Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-054-000"
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"en.20120329.4.4-054-000"2
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"Mr President, I find it particularly pertinent to assess the role of the European Investment Bank in the current economic context. I want to thank the rapporteur, Ms Ivanova, and the European Parliament, as well as President Werner Hoyer, for their very fruitful cooperation.
I am convinced that Parliament’s assessment of the EIB’s activities in the year ahead will be as supportive as its opinion on the 2010 annual report and I am very much looking forward to a continued, close and successful cooperation between the Bank and the Commission.
Looking at the current state of the European economy, our most recent forecast projected that the European Union would go through a phase of mild recession or zero growth this year. While financial markets show some signs of stabilisation, there cannot be any room for complacency. We must continue with determination to conclude and implement our five-point road map for stability and growth.
As the Bank of the European Union, the EIB plays a crucial role in Europe, and last year, the EIB supported projects of wide-ranging importance for the European economy with lending of EUR 54 billion.
To promote the Europe 2020 strategy of jobs and growth and climate action, the Commission and the EIB have been developing innovative financial instruments, such as loan grant lending and risk sharing mechanisms. We welcome the support of Parliament. I would especially like to thank Parliament for its constructive approach to our legal proposal on the project bond pilot initiative and the urgency with which the file has been pursued.
Since the Council was able to reach an agreement yesterday, I am confident that the legislative process can, and will be, concluded by the summer. The pilot phase should already be having a positive impact. When we tabled the proposal last October, we estimated the final multiplier effect to be at around 15 to 20 in terms of comparing the total effective amount of investment to the EU budget contribution. This is expected to mobilise investments of up to EUR 4.6 billion in the pilot phase 2012-2013.
But we must also see the bigger picture. A successful pilot launch can lead to programmes being more widely used, especially in the Connecting Europe facility under the next financial framework. This can create a long-term incentive for capital market investors to invest in this specific project, thus mobilising further resources for sustainable growth and employment in Europe.
Let me also underline the important commitment the EIB has made and is making to support the economic recovery of Greece. Last week, the EIB signed an agreement with the Minister of Development of the Hellenic Republic to create a EUR 500 million guarantee fund which will provide a first-loss guarantee for EIB support of EUR 1 billion of SME lending by Greek banks for small and medium-sized enterprises.
We are also responding to the January European Council’s call to strengthen EIB support in general in Europe for SMEs and infrastructure, not least in the other programme countries, and we are together considering possibilities for the EU budget to deliver the EIB groups’ financing capacity. I agree with President Hoyer that it is very important to look for creative and convincing ways of reinforcing the capital base of the EIB.
Finally, the EIB provided EUR 7 billion of loans outside the EU, and we expect the EIB to focus its external activity on operations in the pre-accession countries, as well as in our eastern neighbours. It will make consistent contributions, with an emphasis on supporting the democratic and economic transformation in the southern Mediterranean in line with the revised mandate adopted by Parliament and the Council."@en1
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