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Russia & Eastern Neighbourhood

The mandates governing EIB activity in the East have broadened in size and scope since 2001.

  • 2001: EUR 100m for Russia alone, focused on selected environmental projects in the Baltic Sea rim of Russia.
  • Up to July 2007: EUR 500m for Russia, Belarus*, Moldova and Ukraine for financing projects of key common interest for the EU/respective country in the areas of “environment”, as well as “transport, telecommunications and energy infrastructure on priority Trans-European Network (TEN) axes having cross-border implications for a Member State” of the EU (* subject to future decision of the Commission).
  • 2007-2013: EUR 3.7bn for Russia, Eastern Europe (Ukraine, Moldova and – subject to future Council Agreement – Belarus) as well as Southern Caucasus (Armenia, Azerbaijan and Georgia). This new mandate is for “projects of significant interest to the EU in transport, energy, telecommunications and environmental infrastructure. Priority should be given to projects on extended major Trans European Network axes, projects with cross-border implications for one or more Member States and major projects favouring regional integration through increased connectivity. In the environmental sector, the EIB should in Russia give particular priority to projects within the framework of the Northern Dimension Environmental Partnership. In the energy sector, strategic energy supply and energy transport projects are of particular importance."

Framework Agreements

To enable EIB activity in the individual countries under the mandate, framework agreements are concluded between the Bank and the countries concerned. To date such agreements have been signed with Russia, Ukraine, Moldova and Georgia.

A Memorandum of Understanding between the European Commission, the EIB and the EBRD was signed on 15 December 2006, reinforcing their close cooperation in Russia and the Eastern Neighbour countries.

Projects financed

  • EUR 25 million to Vodokanal of St Petersburg for the South West Wastewater Treatment Plant in St Petersburg - the first project in Russia to have received finance from EIB
  • EUR 20 million to Vodokanal of St Petersburg for the rehabilitation and modernisation of the City’s Northern Wastewater Treatment Plant
  • EUR 40 million to the Russian Federation for the St Petersburg Flood Protection Barrier
  • EUR 30 million to the Republic of Moldova for the rehabilitation of roads linking the capital Chisinau to the EU border - the first project in Moldova to have received finance from EIB