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The information magazine of the European Investment Bank Groupt3 – 2007t*44/ 8 10 20

Three new The EIB expands Vice-Presidents New EIB office its operations at the EIB in Helsinki to the East

2007 EIB Forum Energy Efficiency and Renewables Topping the EIB Agenda

The 2007 EIB Forum held Andrej Bajuk, Slovenian Minister for Finance, and Philippe Maystadt, in , , on EIB President. 27 and 28 September set the scene for open debate on one of ’s most pressing topics: Investing in Energy – Mastering Climate Change. Leading government officials, academics and industry representatives provided food for thought on how best to translate European objectives into concrete solutions. Ë here can be little debate on the need for clear and immediate action to combat climate change, reduce harmful emissions and manage energy demand on a global scale. Reflection on the current situation and on the measures that need to be taken came at a very appropri CORPORATE ISSUES ate time for Slovenia. &*#'PSVNo&OFSHZ&GGJDJFODZBOE 1 Renewables Topping the EIB Agenda "TQBSUJDJQBOUTJOUIF'PSVNBSSJWFEJO-KVCMKBOB UIFCFBVUZPGUIFDPVOUSZT &*#8FCTJUF/FX-PPLBOE'FFM 6 green environment could only have made a lasting impression. Yet national &OIBODJOH5SBOTQBSFODZBOE6TFS'SJFOEMJOFTT pride in the inspiring countryside was overshadowed by widespread de EIB applies the Aarhus Regulation 10 struction caused by floods that claimed the lives of six people. &*'TJODSFBTFJODBQJUBMoTPXJOHUIFTFFET 17 for a successful future Time to act EIB seminar on financing clean energy 26 Slovenian Minister for Finance, Andrej Bajuk, voiced strong political sup 8*5)*/&6 port for the need to take proactive measures to avoid further disasters. In +"41&34GVMMZPOUSBDLUXPZFBSTBGUFSMBVODI 11 IJTPQFOJOHBEESFTTUPEFMFHBUFT IFTUBUFE JESSICA ready to tackle the urban challenge 13 “We all know how painful the consequences of natural disasters are: just one 4VDDFTTGVMUBLFPGG 15 week ago we experienced torrential rains in various regions of Slovenia with for the Risk Sharing Finance Facility devastating consequences. We need to act. Now that Europe has a concrete OUTSIDE EU agenda we have to meet its targets at minimum cost. The benefits of moving FEMIP develops the venture capital sector 19 forward swiftly will far outweigh the economic costs of failure to act.” JO-FCBOPO The EIB expands its operations to the East 20 As Slovenia prepares to take on the Presidency of the European Union for &6"GSJDB*OGSBTUSVDUVSF5SVTU'VOE UIFTJYNPOUIQFSJPEGSPN+BOVBSZUP+VOF .JOJTUFS#BKVLTBJEFOWJ 22 encouraging first results ronmental sustainability would be placed at the core of his country’s ap proach to the energy market. EASSy project 24 */5&3/"-*446&4 Europe – a world leader (BKǗDLB 4DBOOBQJFDPBOE4SFKCFS/FXNFNCFST 8 of EIB’s Management Committee Welcoming the participants and setting the agenda for discussion, EIB Presi EIB opens office in Helsinki 10 dent Philippe Maystadt underlined the importance of Europe’s role in the USBOTJUJPOUPBMPXDBSCPOHMPCBMFDPOPNZ EIB Senior Management Cadre Appointments 25

5IF&*#XBOUTUPPCUBJOUIF(SFFO-BCFM 27 As many of the speakers at the Forum concurred, innovative technologies /FX&*#QVCMJDBUJPOT 28 and the effective use of capital can offer Europe a unique competitive ad vantage in the drive to promote energy efficiency and increase the use of renewable energies.

“Until […] international agreements are reached, the European Union must continue to play a pioneering role. And it can do so. Europe has the scientific and technical knowledge to develop practical solutions. It also has the finan- cial resources to be able to bear the costs of implementing new technologies and regulatory systems. What’s more, playing such a pioneering role is likely, ultimately, to have an economic pay-off.”

EIB Information is published periodically by the Communication Department of the European Investment Bank. As Slovenia prepares to take on &EJUPSJODIBSHF%BOJFMB4BDDIJ$SFNNFS the Presidency of the European -BZPVU&*#HSBQIJDTXPSLTIPQ 4BCJOF5JTTPU 6OJPOGPSUIFTJYNPOUIQFSJPE GSPN+BOVBSZUP+VOF  1IPUPT&*#QIPUPHSBQIJDMJCSBSZ Minister Bajuk said environmental Material which appears in EIB Information may be freely sustainability would be placed at reproduced; an acknowledgement and clipping of any the core of his country’s approach article published would be appreciated. to the energy market. CORPORATE ISSUES

Financing projects supporting Session I: Energy futures Europe’s objectives

President Maystadt underlined the impor tant role that the EIB must play in support of the EU energy agenda. The European $PVODJMPG.BSDITFUJUTFMGDIBMMFOHJOH Simon Brooks, Dr Karl Kellner, Stefan Singer, Richard Hosier, Henri-Luc Thibault, targets when it laid down the Action Plan EIB Vice-President European Commission WWF Global Environment Facility Plan Bleu GPS&OFSHZ1PMJDZ Session II: Energy supply t BSFEVDUJPOJOHSFFOIPVTFHBTFNJT TJPOTCZDPNQBSFEUP t BUBSHFUPGBTIBSFPGSFOFXBCMFFO ergies in overall energy consumption by

 Torsten Gersfelt, Marko Kryžanowski, Johannes Heithoff, Helmut Engelbrecht, Christine Lins, EIB Vice-President Petrol, Slovenia RWE Power Research and URENCO, UK European Renewable Development, Germany Energy Council t BNJOJNVNUBSHFUPGGPSUIFTIBSFPG biofuels in petrol and diesel consumption Session III: Energy demand for transport; t increased energy efficiency in the EU to BDIJFWFBTBWJOHPGFOFSHZDPOTVNQ UJPODPNQBSFEUPQSPKFDUJPOTGPS

Christian Egenhofer, Peter Hennicke, Graham Smith, Nico Wietor, Prof. Dr Uwe Wullkopf, Harry Verhaar, The EIB’s own energy policy, ‘Clean Energy for Centre for European Wuppertal Institute Former Deputy Prime Minister of Finance, Deputy Minister of Yased - International Policy Studies, CEPS for Climate, Minister, Serbia Cyprus Economy and Energy, Investors Association &VSPQFBSFJOGPSDFE&*#DPOUSJCVUJPO MBZTPVU Environment and Energy Bulgaria Turkey concrete targets contributing towards the goals of the EU. (For further information on Session IV: Financing energy UIF&*#T&OFSHZ1PMJDZTFF&*#*OGP/P  The EIB’s commitment was further highlight FEBUUIF-KVCMKBOB'PSVN XIFSFUIF#BOL signed loans to the energy sector to the value PGBMNPTU&63N GVMMZDPNQMJBOUXJUIUIF EU’s strategy for the sector. Christian Egenhofer, Dr Franc Križanic, Seb Walhain, Chris Greenwood, Håkan Karlström, Centre for European Policy Economic Institute of the Law Environmental Products, New Energy Finance, UK Ministry of Enterprise Innovation and cooperation Studies, CEPS School, Slovenia FORTIS and Energy, Sweden

These two words dominated much of the debate throughout the conference. Al though centred on the topic of the ener EIB support for natural disaster relief gy marketplace, the Forum turned its at UFOUJPOPONBOZPDDBTJPOTUPUIF-JTCPO and prevention Agenda, the EU’s Action Plan to establish Over the course of the last ten years, the EIB has provided loans addressing natural ca- BDPNQFUJUJWF JOOPWBUJWFBOELOPXMFEHF tastrophes, or preventing them, amounting to some EUR 3.5bn. For example, the EIB based European economy, capable of has provided credit support to countries or regions severely hit by disasters, including sustainable economic growth and greater the Czech Republic and Romania in 2006, the UK in 2004, Austria, Algeria, the Czech TPDJBMDPIFTJPOCZ Republic, Germany and Italy in 2002, and Poland and Hungary in 2001. It has also fi- nanced reconstruction in countries hit by severe earthquakes (Italy in 1999 and 2000, Karl Kellner of the European Commission’s Turkey in 2001, Algeria in 2003), and Asian countries affected by the 2004 Tsunami. %JSFDUPSBUF(FOFSBMGPS&OFSHZBOE5SBOT The Bank is also considering providing a loan of EUR 100m to support the regenera- port, and Richard Hosier, Head of the Climate tion of areas in Greece affected by the fires of summer 2007. Change Department at the Global Environ ment Facility, underlined the need to turn If requested, the EIB is prepared to provide loans to finance flood relief and prevention technological opportunities into business measures that would address the damage caused by September’s floods in Slovenia. realities, gaining a competitive advantage for Europe. Ë

EIB Information 3 – 2007 3 CORPORATE ISSUES

Forum Signatures

On the first day of the 2007 Forum in Ljubljana, the EIB signed three loans amounting to EUR 393m for energy projects in the host country, Slovenia. The central thread running through these operations was the Bank’s sup- port for environmental improvement in the country.

