Jump to content

European Investment Bank: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
Tags: Mobile edit Mobile web edit
mNo edit summary
Line 49: Line 49:
The EIB was founded by the [[Treaty of Rome]], which came into force on 1 January 1958. It was the first of the world's regional development banks and is sometimes referred to as the largest [[multilateral development bank]] (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout the world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies.<ref name="Anonymous" />
The EIB was founded by the [[Treaty of Rome]], which came into force on 1 January 1958. It was the first of the world's regional development banks and is sometimes referred to as the largest [[multilateral development bank]] (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout the world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies.<ref name="Anonymous" />


The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegeterian and vegan values, tax avoidance, and staff harassment.
The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegetarian and vegan values, tax avoidance, and staff harassment.


== EIB role within the EU system ==
== EIB role within the EU system ==

Revision as of 21:14, 13 May 2023

Not to be confused with the European Central Bank (ECB), the European Bank for Reconstruction and Development (EBRD), or the Council of Europe Development Bank (CEB).

European Investment Bank
Founded1958; 66 years ago (1958)
TypeInternational financial institution
Location
OwnerEU member states
President
Werner Hoyer
Vice President
Ambroise Fayolle
Employees3,816 (2021)[1]
Websitewww.eib.org
This article is part of a series on
Politics of the European Union
Member states (27)
Candidate countries
Countries with suspended accession negotiations
Applicant countries
Treaties and Declarations
Opt-outs
Treaties of accession
1972, 1979, 1985, 1994, 2003, 2005, 2011
Treaties of succession
1984, 2020
Other treaties
Abandoned treaties and agreements
Executive institutions
European Council
European Commission
Legislative institutions
Council of the EU
Presidency
Hungary Hungary
(July–December 2024)
Configurations
European Parliament
(Members)
National parliaments
Judicial institutions
Court of Justice of the EU
Auditory institutions
European Court of Auditors
Other auditory bodies
European Central Bank
Other bodies
European Investment Bank Group
European Stability Mechanism
European University Institute
Unified Patent Court
Agencies, decentralised independent bodies and joint undertakings
Other independent bodies
Advisory bodies
Inter-institutional bodies
Euratom
Euratom members
Associated states
Euratom since 1 January 2021
Euratom since 1 January 2021
Economic and Monetary Union
Eurozone members


Eurogroup


Other currencies in use
Non Euro countries relationship to Euro
Eurozone since 2015
Eurozone since 2015
Schengen Area
Non-EU members
Non-Schengen area EU member states
Schengen Area from January 2023
Schengen Area from January 2023
European Economic Area
EEA members
Non-EU members
Topics
European Economic Area
European Economic Area
Elections
European elections
Elections in EU member states
Law
Policies and issues
Foreign relations
High Representative
Foreign relations of EU member states
Defunct bodies
flag European Union portal

The European Investment Bank (EIB) is the European Union's development bank and is owned by the EU Member States.[2][3] It is one of the largest supranational lenders in the world.[4] The EIB finances and invests both through equity and debt solutions projects that achieve the policy aims of the European Union through loans, guarantees and technical assistance.[3][5][6]

The EIB focuses on the areas of climate, environment, small and medium-sized enterprises (SMEs), development, cohesion and infrastructure. It has played a large role in providing finance during crises including the 2008 financial crash and the COVID-19 pandemic.[7][3] Since its inception in 1958 the EIB has invested over one trillion euros.[8] It primarily funds projects that "cannot be entirely financed by the various means available in the individual Member States".

The EIB is one of the biggest financiers of green finance in the world.[9][10][11][12] In 2007, the EIB became the first institution in the world to issue green bonds. In 2019 it committed to stop funding fossil fuel projects by the end of 2021. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition.[13][14] The EIB is not funded through the budget of the EU. Instead, it raises money through the international capital markets by issuing bonds.[15] The EIB is rated triple-A, the most credit-worthy rating on the bond market, by "the Big Three" credit rating agencies: Moody's, Standard and Poor's, and Fitch.[16][17][18] Each member state pays capital into the EIB's reserves which is broadly in line with their share of EU gross domestic product.[19][20][21]

The EIB was founded by the Treaty of Rome, which came into force on 1 January 1958. It was the first of the world's regional development banks and is sometimes referred to as the largest multilateral development bank (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout the world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies.[21]

The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegetarian and vegan values, tax avoidance, and staff harassment.

EIB role within the EU system

The European Investment Bank is the European Union's bank and is owned by the Member States of the European Union. Its role is to fund projects that achieve the aims of the European Union.[22]

Most of the EIB's activity (90%) takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the EU's development aid and cooperation policies. It is active in 140 countries which are grouped into: Enlargement countries, European Free Trade Association (EFTA), EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom.[22][23]

As an independent body the bank takes its own borrowing and lending decisions.[24][25] It cooperates with other EU institutions, especially the European Commission, the European Parliament, and the Council of the European Union.

Financial products and services

The EIB lends to both the private and the public sector through various financial products: Financing is the Bank's main activity, it also provides guidance on how to utilise additional sources of investment.[26]

Loans

The European Investment Bank provides long-term loans, typically up to 50% of a project's overall cost, for the public and the private sector, and for small and medium-sized businesses through intermediated lending partners.[27] The EIB's private sector financing of single large investment projects or investment programmes start from €25 million. It offers framework loans starting from €100 million to public sector entities for investment programmes that consist of a number of smaller projects. Loans for both private and public sector projects have to be aligned with one or more priorities of the EIB. Besides direct debt financing or project finance for the private sector, the EIB makes loans to intermediaries including Groupe BPCE (France), Deutsche Bank AG (Germany), or Intesa Sanpaolo (Italy) that provide small and medium-sized businesses with local and targeted funds up to €12.5 million and below the EIB's threshold for direct private financing of €25 million.[28][29]

Equity

The European Investment Bank invests and co-invests in companies and funds that focus on infrastructure, environment, or small- and medium-sized enterprises and mid-size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long-term financial goals.[30] In some cases, the EIB provides direct quasi-equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences, software and ICT, engineering and automation, renewables and clean technology.[31] These investments, which are a relatively recent addition to the bank's work, tend to be smaller than its previous limits on the size of its deals, because they are aimed at startups and growth companies. The European Investment Fund (EIF) supports the EIB by working with SMEs and related financial partners (Banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds etc.).[32]

The EIB's investments in equity and debt funds usually cover 10% to 20% of the fund size (with a maximum of 25%) and address climate action, infrastructure, or private sector development and social impact goals.[31]

Guarantees

The EIB provides credit enhancement of senior debt using subordinated financing, funded or unfunded guarantees and contingent credit lines.[33] Credit enhancement is the process of improving a company's creditworthiness by taking internal and external measures.[34] The EIB increases the protection of the senior debt, enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors.[35] By offering guarantees to small and medium-sized enterprises or mid-caps, the Bank covers a portion of possible losses from a portfolio of loans and sets the ground for additional financing. A guarantee is a legal contract with which a third party (guarantor) promises to assume a borrower's debt or other liabilities in the event of default.[36]

