EIB President encourages Deauville Partnership to increase investment in the Middle East and North Africa
- Release date: 08 October 2015
- Reference: 2015-221-EN
Werner Hoyer, President of the European Investment Bank and current Chairman of the grouping of International Financial Institutions engaged in the Deauville Partnership today highlighted the need to increase support for investment to finance economic and social transformation in the Middle East and North Africa.
President Hoyer highlighted the contribution of the Deauville Partnership toward enabling continuous dialogue essential for economic transition. But he said the grouping must now step up its support for infrastructure investment and job creation in the region.
Speaking on behalf of international financial institutions involved in the initiative following contributions by Christine Lagarde, IMF President and Wolfgang Schäuble, German Finance Minister, President Hoyer outlined a number of ways in which international financial institutions, including the EIB, could increase their contribution. This includes supporting job creation, mitigating the economic impact of violent conflict, unlocking additional resources to support economic growth, and increased coordination to ensure more effective engagement.
"Since the start of the Arab Spring the Deauville Partnership has helped the international community support economic recovery and job creation across the Middle East and North Africa. Together with other international financial institutions the European Investment Bank has helped finance new infrastructure and basic services essential for the quality of people’s lives. Countries in the region are facing huge additional pressures, including from the need to provide hospitality to refugees escaping fear and violence. The EU Bank stands ready to work with others through the Deauville partnership and other mechanisms to increase our engagement.” said Werner Hoyer, European Investment Bank President.
The Deauville Partnership gathers Finance Ministers representing the G7 states and countries in transition – Egypt, Tunisia, Morocco, Jordan, Libya and Yemen. The IFI platform within the Deauville Partnership includes the African Development Bank, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the European Investment Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the International Monetary Fund, the Islamic Development Bank, the OPEC Fund for International Development, and the World Bank.
Over the last 5 years the European Investment Bank has provided more than EUR 22 billion for investment in energy, water, hospitals, urban development and private sector projects in Turkey, the Middle East and North Africa.