Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-06-Speech-4-029"
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"Mr President, within the EU in 2008 the EIB reacted swiftly and accurately to the financial crisis by increasing its capital and almost doubling investments and disbursements compared to previous years, and in particular towards SMEs. However, under the EIB’s external mandate, this sense of urgency for counter-cyclical action has not been shown by the EIB in developing countries. The EIB even decreased its investment significantly in ACP countries, in Asia and in Latin America. The annual report painfully shows that, for developing countries, the EIB’s response to the crisis has been far too slow. The main task of the EIB as a public institution in developing countries should not only be to invest in heavy infrastructure; another and equally important task is providing capital in times of scarcity, supporting markets where private banks are reluctant. Under the external mandate the EIB should invest more in financial services, offering better access to loans and savings for citizens and SMEs. That leads to sustainable growth here and in developing countries."@en1
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