Advisory services and technical assistance

The European Investment Bank's advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside the European Union.[37] Besides advice on specific investment mechanisms or market development, the services can involve strategic and technical guidance on completing a project. Prior to a funding agreement with the EIB or other investors, future clients can make use of the bank's expertise in the fields of financial structuring, procurement and regulation, or impact assessment, e.g. regarding a project's implications on climate change. It does not offer advice related to the purchase or sale of securities or any advisory services regarding project evaluation and audit.[38][39]

Mandates and partnerships

Apart from financing projects using its own resources, the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants; which are disbursed funds or products that do not require repayment. Mandates can also involve financial investment and can be based on technical and financial advice.[40]

The EIB has partnerships with organisations across the world, including the European Commission and European External Action Service, the United Nations (e.g. Sustainable Energy for All) or the International Fund for Agricultural Development.[40]

Funding sources

2019 EIB donors conference

The European Investment Bank is a not for profit organisation. While it is a European Union body, none of the European Investment Bank's funds come from the European Union budget, the bank is financially autonomous. It has its own resources and money raised through the international capital markets.[41]

The EIB issues bonds to borrow money on capital markets which it then lends to its clients, which is a common way for governments and corporations to borrow money. Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate.[42] The EIB's bonds are purchased by retail investors and institutional investors around the world.

The EIB focuses on long-term investment and is triple-A rated by Moody's, Standard and Poor's, and Fitch.[38] This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives.[43][38]

In addition to benchmark bonds, public bonds, and private placements that vary in terms of size, currencies, maturities, and structures, the Bank offers Green Bonds and Sustainability Awareness Bonds.[44][45]

The European Investment Bank issued the first Green Bond in 2007, called a Climate Awareness Bond. The EIB is the global leader of Green Bonds issuance with over EUR 30.8bn raised in 2020 across 16 currencies.[46][38] With the money raised through Green Bonds, the EIB exclusively supports projects that contribute to climate action in the renewable energy sector (including wind, hydroelectric, solar and geothermal energy production) and the energy efficiency sector (e.g. projects for district heating, co-generation, and building insulation).[47]

Shareholders

The European Investment Bank's has capital from its shareholders, the Member States of the European Union. Each Member State is subscribed in capital based on its economic weight (expressed in Gross domestic product) within the European Union at the time of the country's accession to the European Union.[24]

Following Brexit and the withdrawal of the United Kingdom from the European Union, the European Investment Bank's board of governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital (EUR 243.3 billion).[48] As of March 2020, the subscribed capital of the EIB has increased by an additional EUR 5.5 billion, following the decision by two Member States to increase their capital subscriptions (Poland and Romania). The EIB's total subscribed capital now amounts to EUR 248.8 billion. The departure of the UK from the EU did not impact the EIB Group's AAA credit rating.[49]

Breakdown of the EIB's capital as of 1 March 2020[50]
country paid-in capital uncalled capital total subscribed capital
 Germany €4167287407 €42555081742 €46722369149
 France €4167287407 €42555081742 €46722369149
 Italy €4167287407 €42555081742 €46722369149
 Spain €2500372476 €25533049371 €28033421847
 Netherlands €1155143086 €11795972691 €12951115777
 Belgium €1155143086 €11795972691 €12951115777
 Poland €1013823198 €10352856629 €11366679827
 Sweden €766322950 €7825458763 €8591781713
 Denmark €584882101 €5972639556 €6557521657
 Austria €573418425 €5855575961 €6428994386
 Finland €329450757 €3364251741 €3693702498
 Greece €313330025 €3199631688 €3512961713
 Portugal €201923382 €2061980655 €2263904037
 Czech Republic €196841038 €2010081290 €2206922328
 Hungary €186220601 €1901628594 €2087849195
 Ireland €146220406 €1493158667 €1639379073
 Romania €146220406 €1493158667 €1639379073
 Croatia €94750368 €967562174 €1062312542
 Slovakia €67004670 €684231479 €751236149
 Slovenia €62207800 €635247290 €697455090
 Bulgaria €45491879 €464549338 €510041217
 Lithuania €39033623 €398599585 €437633208
 Luxembourg €29244304 €298634014 €327878318
 Cyprus €28676120 €292831891 €321508011
 Latvia €23821199 €243254895 €267076094
 Estonia €18395807 €187852433 €206248240
 Malta €10915533 €111466131 €122381664
27 total €22190715461 €226604891420 €248795606881

European Investment Bank Group

The EIB Group was formed in 2000. It is composed of the European Investment Bank (EIB) and the European Investment Fund (EIF) and the EIB Institute.[51]

European Investment Bank

90% the European Investment Bank's activity takes place inside the European Union with the aim of fostering European integration and development.[22] It makes investments outside Europe to support the European Union's development aid and cooperation policies. It is active in some 140 countries throughout the world in the following geographical areas: Enlargement countries, European Free Trade Association (EFTA), EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom.[22]

It is one of the largest supranational lenders in the world. Since its establishment in 1958, the European Investment Bank has invested over a trillion euros.[52]

European Investment Fund

Main article: European Investment Fund

The European Investment Fund (EIF) is the European Union's venture capital arm. It also provides guarantees for small and medium-sized enterprises (SMEs).[53][54] In 2018, 25 million SMEs in the EU made up 99.8% of all non-financial enterprises, employed around 97.7 million people (66.6% of total employment) and generated 56.4% of total added value (EUR 4,357bn).[55]

The EIF supports businesses through all their stages of development; pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance, early stage venture capital) to the growth and development segment (formal venture capital funds, mezzanine funds, portfolio guarantees/credit enhancement).[56]

The European Investment Bank is the EIF's majority shareholder, holding 62% of shares.[57] The other main shareholder is the European Commission, which holds 29% of shares. The EIF operates on the basis of specific mandates from the European Council and the European Parliament, from the European Commission or other public authorities, from the European Investment Bank or at its own risk.[58][59]

EIB Institute

In 2012, the EIB Institute was created to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It works on community and citizenship for the EIB Group.[60][61]

Objectives and activities

EIB anti-corruption conference

The EIB is a not for profit organisation and provides long term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds.[8]

The bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including the COVID-19 pandemic and the financial crisis of 2007–2008. Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states.[62]

The bank aims to support sustainable economic growth both within the Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates.[43][38][63] The bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice.[64] The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with a wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers.[65]

Within the European Commission's Investment Plan for Europe, the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing is granted after preliminary screenings of the viability and the carbon emissions associated with the projects.

