The European Investment Bank and European Commission announced today the launch of the mid-term review of the European Union’s external lending policy that was foreseen when the EIB’s current mandate was adopted in December 2006. At a first meeting in Luxembourg, the steering committee set up to supervise and manage the evaluation, as called for in the Council Decision (1) granting a loan loss guarantee to the Bank for projects financed outside the European Union, elected Michel Camdessus as its Chair Person and Luis Martí Espluga as Vice-Chair Person.

The steering committee is composed of experts with in-depth experience of international financial institutions and also includes a representative of Europe’s civil society organisations. Together with representatives of the EIB and European Commission, the “wise persons” will review EIB operations outside the EU over the last decade and make recommendations for the future.

The European Commission must present the conclusions of the review to the European Parliament and to the Council by June 30, 2010, as the basis for any proposal for the amendment of the current external lending mandate covering the period 2007-13.

The wise persons are:

Wise person  
Michel Camdessus Former Managing Director of the International Monetary Fund
Kemal Dervis Administrator of the UN Development Programme and former World Bank Vice President
 Norbert Kloppenburg Member of the Board of Managing Directors of KfW Bankengruppe
Manana Kochladze Regional coordinator for Caucasus, CEE Bankwatch network
Richard Manning Former Chair of the OECD’s  Development Assistance Committee
Luis Martí Espluga Former Executive Director at the World Bank Group
Sauli Niinisto Speaker of the Parliament of Finland
Ewa Osniecka-Tamecka Vice-Rector of the College of Europe, campus in Poland
Mario Sarcinelli Lecturer of Monetary Economics

Jean-Louis Biancarelli is the EIB representative in the committee, whereas David McGlue represents the Commission.

The steering committee held its first meeting at the EIB’s headquarters in Luxembourg on Oct. 1.

The 2006 Council Decision on the EIB external mandate, foresees a ceiling of EUR25.8 bn euros of financing being made available over the period 2007-2013, broken down by region as follows:

  • Pre-accession countries: EUR 8.7 bn
  • Mediterranean: EUR 8.7 bn
  • Eastern Europe, Southern Caucasus, Russia: EUR 3.7 bn
  • Latin America: EUR 2.8 bn
  • Asia: EUR 1 bn
  • Republic of South Africa: EUR 900 mn  

The mandate currently covers 59 countries and/or territories in the above regions. EIB activity in African, Caribbean and Pacific countries is covered by the separate Cotonou agreement.

(1) Council Decision of 19.12.2006 (OJ L414 30.12.2006)