European Parliament praises EIB’s support for Ukraine and contribution to COVID-19 relief

• After a debate with EIB President Werner Hoyer on 6 July 2022, the European Parliament adopted two resolutions on the EIB Group’s annual activities.
• MEPs praised the Bank’s immediate support for Ukraine and its role in supporting SMEs throughout the COVID-19 pandemic.   

President Hoyer welcomed the reports from the European Parliament and thanked the rapporteurs, Corina Creţu and David Cormand, for their excellent work and cooperation. In discussing the EIB’s quick and decisive reaction in support of Ukraine, President Hoyer highlighted how “none of us imagined that Russia was planning a brutal war and we could not have imagined that hunger would be used as a weapon.” President Hoyer reiterated that “Europeans had to react swiftly to support our Ukrainian partners and friends, and to show that we stand shoulder to shoulder with them”, before adding that the EIB Group had been a very efficient instrument throughout the pandemic, increasing its financing volumes to some 93 billion euros - an absolute record for EIB Group financing.

President Hoyer thanked the Parliament for a very positive report, saying it was testament to the EIB Group doing its part in helping the EU achieve its strategic autonomy and economic resilience goals. He added, “We can turn challenges into opportunities if we make the right choices. At the EU Bank, we are currently developing an ambitious response to help reduce dependence on Russian fossil fuels and fast-forward the green transition. At this point in time, I am convinced we can and must do both!”

EIB Global, support during the pandemic and innovation

The Report on the EIB Financial Activities highlights the EIB’s fundamental role as the EU bank in financing projects inside and outside the European Union, and the EIB’s crucial support for economic recovery from the COVID-19 pandemic. Members of the European Parliament hailed the creation of the European Guarantee Fund and the support it mobilised for hard-hit SMEs in Europe. EIB Global, the EIB’s development arm established in January 2022, also gathered praise from MEPs and European Commission Vice-President Jourová as a key partner in promoting EU policy outside Europe. The Bank was also commended for its efforts in financing innovation and for being a forerunner in prioritising climate action.

Recommendations from MEPs on gender balance and control of financial activities

The reports touched upon areas for improvement for the Bank in terms of the gender balance of its management, as well as transparency and the relation between the Bank and the European Court of Auditors. During the debate MEPs said they would like to see more EIB Group support for cohesion areas, with particular attention for youth unemployment; energy efficiency and independence; and energy poverty reduction. Several MEPs also asked the EIB to not re-introduce fossil fuel projects.

The debate on the reports are available on the EP’s website

The links to the resolutions as they were adopted by the plenary are below:

Financial activities of the European Investment Bank – annual report 2021. Link to adopted text: TA MEF (europa.eu)

484 in favour, 52 against, 41 abstentions

Control of the financial activities of the European Investment Bank - annual report 2020. Link to adopted text: TA MEF (europa.eu)

492 in favour, 42 against, 36 abstentions

The recording of the debate is available here: Sitting of 06-07-2022 | Plenary | European Parliament (europa.eu)