COVID-19 response

The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus.[66]

On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF), a €25 billion fund which was endorsed by the European Council as part of the overall European Union COVID-19 response package. All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from the private sector.[67] European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances.[68]

In December 2019, the European Investment Bank signed a €50 million loan to help BioNTech work on cancer treatments. A new loan worth €100 million was approved in June 2020 to support the company's vaccine trials and manufacturing.[69] BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020.[67]

Climate

The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition.[13][14] As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with the goals and principles of the Paris Agreement by the end of 2020.[70][71] In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021-2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects.[72][73]

The EIB contributes to the European Green Deal which aims for Europe to become the first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5 °C by the end of the decade, fight environmental degradation, stop biodiversity loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change.[74][75][76]

Innovation and skills

Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019.[77] This support targeted/aimed at; the development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market.[77]

Development

The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with the aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries.[78] Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the Western Balkan countries recover from the COVID-19 pandemic[79][80] It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the World Health Organization to finance health care projects in 10 African countries.[81]

Infrastructure

Since its foundation in 1958, the European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects.[82] The EIB supports infrastructure projects involving; sustainable transport; energy efficiency, urban development, digital networks, social housing and key public buildings, cultural heritage and water and wastewater management.[82]

Small to medium size enterprises

The bank is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020). Through it the EIB Group provides direct financing to mid-caps. The group also offers venture debt financing under the European Growth Finance Facility, backed by the European Fund for Strategic Investments.[83]

The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance is limited. Through intermediaries, the EIB finances micro-enterprises (0-9 employees), small enterprises (10-49 employees), medium-sized enterprises (50-249 employees), mid-caps (250-3 000 employees).[84]

In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million.[83]

Cohesion

As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within the Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union.[85] The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and EFTA countries which amounted to €16.13 billion in 2019.[86]

History

The European Investment Bank was founded by the Treaty of Rome, brought about the creation of the European Economic Community (EEC), which came into force on 1 January 1958.[87][88] At the time the role of the bank was to provide financing in the form of loans for Europe's infrastructure projects.[89][90][91][92]

1960s

In 1962 the Bank was authorised to finance projects also outside the European Community (EC), which was created in 1957 by six Member States - Italy, France, West Germany, Luxembourg, Belgium and the Netherlands. These countries had signed the Treaty of Rome to increase the cooperation among the European countries after World War II. Also in 1962, the EIB issued its first loan carried out in cooperation with the International Bank for Reconstruction and Development.[93] The bank loaned funds to three Italian companies: Sincat and Celene in Sicily, which needed funds to build a petrochemical complex, and Mercure in Lucania, to exploit a seam of lignite to produce electricity.[94]

In 1968 the EIB moved from Brussels to Luxembourg City, opened an office in Rome and adopted the global loan facility for small and medium-enterprises (SME) financing.[95] The growing economies among the Member States of the European Community at the end of the 1950s and through the 1960s meant that the countries themselves were able to finance their infrastructure development, which lead to the EIB playing a supporting role.[96]

1970s

The 1973–1975 recession in Europe and the first enlargement of the European Community changed the EIB's role. The financial turmoil affecting the initial EC members made it more difficult for the individual nations to pursue their national policy objectives; the addition in 1973 of three new countries to the European Community - United Kingdom, Ireland and Denmark led to the EIB's first capital enlargement.[97] The larger financial base, coupled with the development of European-wide policies at the European Parliament, led the Bank to draft its own regional lending policy starting from 1974.[97]

Under its new policy and a more diversified economic and infrastructure development, the EIB expanded its lending to include industrial development loans in the depressed industrial regions of the growing EC membership.[98] The bank benefited from the creation of a new structural fund, the European Regional Development Fund (ERDF), founded in 1975. The ERDF was created to provide financial support for the development and structural adjustment of regional economies, economic change, enhanced competitiveness as well as territorial cooperation throughout the EU.

The EIB was the first European Community institution to directly handle the construction of its own headquarters. The purchase of the site on the Kirchberg plateau was agreed to by the Luxembourg Government and the contract between the Grand Duchy and the Bank concluded in November 1972.[99]

1980s

In the 1980 the EIB moved its headquarters to a new building, designed by the British architect Sir Denys Lasdun. The complex known as West Building was designed in the brutalist style on the Kirchberg plateau. Construction began in 1974, inaugurated in 1981 and extended in 1995.[99]

In the 1980s the EIB became responsible for assisting associate countries such as Greece, Spain, and Portugal in achieving requirements for EC admission. In 1981, Greece joined the EIB and five years later, in 1986, Spain and Portugal did the same. In 1987 the Bank began focusing more on loans to finance small and medium-sized enterprises, as well as 'innovative' companies, telecommunications and urban transport initiatives among EC members.[99]

After the fall of the Berlin Wall in 1989, the bank started to finance projects in former Soviet states, lending to Poland, Romania, Hungary, Bulgaria, the Czech Republic, and Slovakia. The EIB increased investment in the region toward the late 1990s as these countries prepared their applications to join the 15 members of what by then had become the European Union (EU).[99]

1990s

In 1991 the Bank contributed to the foundation of the European Bank for Reconstruction and Development (EBRD) and in 1993 it extended its activities to the Baltic countries (Estonia, Latvia and Lithuania) and to Latin American and Asian countries. In 1994 the European Investment Fund (EIF)—whose logo depicts a bridge symbolising the connection between public and private finance—was established. In 1995, Austria, Finland and Sweden joined the EIB.[100]

The European Investment Bank made its first borrowing operation in euros in 1997, over a year before the new European currency was launched, on 1 January 1999. In the same year the bank adopted a new logo which consisted of three elements: a central blue stripe, representing Europe, and two grey lateral shapes, representing the headquarters in Luxembourg.[100]

2000s

In 2000 the EIB Group was created and the European Investment Bank became the majority shareholder of the EIF, the specialist arm for providing risk capital. Also in 2000 the Cotonou Agreement - signed in Benin's largest city by the 15 Member States of the European Union and 78 African, Caribbean and Pacific Group of States (ACP Countries), replaced the Lomé Convention (1975). Under the ACP-EU Partnership Agreement, the EIB expanded its cooperation with non-EU countries outside Europe having agreements with the Union.[38]

Following the Lisbon European Council in 2000, the EIB changed objectives. The bank continued providing infrastructure and policy support to the European Union, as well as contributing to achieving the Lisbon summit's stated objective of making Europe a high-technology and knowledge-based economy.[38]

In 2004, the EIB received a mandate from the European Union for operations in Russia, Belarus, Moldova and Ukraine. In the same year the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia, Malta and Cyprus entered the European Union, followed by Bulgaria and Romania in 2007 and Croatia in 2013.[38]

From 2002, the Bank and the European Commission started coordinating their efforts in investments aimed at mitigation and adaptation to climate change. In 2007 the EIB issued the first Climate Awareness Bonds on the capital markets, the world's first Green Bonds. The funds raised were earmarked to match disbursements to EIB lending projects in the field of renewable energy and energy efficiency.[38]

2010s

The East Building, inaugurated in 2008 on the Kirchberg plateau was designed by Ingenhoven Architekten in association with Werner Sobek.[101] It was the first building in continental Europe to obtain a Bespoke Building Research Establishment Environmental Assessment Methodology (BREEAM) certification of “very good”.[101]

The European Fund for Strategic Investments was launched in 2014 led by the European Commission and the EIB. Part of the Investment Plan for Europe, it initially aimed to mobilise €315 billion and was then extended to €500 billion by 2020. In 2016 the Bank launched the Economic Resilience Initiative which supports regions outside Europe significantly affected by the refugee crisis through investments supporting growth, jobs, infrastructure and social cohesion. In 2019 the Bank agreed to stop funding fossil fuel projects by the end of 2021.[102][103]

2020s

In 2020 it announced the ‘Climate Bank Roadmap 2021-2025' which will include stopping funding for all high carbon projects. As part of the European Guarantee Fund (EGF) to tackle the economic consequences of the COVID-19 pandemic the Bank made available €200 billion of additional financing.[104][68] The bank is funding both efforts at containing the economic effects of the crisis as well as healthcare related projects which; address immediate health-related emergencies, research vaccines and mechanisms to limit the spread of the virus e.g. testing.[105][66]

