As one of the largest multilateral lenders in the world, President Hoyer reiterated that the EIB is well placed to support the region in its long-term planning with a focus on local integration.
“It is not our role as the EU bank to curb or stop migration but to strengthen economic resilience. We do this by investing in sustainable and inclusive growth in countries of origin, host and transit communities, to make countries more capable of withstanding shocks. We are not equipped to deal with immediate humanitarian needs, but we can make a difference by supporting sustainable employment opportunities, enhancing financial inclusion and investing in infrastructure and climate action,” said EIB President Hoyer.
As an example, he presented the positive impacts of the EIB’s Economic Resilience Initiative (ERI), the EU bank’s tool to support resilience of both host and hosted communities in the Southern Neighbourhood and Western Balkans regions. Mr. Hoyer also highlighted the Multilateral Development Banks (MDBs)’ platform on Economic Migration and Forced Displacement led by the EIB since 2018, which provides best practices related to migration management.
Moreover, President Hoyer confirmed the EIB readiness to support the region in his closing remarks: “We are in close contact with our colleagues from the IMF, World Bank, and Inter-American Development Bank, who are conducting a needs assessment on Venezuela. Should the situation improve, we will be ready to act, as it is an eligible country of operation for our Bank.”