The European Investment Bank (EIB) will be present from today at the 2017 annual meeting of the Inter-American Development Bank (IDB) in Paraguay, with the aim to continue working to strengthen European Union cooperation and collaboration with Latin America. The EIB Vice-President with responsibility for Latin America, Román Escolano, has travelled to Asunción to attend the meeting and to meet with economy, finance and development ministers from various Latin American countries, as well as representatives from several Latin American and international financial institutions. The EIB Vice-President is meeting with IDB President Luis Alberto Moreno today.
“The EIB has been working in Latin America since 1993 and is committed to continuing to participate in projects catalysing the region's economic development. As the EU bank, the EIB supports EU foreign policy priorities by facilitating investment into economic and social infrastructure,” said EIB Vice-President Román Escolano today in Asunción. “Our aim is to provide favourable financing terms to public and private sector projects with a positive impact on people's lives in Latin American countries. Examples of operations we have already implemented in the region include projects improving public transport, electricity distribution grids and water treatment. One of the EIB's priorities in Latin America is expanding financing to invest in projects centred on tackling climate change and its effects.”
The EIB Vice-President's visit to Paraguay is the second time he has travelled to the region this month. On 22 March, the EIB signed a new cooperation agreement with NAFIN, one of Mexico's largest development banks, with the goal of strengthening collaboration between the two institutions. During his visit, the EIB Vice-President met with the Mexican Ministers of Finance, Energy and Transport.
The EIB in Latin America
The European Union is Latin America's main economic development partner and the EIB, as the EU bank, supports cooperation between both regions by financing projects that help meet EU foreign policy objectives: economic development, social and environmental infrastructure, private sector development and tackling climate change.
The EIB provides economic support for projects in Latin America by facilitating long-term investment with favourable conditions and by providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results.
Since the EIB began operations in Latin America in 1993, it has facilitated financing for 100 projects in 14 different countries in the region, with total investment of EUR 7bn. In 2016, the EU bank provided EUR 519m to implement various projects in Brazil, Ecuador and Panama.