Controversies

Projects

Some projects financed or under the appraisal procedure by the EIB have raised objections from local communities as well as international and national NGOs. These include the M10 motorway in Russia,[106] the Gazela Bridge in Serbia,[107] Rača Bridge between Serbia and Bosnia and Herzegovina,[66] the D1 motorway in the Slovakia, Šoštanj Power Plant in Slovenia, the Bujagali Hydroelectric Power Station in Uganda,[108] the Nenskra Hydropower Plant in Georgia,[109] the Trans Adriatic Pipeline transporting natural gas from Azerbaijan to Europe starting from Greece, through Albania to Italy,[110] the Volkswagen emissions scandal also known as Dieselgate,[111] the Mombasa-Mariakani road project in Kenya,[112] the Olkaria geothermal development in Kenya,[113] the Vinca incinerator in Belgrade, Serbia.[114][115][116]

Transparency

The Transparency Policy of the EIB has been criticised by NGOs. In 2004, the British human rights organisation Article 19 issued a memorandum in which it accused the EIB of failing to meet international (including EU) standards on openness. In 2010 the EIB updated its transparency policy following a public consultation. The latest update of the Transparency Policy in 2015 also followed a public consultation.[117][118]

Climate change

A 2011 report by the CEE Bankwatch Network accused the EIB of a lending policy that failed its responsibility to further the EU goal of cutting carbon emissions.

In 2019 the Bank announced it would cease funding most fossil fuel projects by the end of 2021, a decision approved by members representing 90% of its capital. It will only fund energy projects capable of producing one kilowatt hour of energy for less than 250 grams of carbon dioxide.[119][120][121][122]

The 2019 agreement received criticism for its limitations for continuing to fund carbon-intensive activities including high carbon agriculture, airport expansions and new conventional energy intensive plants including gas.[123][124] In November 2020 the EIB announced the "Climate Bank Roadmap 2021–2025" which will include stopping funding high carbon projects, including a just transition mechanism, increasing accountability and accelerating their timetable for green funding to make more than 50% of annual financing dedicated to green investment by 2025.[125][126][127][128]

Tax

In 2014, eleven NGOs demanded the release of an EIB report into allegations of tax fraud by the Swiss commodity trader Glencore in Zambia related to the Mopani Copper Mines. Following a recommendation of the European Ombudsman the EIB released a summary which stated their investigation had been "non-conclusive". The Ombudsman subsequently called this summary inadequate and accused the EIB of failing to meet its own transparency policy. In response, EIB stopped lending to Glencore in 2011 due to concerns about its corporate governance.[129]

The EIB reviewed its transparency standards applying to control functions by including a new provision of the EIB Group's Transparency Policy of 2015 allowing the bank to disclose a summary after an investigation has been closed.[130]

Reports in 2010 and 2015, from a coalition of NGOs, implicated the EIB in tax avoidance by lending to businesses that use tax havens. The EIB has been constantly improving its procedures and standards including on governance and tax matters. This includes the EIB's Environmental and Social Standards,[131] the Anti-fraud Policy,[132] and the EIB Group Policy towards weakly regulated, non-transparent and non-cooperative jurisdictions and tax good governance.[133]

Harassment

In 2021 EIB has been criticised related to its treatment of staff, following several cases of harassment, bullying and suicide in its premises.[134][135] The European Parliament, in its annual report on the EIB in July 2021, referred to its “serious concerns about allegations regarding harassment and the working environment" at the EIB.[136] In July 2022, the European Parliament again expressed "serious concerns about the lack of social dialogue at the EIB, in particular to address concerns about harassment allegations and the working environment".[137]

EIB structure

The EIB's departments prepare and implement the decisions of management bodies. The departments carry out evaluation, appraisal and then finance projects; assess and manage risks, run economic or financial background studies and raise financial resources on the capital markets.[138] Article 308 et seq. of the Treaty on the Functioning of the European Union (TFEU) establishes the EIB, and the Protocol (No 5) on the Statute of the European Investment Bank is annexed to the TFEU.

Governance

The European Investment Bank has three decision-making bodies: the Board of Governors, the Board of Directors and the Management Committee. The board of governors, who are the Finance Ministers of the European Union Member States, sets the direction of the European Investment Bank.[139] The board of directors oversees strategic direction. The Management Committee supervises daily operations.[139]

The European Investment Bank's President chairs the meetings of the management committee. The members of the management committee are responsible solely to the bank; they are appointed by the board of governors, on a proposal from the board of directors, for a renewable period of six years. The President is also Chair of the Board of Directors.[140][141]

Internal and independent controls aim to guarantee the integrity and soundness of European Investment Bank's operations. These include Investigations, Audit Committee, Compliance, Credit Risk, Financial Control, Internal Control, Internal Audit, External Auditors, and Operations Evaluation.[142] The bank also cooperates with independent control bodies: European Court of Auditors, the European Anti-Fraud Office (OLAF) and the European Ombudsman.[143]

In 2018, seven EU governments demanded improvements in the governance and structure of the institution as well as stricter cost controls. There were concerns that EIB had been slow to implement recommendations raised by its own audit committee, which aimed at improving the risk management and project selection.[142][144]

Presidents

Current president: Werner Hoyer

Werner Hoyer

Dr. Werner Hoyer has been President of the European Investment Bank since 2012.[145][146][147] He was named European Banker of the Year in 2019 for his contribution to economic stability and development in Europe.[148] Under Hoyer the European Investment Bank has funded EUR 150 billion in projects that contribute to reducing greenhouse gas emissions.[102][149][150][151]

Former Presidents

The EIB president is the head of the management committee, a nine-member executive body that is responsible for the day-to-day operations of the EIB. They are "appointed by the EIB's Board of Governors, on a proposal from the board of directors", for a renewable six-year term. The President is also the chair of the board of directors. The other eight members are vice-presidents.

Accountability

Internal control bodies

The EIB has four statutory bodies; the audit committee, the board of governors, the board of directors and the management committee.[153]

The audit committee functions as an independent control body and verifies the bank's operations and the validity of its accounts. Its six independent members are appointed for a non-renewable term of office of six consecutive financial years by the board of governors. It issues a report on the bank's financial statements at the time of approval of the financial statements by the board of directors. The audit committee directly reports to the board of governors.[154]

The audit committee appoints the external auditors of the EIB and evaluates their independence and investigates potential conflicts of interest. In recent years, KPMG has functioned as the EIB's external auditor.[155][156][157]

Other internal organisational provisions such as Financial Control or Internal Audit make recommendations regarding the effectiveness of the bank's governance, risk management or internal control and express their opinion on certain aspects of the EIB's financial policies and their implementation.[158][159]

The EIB Compliance Function is responsible for ensuring that all of the bank's activities are in line with its standards of integrity. Its tasks include combating money laundering and the financing of terrorism, and supporting a corporate culture that is based on ethical values and professional conduct.[160]

