EIB to boost its partnership in the Mediterranean

EU Finance Ministers celebrated 10 years of EIB-FEMIP EIB-FEMIP, the Facility for Euro-Mediterranean Investment and Partnership, is the financial arm of the European Investment Bank (EIB) in the Mediterranean partner countries: Algeria, Egypt, Gaza/West Bank, Israel, Jordan, Lebanon, Morocco, Syria, Tunisia and soon Libya.

Together with their Mediterranean counterparts in today’s joint FEMIP-ECOFIN meeting in Cyprus. Ministers called upon EIB-FEMIP to reinforce its leadership role in financing sustainable long-term investment programmes and promote partnerships that further enhance the value-added of its operations. Over the last decade the Bank has become the largest project financier in the Mediterranean region. Earlier this year, at the annual EIB Governors meeting, EU Finance Ministers confirmed that EU’s neighbours should be the priority for the Bank in its operations outside Europe. This is fully in line with EU external action policy.

Ministers today agreed that EIB-FEMIP should focus on socially-inclusive growth, job creation (particularly for the youth), private sector development including SME and microfinance lending as well as economic and social infrastructure development. Minister Shiarly who co-chaired the Ministerial session with President Hoyer said: “The EIB-FEMIP as the largest project financier in the Mediterranean plays an instrumental role in promoting development and employment in this region. In order to meet the challenges ahead, the EIB-FEMIP is now called upon to review new opportunities for providing investment knowledge and technical advice to our Mediterranean partners.”

Minister Shiarly also expressed his appreciation for the special human resources programme that is run by EIB-FEMIP and has allowed more than 70 students from the Mediterranean region to be trained through an internship at the Bank since 2007. This work experience has proven to be extremely valuable and properly prepared many to take up relevant responsibilities back in their home country. President Hoyer said: “The EIB-FEMIP will continue focusing on strategic and concrete projects capable of bringing tangible change to the local economies and addressing the needs expressed by the people of the partner countries.

We are ready to optimise resources and develop further partnerships in the Mediterranean.” Vice President Philippe de Fontaine Vive in charge of FEMIP said: “The FEMIP partnership between the EIB and the Mediterranean partner countries is reinforced as a result of this meeting to accompany historic changes of the Euro-Med region.” Since 2002, the EIB-FEMIP has supported through project financing of over EUR 13 billion its Mediterranean partners’ economic and social development. EIB-FEMIP supported 2,300 SMEs, creating 30,000 jobs, mobilised roughly EUR 35bn of additional capital and granted more than EUR 102m for technical assistance operations to build knowledge and capacity.

This was achieved by catalysing budgetary funds and resources from international financing institutions, bilateral agencies and the private sector in order to advance the integration of the region.