jobs for students
Selection Process
FAQ - Jobs
Eligibility
Hiring process
Candidate help
Current vacancies
Procurement

IFIs on track to deliver on investments for growth in Central and South Eastern Europe

  •  Release date: 12 October 2013
  •  Reference: 2013-161-EN

EIB, World Bank, and EBRD provide over €16 billion in financing since November 2012

The European Investment Bank (EIB), the World Bank and the European Bank for Reconstruction and Development (EBRD) announced during the World Bank / International Monetary Fund Annual Meetings that they are well on their way to meeting targets for investment to stimulate economic growth in Central and South Eastern Europe.  This is making a difference for entrepreneurs, exporters, and small- and medium-enterprises, and serves as a signal to financial markets that international financial institutions (IFIs) are leaning forward to help these countries face the challenges set off by the crisis.

The three IFIs launched their Joint IFI Action Plan for Growth Central and South Eastern Europe in November 2012, pledging to invest a total of €30 billion in the region over the two years 2013/14.

According to their new First Report on the Joint IFI Action Plan for Growth in Central and South Eastern Europe, by the end of July 2013, the three IFIs had already made €16 billion available in new lending. Results of the joint efforts have been encouraging, a reflection of the determination to share priorities and to cooperate closely on projects and initiatives.

The funding package was delivered in the context of the “Vienna Initiative”, the platform for coordination, which was launched at the height of the global economic crisis in 2008/09, and which successfully retained the engagement of international banks in emerging Europe.

So far under the 2013/14 Action Plan, the EIB has provided €10.5 billion out of a total commitment of €20 billion, the World Bank has provided €3.1 billion from its total of €6 billion and the EBRD has delivered €2.5 billion, against a commitment of €4 billion.

Werner Hoyer, the President of the EIB, commented: “The EIB is strongly committed to support sustainable growth in Central and South Eastern European Countries, by providing them with continued access to finance in the current challenging economic environment and by constantly developing its range of more targeted products. Our goal is to keep momentum to sustain the convergence process, also counteracting the effects of the crisis and the negative spillovers arising from the disintegration of the Euro area financial sector.”

Laura Tuck, Vice President for the World Bank’s Europe and Central Asia Region, emphasized: “For the World Bank Group, by teaming up, we aim to support economic recovery and growth in Central and South Eastern Europe.  Economic growth is crucial in the World Bank Group’s two goals: ending extreme poverty and promoting shared prosperity. I am delighted with the cooperation between our three institutions, which has strengthened our combined ability to advise clients in the region.  In fact, it is fair to say that the result of our joint action is greater than the sum of what our separate efforts would have achieved.”

EBRD President Sir Suma Chakrabarti said: "The EBRD is fully committed to continuing this important joint initiative – providing credit, especially to small- and medium-sized enterprises, to support the recovery and helping to forge policies that will pave the way for more sustainable growth and jobs in the future.  Reforms are crucial to keep the region attractive to investors in the global marketplace.”

Looking forward, the IFIs will aim to keep up the momentum into 2014 and maintain their strong focus on supporting the still-fragile recovery and helping to pave the way for more sustainable future growth in the region.

In particular, the three IFIs will make sure that small- and medium-sized enterprises will have access to credit. They will also provide financing for infrastructure, energy investments, and structural reforms to make Central and South Eastern Europe more competitive.

For more details, please see the First Report on the Joint IFI Action Plan for Growth in Central and South Eastern Europe.




 Print
 Pdf
Copyright © European Investment Bank 2014
The European Investment Bank is not responsible for the content of external internet sites.

http://www.eib.org/about/press/2013/2013-161-ifis-on-track-to-deliver-on-investments-for-growth-in-central-and-south-eastern-europe.htm