External control bodies

The EIB also cooperates with independent control bodies: the European Court of Auditors, the European Anti-Fraud Office (OLAF) and the European Ombudsman.[161][140] According to Article 287(3) of the Treaty on the Functioning of the EU (TFEU), the European Court of Auditors has access to information required for the audit of the European Union's expenditure and revenue managed by the EIB.[162] This means that the Court of Auditors is authorised to audit loan operations that are under the mandate conferred by the EU or that are guaranteed by the general EU budget and administered by the EIB.[163] The bank further collaborates with the European Anti-Fraud Office (OLAF) to combat fraud and corruption within European Institutions.[164][165] Based on a memorandum of understanding between the European Investment Bank and the European Ombudsman, EU citizens can escalate their concerns regarding an EIB project, policy or activity to the European Ombudsman if the outcome of the EIB's Complaints Mechanism is not satisfactory.[166]

Transparency

Complaints can range from environmental degradation or threats to community health and safety to involuntary resettlement.[167] The Complaints Mechanism team examines whether the EIB Group has failed to comply with internal policies, standards or procedures or with applicable legislation and offers mediation to solve conflicts between the complainant and an EIB project or activity. It monitors closed complaints to ensure that agreed measures are implemented. Improvements to the EIB policy framework that are identified during complaints processes are given to the senior management.[168]

The EIB's Project Procurements Complaints Committee (PCC) deals with projects procurement complaints, e.g. objections arising from tendering of EIB-financed contracts for goods, works and consultant services.[169] The Fraud Investigations Division investigates allegations, verifies the existence of a robust anti-fraud policy framework, proactively identifies actual or potential vulnerabilities and trains staff on fraud awareness.[170]

The bank publishes documents related to its role, governance, accountability, policies and operations. Project-related information usually include a summary of the investment project, the loans obtained through financial intermediaries, environmental and social information, and project briefs. Key figures and information on the EIB's lending activities are published in the EIB Activity Reports (yearly figures) and the Statistical Reports (summary tables). As part of the Bank's Transparency policy the EIB does not publish information that may harm legitimate interests of clients and project partners. It refuses to disclose, for example, personal data, commercial interests such as patents, and information related to on-going investigations. In 2014, the EIB set up a public register to increase transparency and to allow citizens to browse the bank's publications or to request documents.[171][172][173]

Communication and outreach

The EIB Complaints Mechanism organises events to inform the general public and members of Civil Society Organisations (CSOs) of the mandate of the mechanism, the admissibility criteria and the methodological approach.[174] In addition, the European Investment Bank holds formal public consultations to demonstrate transparency and accountability and to benefit from the participants’ expertise.[175]

Offices

EIB Headquarter Building in Luxembourg

The bank is active in 140 countries throughout the world in the following geographical areas: Enlargement countries, European Free Trade Association (EFTA), EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom.[22][141][153]

Publications and multimedia

The European Investment Bank publishes a wide range of reports, studies, essays, surveys and working papers aimed at professionals and the general public. All publications are available free of charge on the Publications page of the EIB website, in their digital formats: PDF, e-book or online with a limited number of print publications available free of charge.[176]

Annual reports

The EIB publishes annual reports including the Activity Report, the Financial report, the Statistical Report, the Investment Report and the Sustainability Report which cover the main activities of the bank.[177]

Surveys

European Investment Bank does research in several areas.[178] The EIB Group Survey on Investment and Investment Finance (EIBIS) collects information from around 12,500 firms each year across Europe to identify the needs of businesses across all 27 EU Member States. The Central Eastern and South-Eastern Europe (CESEE) Bank Lending Survey is a biannual survey covering around 15 international Banking groups and 85 local subsidiaries or independent local Banks. The Climate Survey, which started in 2018, explores what citizens in all EU Member States, the United Kingdom, China and the United States think about climate change and related issues. The 2020-2021 edition found that more than 75% of people in Europe and 94% in China feel the impact of climate change in their everyday lives. In the US, 72% of people say that climate change affects their daily lives.

Blog

The site of the bank also hosts blog articles, expert essays, press releases and podcasts. In 2019 the podcast series A Dictionary of finance won The Digital Communication Awards prize for Best Channel.[179] In 2020 the podcast series, Monster under the Bed, received the SABRE Award in the category Best in Audio. The Bank's Climate Solutions content series (expert blog posts, podcast series and e-book) won the European Excellence Award 2020 in the Sustainability and Environment category.[180]

See also

Further reading

  • Steinherr, Alfred (1994). 30 Years of European Monetary Integration from the Werner Plan to Emu. Addison-Wesley Longman Ltd. ISBN 978-0-582-24357-6.
  • The European Union: The History of the Political and Economic Union of Europe's Nations after World War II. Charles Rivers Editors. 2020. ISBN 979-8-6409-6562-9.
  • The Future of European Development Banking: What Role and Place for the European Investment Bank?
  • Laffan, Brigid (1997). The Finances of the European Union. Palgrave, London. ISBN 978-0-333-60985-9.
  • Designing Sustainable Technologies, Products and policies - From science to Innovation
  • The European Investment Bank. "Institutional and Substantive Law: The Legal Framework and the Operational Activity"

