Launch of the EIB’s Investment Facility according to the Cotonou Agreement
- Jun 2, 2003
The European Investment Bank will officially celebrate the launch of the Investment Facility, the new risk-sharing financial instrument for financing projects in the ACP partner countries and the 40th anniversary of the EIB in Africa.
Based on the Cotonou Agreement of July 2000, which has been officially enacted on 1 April 2003 following the ratification of the ACP and EU partners, the EIB will be managing a new revolving Investment Facility of EUR 2.2 billion for the next five year. The Investment Facility, which is risk-sharing, replaces the former risk-capital funds of the Member States of the EU, which were also managed by the EIB. Investment Facility Funds will be managed in parallel with a renewed commitment of the EIB to fund projects in ACP countries from its own resources up to EUR 1.7 billion for the next five years.
The Investment Facility will focus on the private sector, as the ultimate motor and catalyst behind poverty reduction and its ultimate eradication, the core objectives of the Cotonou Agreement. The Investment Facility will be revolving, that is its re-flows will be redeployed to ACP projects. Therefore it needs to be self-sustaining; re-flows and remuneration will have to enable this. The IF will take -limited- risk and will expect adequate remuneration.
As guests of honour for the launching event His Excellency the President of the Republic of Sénégal, Monsieur Abdulaye Wade, and His Excellency the President of Kenya, the honourable Mwai Kibaki, have been invited as well as Mr. Christodoulakis, EIB Governor for Greece, representing the Greek Presidency of the European Union, Commisioner Solbes, and Ambassadors of the 77 ACP States.
For security reasons, the ceremony is open by invitation only.