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The European Neighborhood Policy in Trouble? Debora Revoltella Director Economics Department EIB

The European Neighborhood Policy in Trouble? Debora Revoltella Director Economics Department EIB Pre-Presidency Conference, Luxembourg, 5 June 2015. Agenda. Economic context – very different The European Investment Bank – a crucial arm of the EU Neighbouring policy

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The European Neighborhood Policy in Trouble? Debora Revoltella Director Economics Department EIB

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  1. The European Neighborhood Policy in Trouble? Debora Revoltella Director Economics Department EIB Pre-Presidency Conference, Luxembourg, 5 June 2015 European Investment Bank

  2. Agenda • Economic context – very different • The European Investment Bank – a crucial arm of the EU Neighbouring policy • Questions on the European Neighbourhood policy European Investment Bank

  3. Neighboring Countries – economically very different European Investment Bank

  4. Neighbouring Countries – economic needs and priorities South: Euro 200 bn investment per annum in 2014-2018 • Infrastructure: Transport, energy and environmental issues. Among the least connected in the world and fiscal constraints particularly in oil importing countries • Energy efficiency and renewable energy (more opportunities after changes in energy subsidies), for security and adaptation • Access to finance, SMEs and micro-finance East: EUR 350 bn investment per annum in 2014-2018 • Infrastructure: maintenance and re-focus to adapt to different needs, including connectivity with Europe • Energy, climate and adaptation • Private sector development and SMEs European Investment Bank

  5. The EIB and Neighbouring Countries European Investment Bank

  6. EIB activities: Neighbouring Countries Signatures to date European Investment Bank

  7. EIB in neighboring countries - South Structure of Bank operations to date European Investment Bank

  8. EIB in Neighboring Countries - East Structure of Bank operations to date European Investment Bank

  9. Neighbouring Countries The Mandates (2014 - 2020) Neighbourhood and Partnership Countries: EUR 14.4bn broken down into the following indicative sub-ceilings: (i) Mediterranean countries: EUR 9.6bn (ii) Eastern Europe, Southern Caucasus and Russia: EUR 4.8bn The Own Risk Facilities (i) EUR 3bn Neighbourhood Finance Facility (NFF). (ii) EUR 1.5bn Climate Action and Environment Facility (CAEF) (iii) EUR 0.5bn Strategic Projects Facility (SPF) European Investment Bank

  10. EIB key strategic orientations - South Key strategic orientations • Continue the role of large-scale financier, with 2 main areas of focus: social and economic infrastructure and private sector development. • Infrastructure projects will focus on energy, transport, water and sanitation, urban development and education. • Strong focus on technical assistance and advisory, to develop a pipeline of bankable projects. • Private sector development support will imply direct lending to corporate or support to financial intermediation, following different approaches. European Investment Bank

  11. EIB key strategic orientations - East Key strategic orientations • Reflecting the “more for more” principle that underpins the EU strategy in the EaP, renewed priority will be given to investments in infrastructure and support for SMEs in the countries that signed an Association Agreement with the EU. • A prominent feature of the Bank’s operational plan in the Eastern Neighbourhood is the Bank’s commitment to lend EUR 3bn to Ukraine during 2014-2016 in the context of the EU’s initiative to support Ukraine. • Regarding Russia, in compliance with the Council decisions and conclusions, the Bank suspended all origination and due diligence activities on operations in Russia. • Given the macroeconomic situation of the region, the bulk of Bank lending is expected to be extended on a sovereign basis. • The effective implementation of the Bank’s operational plan in the Eastern Neighbourhood (including the planned increase in Bank lending in Ukraine) would result in the full use of the resources available for the region under the 2014-20 ELM by mid-2017 already; this critical issue is to be addressed in the context of the upcoming Mid-Term Review of the ELM. European Investment Bank

  12. Rethinking the European Neighborhood Policy? • Goals: Stability, Security and Prosperity • European catalytic power • EU challenges • Russia, Turkey and the Middle East • Economic dimension crucial – common interest • A single framework for very different regions and countries • Regional dimension (Union for the Med and Eastern Partnership) • Within countries, very different needs • Sectorial dimension • Need for more Flexibility and Ownership European Investment Bank

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