References

  1. ^ "EIB Financial Report 2021" (PDF). European Investment Bank. 5 June 2022. p. 75. Retrieved 6 February 2023.
  2. ^ Memorandum Of Understanding Between The European Commission, The European Investment Bank Together With The European Investment Fund, And The European Bank For Reconstruction And Development In Respect Of Cooperation Outside The European Union (PDF). European Investment Bank.
  3. ^ a b c "The European Investment Bank | Fact Sheets on the European Union | European Parliament". www.europarl.europa.eu. Retrieved 21 April 2021.
  4. ^ Putten, Maartje van (2008). Policing the banks : accountability mechanisms for the financial sector. Montréal [Québec]: McGill-Queen's University Press. ISBN 978-0-7735-7665-0. OCLC 760073184.
  5. ^ "Audit preview: European Regional Development Fund – supporting SMEs in getting more competitive". www.eca.europa.eu. Retrieved 21 April 2021.
  6. ^ Kenton, Will. "European Investment Bank (EIB)". Investopedia. Retrieved 21 April 2021.
  7. ^ "Our priorities". EIB.org. Retrieved 21 April 2021.
  8. ^ a b "The European Investment Bank | Fact Sheets on the European Union | European Parliament". www.europarl.europa.eu. Retrieved 28 April 2021.
  9. ^ "Climate change: The EIB finances one of the largest solar plants in Spain". Solarcentury. 11 December 2019. Retrieved 22 April 2021.
  10. ^ "EU Bank launches ambitious new climate strategy and Energy Lending Policy". EEAS - European External Action Service - European Commission. Retrieved 22 April 2021.
  11. ^ "3. Green finance in the Mediterranean — IEMed". www.iemed.org. Retrieved 22 April 2021.
  12. ^ "Martin Berg on sustainable finance: Where does it stand? -". Landscape News. 24 November 2019. Retrieved 22 April 2021.
  13. ^ a b ">€1 TRILLION FOR". European Investment Bank. European Investment Bank. 29 January 2020. Retrieved 22 April 2021.
  14. ^ a b "The Just Transition Mechanism: making sure no one is left behind". European Commission - European Commission. Retrieved 22 April 2021.
  15. ^ "Official Journal C 202/2016". eur-lex.europa.eu. Retrieved 22 April 2021.
  16. ^ European Investment Bank (2020). EIB Activity Report 2019. European Investment Bank. doi:10.2867/4882. ISBN 978-92-861-4606-0. Retrieved 22 April 2021. {{cite book}}: |website= ignored (help)
  17. ^ "European Investment Bank - Aaa stable, Annual credit analysis" (PDF). Moodys.
  18. ^ "European Investment Bank" (PDF). Fitch Ratings.
  19. ^ "European Investment Bank, Ratings Direct" (PDF). S&P Global Ratings.
  20. ^ "Shareholders". EIB.org. Retrieved 22 April 2021.
  21. ^ a b "European Investment Bank (EIB)". European Union. 16 June 2016. Retrieved 22 April 2021.
  22. ^ a b c d e "Our regions of activity". EIB.org. Retrieved 28 April 2021.
  23. ^ Ujvari, Balazs (2017). "Introduction". The European Investment Bank: 7–9.
  24. ^ a b "EUR-Lex - - EN". Official Journal C 326, 26/10/2012 P. 0001 - 0390. Retrieved 28 April 2021.
  25. ^ Éric Bussière, Michel Dumoulin and Émilie Willaert, in collaboration with Charles Barthel, Jürgen Elvert, Paolo Tedeschi and Arthe Van Laer (2008). "The EIB, 1958-2008, Imprimerie centrale, société anonyme" (PDF). p. 118.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: url-status (link)
  26. ^ "ELTI aisbl / European Long-Term Investors - European Investment Bank (EIB) - Permanent Observer". www.eltia.eu. Retrieved 28 April 2021.
  27. ^ "Financial Instruments". AECM. Retrieved 28 April 2021.
  28. ^ "Financial intermediaries". www.eib.org. Retrieved 28 April 2021.
  29. ^ "The European Investment Bank: supporting the circular transition with awareness building, advisory and financing » Circular City Funding Guide". Circular City Funding Guide. Retrieved 28 April 2021.
  30. ^ Banton, Caroline. "How Equity Financing Works". Investopedia. Retrieved 28 April 2021.
  31. ^ a b "Equity". EIB.org. Retrieved 28 April 2021.
  32. ^ "What we do". www.eif.org. Retrieved 28 April 2021.
  33. ^ "Guarantees". EIB.org. Retrieved 28 April 2021.
  34. ^ "Credit Enhancement (Definition, Examples) | Types of Credit Enhancement". WallStreetMojo. 23 November 2019. Retrieved 28 April 2021.
  35. ^ "Credit enhancement for project finance". EIB.org. Retrieved 28 April 2021.
  36. ^ "Guarantees in support of SMEs and mid-caps and other objectives". EIB.org. Retrieved 28 April 2021.
  37. ^ "Advisory Hub". eiah. Retrieved 28 April 2021.
  38. ^ a b c d e f g h i "Disclaimer". www.eib.org. Retrieved 28 April 2021.
  39. ^ "Services". eiah.eib.org. Retrieved 28 April 2021.
  40. ^ a b "Mandates and Partnerships". EIB.org. Retrieved 28 April 2021.
  41. ^ "Facts & Figures". European Investment Bank. European Investment Bank. 30 January 2020. Retrieved 28 April 2021.
  42. ^ Fern, Jason; o. "Bond". Investopedia. Retrieved 28 April 2021.
  43. ^ a b "StackPath". www.instituteforgovernment.org.uk. Retrieved 28 April 2021.
  44. ^ "Borrowing". EIB.org. Retrieved 28 April 2021.
  45. ^ European Investment Bank (2018). The EIB Group Operating Framework and Operational Plan 2018. Publications Office of the European Union. doi:10.2867/67744. ISBN 978-92-861-3541-5. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  46. ^ "EIB makes climate finance mainstream as taxonomy unlocks standards". www.globalcapital.com. 15 October 2020. Retrieved 28 April 2021.
  47. ^ European Investment Bank (2014). Environmental and Social Standards - Overview. Publications Office of the European Union. doi:10.2867/58327. ISBN 978-92-861-2046-6. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  48. ^ "EIB President regrets Brexit and welcomes EU 27 united support for EIB Group". European Investment Bank. Retrieved 28 April 2021.
  49. ^ "EU member states avert €100bn Brexit 'disaster' for European Investment Bank". The Independent. 31 January 2020. Retrieved 28 April 2021.
  50. ^ "Shareholders".
  51. ^ "Annual meeting of the Board of Governors". European Investment Bank. Retrieved 28 April 2021.
  52. ^ "60 years improve lives together". EIB.org. Retrieved 28 April 2021.
  53. ^ "European Investment Fund". www.eif.org. Retrieved 28 April 2021.{{cite web}}: CS1 maint: url-status (link)
  54. ^ "European Investment Fund (EIF)". EVPA. Retrieved 28 April 2021.
  55. ^ EIB Group Corporate Governance Report 2019. European Investment Bank. 12 October 2020. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  56. ^ "Homepage | European Investment Bank". EIB.org. Retrieved 28 April 2021.
  57. ^ "Frequently Asked Questions". EIB.org. Retrieved 28 April 2021.
  58. ^ "Shareholders". www.eif.org. Retrieved 28 April 2021.
  59. ^ "Register of Shareholders at 26.04.2021". www.eif.org. Retrieved 28 April 2021.
  60. ^ "Who We Are | EIB Institute". institute.eib.org. Retrieved 28 April 2021.
  61. ^ Union, Publications Office of the European (17 August 2017). The EIB Institute : a question of priority. ISBN 978-92-861-3259-9. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  62. ^ "EUR-Lex - 12016E309 - EN - EUR-Lex". eur-lex.europa.eu. Retrieved 28 April 2021.
  63. ^ "The EIB in numbers". EIB.org. Retrieved 28 April 2021.
  64. ^ Shaoul, Jean; Stafford, Anne; Stapleton, Pamela (1 July 2007). "Partnerships and the role of financial advisors: private control over public policy?". Policy & Politics. 35 (3): 479–495. doi:10.1332/030557307781571678.
