The Commission, in close cooperation with the EIB, has undertaken an assessment of the performance of the reinforced Facility for Euro-Mediterranean Investment and Partnership (FEMIP) and its possible evolution.
FEMIP was created in October 2002 within the European Investment Bank (EIB), following the Barcelona European Council, to stimulate economic growth and private sector development in the Mediterranean region (Morocco, Algeria, Tunisia, Egypt, Gaza-West Bank, Israel, Lebanon, Syria and Jordan). Since the start of FEMIP until the end of 2005, it granted €7.2bn in loans.
In its assessment the Commission evaluates positively the results achieved by the reinforced FEMIP, but considers that FEMIP's effectiveness could be enhanced further, in particular with respect to the objective of supporting the private sector (especially SMEs). On the basis of this assessment, the Council decided on 28 November 2006 to develop this instrument further, by: