Investing for Impact: EIB President Werner Hoyer signs declaration of support for new European Consensus on Development as report on EIB development impact is published
- Jun 7, 2017
At the European Development Days, the leading forum on development, in Brussels today, EIB President Werner Hoyer pledged support for the new European Consensus on Development, signing a declaration on behalf of the EIB Group in recognition of the EU Bank's Treaty-based role in supporting EU development policy. Dr Hoyer said: "The EU Bank is helping to deliver the development policy of the European Union and to multiply the impact of EU external action. We are actively contributing on a number of priorities identified in the new European Consensus on Development: notably the Sustainable Development Goals but also climate action, mobility, sustainable growth and jobs, trade and economic prosperity. Indeed through our new Economic Resilience Initiative requested by the European Council, we are helping the Union to tackle the migration challenge through strategic investment in Europe's Southern Neighbourhood and the Western Balkans."
He added, "In face of the current global challenges the need for effective support for sustainable development has never been greater. The new European Consensus on Development, which we have formally endorsed today, allows us to do even more together with greater impact.”
The EIB declaration followed the signature of the new European Consensus on Development at the Development Days by European Commission President Jean-Claude Juncker, High Representative Vice-President Federica Mogherini, President of the European Parliament, Antonio Tajani and Joseph Muscat, Prime Minister of Malta for the EU Presidency.
It comes as a new report was published today highlighting how concretely the EIB is delivering results in support of EU external action beyond its borders, with the spotlight on the UN Sustainable Development Goals, mobilising climate finance and addressing the root causes of migration.
According to the report The EIB outside the EU which focuses on EIB-supported operations in the last year will deliver:
- Safer water and better sanitation for 6.7 million people
- 1.2 million households connected to electricity networks
- Powering 250 000 households from renewable sources
- 1.2 million passengers with improved transportation
- 700 000 jobs sustained via small business financing
- New EIB-supported projects in 2016 will extend the coverage of 4G cellular data networks to a population of 7.4 million.
The report The EIB outside the EU highlights the results of completed projects as well as the expected results of new lending in the EU’s Eastern Neighbourhood, the Western Balkans and Turkey, the Mediterranean partner countries, African, Caribbean and Pacific countries, Asia and Latin America. In 2016 some EUR 8 billion of EIB-supported financing was for projects outside the EU, enabling total investments of EUR 19 billion.
Supporting safer water and clean energy
The report reveals that projects supported will bring improved access to safe water or better sanitation services for some 6.7 million people. Some 1.2 million households will get new or upgraded electricity connections, while the equivalent of 250 000 households will be supplied with electricity from renewable sources, mitigating climate change.
Mobilising finance for better transport
Investments in better and more sustainable transport systems within and between cities play a major role in EIB activities, with 1.2 million passengers set to benefit directly from improved public transport services, with many more benefiting from the greater sustainability of these transport modes. New transport investments outside the EU in 2016 are expected to save some 51 million hours from journey times in total, bringing benefits both in terms of economic efficiency and personal well-being in some of the world’s busiest cities like Cairo in Egypt and Lucknow in India.
Unlocking inclusive growth and business development
Mobile phones are playing an important role in development in much of Africa, facilitating business development and enabling access to a wide range of services in areas such as education, health, agricultural support and financial services. New EIB-supported projects in 2016 will extend the coverage of 4G cellular data networks to a population of 7.4 million.
Support for local private sector development helps to create the conditions for sustainable and inclusive economic growth. Credit lines to local banks, microfinance institutions or equity for social impact funds help ensure that cash-strapped businesses are able to get the long-term financing they need to sustain and create jobs. An estimated 700 000 jobs will be sustained in this way through credit lines alone.
Measuring impact for better results
This year's report is the fifth since the introduction of the Results Measurement (ReM) framework, which is used for keeping track and reporting on EIB projects outside the EU. The ReM framework has been in operation since 2012. It improves the assessment of expected project results and enhances the Bank's ability to report on actual results achieved. The intention is to better assess and be able to report on the Bank's contribution to EU policy goals by focusing on concrete results.