  65. ^ "Audit preview: European Regional Development Fund – supporting SMEs in getting more competitive". www.eca.europa.eu. Retrieved 28 April 2021.
  66. ^ a b c "Coronavirus outbreak: EIB Group's response". EIB.org. Retrieved 28 April 2021.
  67. ^ a b "UK approves Pfizer/BioNTech Covid vaccine for rollout next week". the Guardian. 2 December 2020. Retrieved 28 April 2021.
  68. ^ a b "EIB Board approves €25 billion Pan-European Guarantee Fund in response to COVID-19 crisis". European Investment Bank. Retrieved 28 April 2021.
  69. ^ "Investment Plan for Europe: European Investment Bank to provide BioNTech with up to €100 million in debt financing for COVID-19 vaccine development and manufacturing". European Investment Bank. Retrieved 28 April 2021.
  70. ^ "EU member states approve EIB Group Climate Bank Roadmap 2021-2025". European Investment Bank. Retrieved 28 April 2021.
  71. ^ "EIB 2020: When ambition becomes transformation". www.globalcapital.com. 13 October 2020. Retrieved 28 April 2021.
  72. ^ "European Investment Bank to phase out fossil fuel financing". the Guardian. 15 November 2019. Retrieved 28 April 2021.
  73. ^ "European Investment Bank (EIB) | Financial Times". www.ft.com. Retrieved 28 April 2021.
  74. ^ "EU says it will remain top investor against climate change in defiance of Trump". The Independent. 26 January 2017. Retrieved 28 April 2021.
  75. ^ "EIB plans to cut all funding for fossil fuel projects by 2020". the Guardian. 26 July 2019. Retrieved 28 April 2021.
  76. ^ European Investment Bank (2020). EIB Group Sustainability Report 2019. European Investment Bank. doi:10.2867/35760. ISBN 978-92-861-4667-1. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  77. ^ a b Innovation Overview 2020. European Investment Bank. 11 May 2020. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  78. ^ Clifton, Judith; Díaz‐Fuentes, Daniel; Gómez, Ana Lara (2018). "The European Investment Bank: Development, Integration, Investment?". JCMS: Journal of Common Market Studies. 56 (4): 733–750. doi:10.1111/jcms.12614. ISSN 1468-5965. S2CID 158639004.
  79. ^ "The EIB and development". EIB.org. Retrieved 28 April 2021.
  80. ^ EIB support for development Overview 2020. European Investment Bank. 3 July 2020. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  81. ^ EPIC. "EDFI | European Development Finance Institutions". EDFI. Retrieved 28 April 2021.
  82. ^ a b "Infrastructure and the EIB". EIB.org. Retrieved 28 April 2021.
  83. ^ a b "SMEs and mid-caps". EIB.org. Retrieved 28 April 2021.
  84. ^ Anonymous (5 July 2016). "SME definition". Internal Market, Industry, Entrepreneurship and SMEs - European Commission. Retrieved 28 April 2021.
  85. ^ "Economic and social cohesion". EIB.org. Retrieved 28 April 2021.
  86. ^ Cohesion and Regional Development Overview 2020. European Investment Bank. 13 October 2020. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  87. ^ Annual Report 1959. European Investment Bank. 12 April 1960. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  88. ^ "EUR-Lex - 11957E/TXT - EN - EUR-Lex". eur-lex.europa.eu. Retrieved 28 April 2021.
  89. ^ "Chronology of the EIB: 1958-2020". EIB.org. Retrieved 28 April 2021.
  90. ^ "History of European Investment Bank – FundingUniverse". www.fundinguniverse.com. Retrieved 28 April 2021.
  91. ^ Gehler, J.; Cantz, M.; O'Brien, J. F.; Tolksdorf, M.; Spranger, J. (1975). "Mannosidosis: clinical and biochemical findings". Birth Defects Original Article Series. 11 (6): 269–272. ISSN 0547-6844. PMID 99.
  92. ^ Mooij, J. (1 January 2011). "E. Bussière e.a., Die Bank der Europäischen Union. Die EIB, 1958-2008". BMGN: Low Countries Historical Review. 126 (1). doi:10.18352/bmgn-lchr.7276. ISSN 2211-2898.
  93. ^ "Vol. 17, No. 3, April 1962 of The Business Lawyer on JSTOR". www.jstor.org. Retrieved 28 April 2021.
  94. ^ "International Bank for Reconstruction and Development general conditions for loans". World Bank. Retrieved 28 April 2021.
  95. ^ Annual Report 1968. European Investment Bank. 12 April 1969. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  96. ^ A History of Europe in 6 Projects. European Investment Bank. 20 July 2018. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  97. ^ a b "Experimental program for the development of peat gasification. Monthly status report, April 1--April 30, 1978". 1 January 1978. doi:10.2172/6729235. OSTI 6729235. {{cite journal}}: Cite journal requires |journal= (help)
  98. ^ Liberto, Daniel. "European Monetary System (EMS) Definition". Investopedia. Retrieved 28 April 2021.
  99. ^ a b c d "European Regional Development Fund turns 40". ec.europa.eu. Retrieved 28 April 2021.
  100. ^ a b "New logo on the threshold of the third millennium". European Investment Bank. Retrieved 28 April 2021.
  101. ^ a b "Building". www.eib.org. Retrieved 28 April 2021.
  102. ^ a b "EU Bank launches ambitious new climate strategy and Energy Lending Policy". European Investment Bank. Retrieved 28 April 2021.
  103. ^ "European Investment Bank ends lending to fossil fuel projects". Climate Home News. 15 November 2019. Retrieved 28 April 2021.
  104. ^ "New pan-European Guarantee Fund". European Microfinance Network. Retrieved 28 April 2021.
  105. ^ "BioNTech moves to head of pack for COVID-19 vaccine with EU finance". European Investment Bank. Retrieved 28 April 2021.
  106. ^ "Moscow - St Petersburg M11 Motorway - Verdict Traffic". www.roadtraffic-technology.com. Retrieved 28 April 2021.
  107. ^ "Eviction of Roma Sparks Controversy in Serbia". Balkan Insight. 17 March 2009. Retrieved 28 April 2021.
  108. ^ Pottinger, Lori (4 April 2010). "Going After Uganda's Big, Bad Dam Investors". HuffPost. Africa Campaigns, International Rivers. Retrieved 28 April 2021.
  109. ^ "Georgia's billion dollar dam violates international standards". Bankwatch. Retrieved 28 April 2021.
  110. ^ "#NoTAP: Two years of resistance". #DefundTAP. Retrieved 28 April 2021.
  111. ^ "Secrecy of VW fraud report 'unacceptable', says MEP". EUobserver. 23 April 2018. Retrieved 28 April 2021.
  112. ^ "In Kenya, a motorway funded by the European Investment Bank runs over roadside dwellers". Bankwatch. Retrieved 28 April 2021.
  113. ^ "Ol Karia". Seeing Conflict At The Margins. Retrieved 28 April 2021.
  114. ^ "Belgrade incinerator public private partnership (PPP), Belgrade, Serbia". Bankwatch. Retrieved 28 April 2021.
  115. ^ "EU Delegation to Serbia explains what's problematic about the incinerator project in Vinca". www.ekapija.com. Retrieved 28 April 2021.
  116. ^ "Will the EBRD give up financing the Vinca incinerator due to complaints about harmfulness?". Tek Deeps. 20 August 2020. Retrieved 28 April 2021.
  117. ^ Aleksandra Antonowicz-Cyglicka, Kadri Green, Anna Roggenbuck, Ana-Maria Seman, Xavier So (2016). "Going Abroad: A critique of the European Investment Bank's External Lending Mandate" (PDF). pp. 4, 5.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: url-status (link)
  118. ^ "Refining transparency and responsible investment?: The case of EIB and sustainable finance". European Law Blog. 18 July 2019. Retrieved 28 April 2021.
  119. ^ "EIB plans to cut all funding for fossil fuel projects by 2020". The Guardian. 26 July 2019. Retrieved 28 April 2021.
