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Commission tables proposal for EIB's external mandate until 2013

21.04.2010 - The Commission has suggested an enhancement of the current mandate for EIB activities, allowing it to pursue its external work until 2013

On 21 April 2010, the European Commission adopted its proposal for the external mandate of the European Investment Bank (EIB) for the remainder of the financial perspective. The proposal is based on a mid-term review, which includes a report by the "Steering Committee of Wise Persons" (SCWP), chaired by the former Managing Director of the IMF Michel Camdessus, and an external evaluation by COWI.

The proposal would activate a €2 billion optional mandate for the fight against climate change. In addition, the Commission proposes replacing the current system of regional objectives for operations under the EU guarantee with horizontal objectives and placing more emphasis on the development aspects of EIB financing.

It would also activate the EIB external mandate for Iceland, Belarus, Libya, Iraq and Cambodia.

The EIB is the financing arm of the European Union. In 2009, its lending volume reached €79 billion, of which around €9 billion concerned projects outside the EU (€6 billion under the external mandate).

The proposed decision will ensure the continuation of the EU guarantee for EIB external financing for the remainder of the current financial perspectives - 2007-2013. The proposal will now be discussed by the European Council and Parliament.

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