HM King Mswati III of Swaziland and a high level Swaziland delegation visited the European Investment Bank (EIB) this morning, for meetings with the Bank's President, Sir Brian Unwin, and senior EIB officials.

Progress on projects in Swaziland recently financed by the EIB was reviewed and a long and constructive discussion was held on proposals for future EIB financing of important investment projects in Swaziland. HM the King expressed his gratitude for the contribution made by the EIB to the economic development of Swaziland and Sir Brian Unwin assured him of the Bank's intention to maintain that support in the future.

The EIB, established in 1958 by the Treaty of Rome, finances capital investment projects which further the European Union (EU) policy objectives. It also participates in the implementation of the EU's co-operation policy towards third countries that have co-operation or association agreements with the Union. Financing in Swaziland is done under the provisions of the Fourth Lomé Convention, which was concluded in 1989 for a period of 10 years.

EIB activities in Swaziland started in 1978. Total lending to date amounts to more than 55 million euro(1). EIB loans have been helping the development of industry (sugar, meat and textiles), power production and transmission, and small and medium-sized projects - in industry, agro-industry and tourism sectors - through credit lines to Swaziland Industrial Development Company. In addition, the Bank has a substantial pipeline of projects already approved or under consideration for the future, amounting to over a further 40 million euro.


(1) At 1.10.1999, 1 euro = 6.44 emalangeni (SZL), 1.07 USD.