  120. ^ Ekblom, Jonas (15 October 2019). "European Investment Bank postpones decision on fossil fuel lending". Reuters. Retrieved 28 April 2021.
  121. ^ "European Investment Bank to cease funding fossil fuel projects by end-2021". euronews. 15 November 2019. Retrieved 28 April 2021.
  122. ^ "European Investment Bank (EIB)". Financial Times. Retrieved 28 April 2021.
  123. ^ Prager, Alicia (25 September 2019). "Sustainable financing may have its limits". www.euractiv.com. Retrieved 28 April 2021.
  124. ^ Hickel, Jason. "Why Growth Can't Be Green". Foreign Policy. Retrieved 28 April 2021.
  125. ^ "EU member states approve EIB Group Climate Bank Roadmap 2021–2025". European Investment Bank. Retrieved 28 April 2021.
  126. ^ "The EIB has further to go to become the "EU Climate Bank"". Climate Home News. 7 July 2020. Retrieved 28 April 2021.
  127. ^ "Gas slips through as EIB slashes fossil fuel funding". Greenpeace European Unit. Retrieved 28 April 2021.
  128. ^ "European Investment Bank (EIB)". Financial Times. Retrieved 28 April 2021.
  129. ^ "European Investment Bank halts loans to Glencore". the Guardian. 31 May 2011. Retrieved 28 April 2021.
  130. ^ EIB Group Transparency Policy. European Investment Bank. 10 March 2015. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  131. ^ Environmental and Social Standards. European Investment Bank. 29 October 2018. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  132. ^ EIB Anti-Fraud Policy. European Investment Bank. 8 November 2013. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  133. ^ EIB Group Policy towards weakly regulated, non-transparent and non-cooperative jurisdictions and tax good governance. European Investment Bank. 25 March 2019. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  134. ^ Bodoni, Stephanie (23 September 2021). "EU's Investment Bank Slammed for Response to Alleged Harassment". www.bloomberg.com. Archived from the original on 22 September 2022. Retrieved 22 September 2022.
  135. ^ "MEPs confront EIB on unpunished harassment allegations". delano.lu. 4 April 2021. Archived from the original on 3 August 2022. Retrieved 22 September 2022.
  136. ^ "European Parliament resolution of 7 July 2021 on the financial activities of the European Investment Bank — annual report 2020 (2020/2124(INI))".
  137. ^ "European Parliament resolution of 7 July 2022 on the control of the financial activities of the European Investment Bank".
  138. ^ EIB Group Corporate Governance Report 2019. European Investment Bank. 12 October 2020. Retrieved 28 April 2021.
  139. ^ a b Mertens, Daniel; Thiemann, Matthias (2 October 2017). "Building a hidden investment state? The European Investment Bank, national development banks and European economic governance". Journal of European Public Policy. 26 (1): 23–43. doi:10.1080/13501763.2017.1382556. ISSN 1350-1763. S2CID 158834652.
  140. ^ a b "Governance and structure". EIB.org. Retrieved 28 April 2021.
  141. ^ a b Anonymous (16 June 2016). "European Investment Bank (EIB)". European Union. Retrieved 28 April 2021.
  142. ^ a b EU, Transparency International (15 November 2016). "Transparency International EU". Transparency International EU. Retrieved 28 April 2021.
  143. ^ "Coordination with European financial institutions". European Commission - European Commission. Retrieved 28 April 2021.
  144. ^ "European Investment Bank (EIB) | Financial Times". www.ft.com. Retrieved 28 April 2021.
  145. ^ Banker, The. "Werner Hoyer, President, European Investment Bank - View from IMF 2017". www.thebanker.com. Retrieved 28 April 2021.
  146. ^ "Werner Hoyer". European Investment Bank. Retrieved 28 April 2021.
  147. ^ "Konferenzen - 23. EURO FINANCE WEEK 2020 - Die EURO FINANCE WEEK im Überblick - Montag, 16. November 2020: BANKING DAY - Award Ceremony European Banker of the Year 2019 - Begründung der Wahl - dfv Euro Finance Group". www.dfv-eurofinance.com. Retrieved 28 April 2021.
  148. ^ "President Werner Hoyer awarded European Banker of the Year". European Investment Bank. Retrieved 28 April 2021.
  149. ^ "EU Bank launches ambitious new climate strategy and Energy Lending Policy". EEAS - European External Action Service - European Commission. Retrieved 28 April 2021.
  150. ^ "EIB to stop financing fossil fuel projects from end-2021". Balkan Green Energy News. 15 November 2019. Retrieved 28 April 2021.
  151. ^ "Stakeholder engagement on the EIB Group's Climate Bank Roadmap 2021-2025: Turning ambition into reality". EIB.org. Retrieved 28 April 2021.
  152. ^ "Former Presidents". www.eib.org. Retrieved 28 April 2021.
  153. ^ a b European Investment Bank (2015). The Governance of the European Investment Bank. Publications Office of the European Union. doi:10.2867/533383. ISBN 978-92-861-2354-2. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  154. ^ "Audit Committee". EIB.org. Retrieved 28 April 2021.
  155. ^ "External Auditors". EIB.org. Retrieved 28 April 2021.
  156. ^ Audit Committee Annual Reports for the year 2019. European Investment Bank. 4 August 2020. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  157. ^ Audit Committee Annual Reports for the year 2018. European Investment Bank. 29 July 2019. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  158. ^ "Internal Audit". EIB.org. Retrieved 28 April 2021.
  159. ^ "Financial Control". EIB.org. Retrieved 28 April 2021.
  160. ^ "Compliance". EIB.org. Retrieved 28 April 2021.
  161. ^ EIB Group Corporate Governance Report 2019. European Investment Bank. 12 October 2020. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  162. ^ "C_2016202EN.01017001.xml". eur-lex.europa.eu. Retrieved 28 April 2021.
  163. ^ "European Court of Auditors". EIB.org. Retrieved 28 April 2021.
  164. ^ "European Anti-Fraud Office". EIB.org. Retrieved 28 April 2021.
  165. ^ "European Anti-Fraud Office". European Anti-Fraud Office - European Commission. Retrieved 28 April 2021.
  166. ^ "European Ombudsman". EIB.org. Retrieved 28 April 2021.
  167. ^ "What we do - Complaints Mechanism". EIB.org. Retrieved 28 April 2021.
  168. ^ EIB Group Complaints Mechanism Policy. European Investment Bank. 13 November 2018. Retrieved 28 April 2021. {{cite book}}: |website= ignored (help)
  169. ^ "Project Procurement complaints". EIB.org. Retrieved 28 April 2021.
  170. ^ "Investigating Prohibited Conduct". EIB.org. Retrieved 28 April 2021.
  171. ^ "Public register". EIB.org. Retrieved 28 April 2021.
  172. ^ "EIB transparency and access to information". EIB.org. Retrieved 28 April 2021.
  173. ^ Taylor, Kira (28 January 2021). "European investment bank loses landmark case on 'green' scrutiny". www.euractiv.com. Retrieved 28 April 2021.
  174. ^ "Communication and outreach - Complaints Mechanism". EIB.org. Retrieved 28 April 2021.
  175. ^ "Public consultations". EIB.org. Retrieved 28 April 2021.
  176. ^ "Publications". EIB.org. Retrieved 28 April 2021.
  177. ^ "Publications". EIB.org. Retrieved 28 April 2021.
  178. ^ "Our research". EIB.org. Retrieved 28 April 2021.
  179. ^ "Winnerlist 2019 | Digital Communication Awards 2021". 5 August 2019. Retrieved 28 April 2021.
  180. ^ "2020 IN2 SABRE Award Winners". www.provokemedia.com. Retrieved 28 April 2021.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=European_Investment_Bank&oldid=1154658603"