A loan of EUR 350m was provided for the modernisation and increased efficiency of electricity generation from the local fuel resource, lignite. Although lignite is a fossil fuel, this project aims to render a significant reduction (28%) in the carbon intensity of the electricity produced, and simultaneously provide heat to the local district heating system.

sitive issue of satisfying customer demand A second loan, worth EUR 13m, went towards the completion of the construction in a sustainable manner. In the European and operation of the first pumped-storage hydropower plant on the Soča River. context, this is a matter open to individual The project, which will use off-peak electricity to pump water at night and reverse interpretation, the EU having stated that the flow to generate power at peak times, will lower Slovenia’s dependency on Member States are free to define their own fossil fuels and therefore help cut greenhouse gas emissions. FOFSHZNJYXJUIJOUIFGSBNFXPSLPGUIF6O Finally, a framework loan of EUR 30m was signed, benefiting small and medi- ion’s overall energy objectives. um-sized investments with environmental improvements, promoted by the En- vironmental Development Fund of the Republic of Slovenia (Eco Fund). Projects In particular, the blend of clean coal, nuclear financed by the Eco Fund focus on energy efficiency, renewable energy and water and renewable energies was considered at and wastewater management. UIFDPOGFSFODF*UXBTTVHHFTUFEUIBUBM though energy sources were abundantly In addition to these projects, the Bank signed two loans to the value of EUR 25m BWBJMBCMFJOUIFOBUVSBMFOWJSPONFOU JO each for European funds promoting renewable energy projects. The Enercap Power WFTUNFOUJOFOFSHZJOGSBTUSVDUVSFXBTOFD Fund will focus on countries of Central and South-East Europe, while the DIF Re- essary to ensure their most effective use newable Energy Fund will be located in North-West Europe. Both will target small and to reduce the financial burden on the to medium-sized energy investments considered environmentally beneficial and European citizen. contributing to the reduction of greenhouse gas emissions. Efficiency – aligning habits with opinions

Whilst economic and political constraints are often cited as the main motivators for The recent drop in investment in energy mon EU energy policy” to ensure security JOWFTUNFOUJOFOFSHZ $ISJTUJOF-JOT 4FD technology research and development was and diversity of energy resources. retary General of the European Renewable laid at the doors of governments; many of Energy Council, noted that public opinion the speakers at the Forum stated that only This sentiment was echoed by Helmut has a direct impact on the choice of energy by providing the right political environment Engelbrecht, CEO of Urenco, who stated mix by individual EU Member States. and market conditions can Europe rise to that a united EU political strategy to mitigate the R&D challenge that is fundamental to climate change would prove so successful Although the general public is said to favour the innovation of this sector. that it could be exported to the rest of the SFOFXBCMFFOFSHZTPVSDFTBOEFOFSHZFGGJ world. He called for “development [in energy ciency, trends in consumption have yet to 5IFSFXBTDMFBSDPOTFOTVTUIBUQPMJUJDBMTVQ supply] that meets the needs of the present, mirror good intentions. port for the energy debate would only bear without prejudicing the ability of future gen- significant weight if it came in the form of erations to meet their own needs.” The need to promote awareness to change BKPJOFEVQBQQSPBDI)FOSJ-VD5IJCBVMU  consumption habits is clear. Calling for %JSFDUPSPG1MBO#MFV TUSFTTFEUIFFOWJSPO Working on supply and de- BOJOUFSOBUJPOBMOFUXPSLPOFOFSHZFG mental gains that could be made from the mand ficiency, Peter Hennicke, President and JNQMFNFOUBUJPOPGBQBO.FEJUFSSBOFBO $IJFG3FTFBSDI&YFDVUJWFBUUIF8VQQFS strategy for sustainable development, whilst The question of energy mix proved to be tal Institute for Climate, Environment and .BSLP,SZäBOPXTLJ $IBJSNBOPGUIF4MPW FTQFDJBMMZUPQJDBM XJUITQFBLFSTBOEEFMF Energy, stressed the value that could be FOJBO1FUSPM$PNNJTTJPO DBMMFEGPSBiDPN HBUFTBMJLFCSPBDIJOHUIFDPNQMFYBOETFO gained from a “comprehensive overview

4 EIB Information 3 – 2007 CORPORATE ISSUES

of technology, costs and working policies, and, as such, also facilitates competition in TIPVMECFUBLFOBGUFS BOETUSFTTFEUIF learning from the lessons of global partners”. the renewable energy marketplace. DPNNJUNFOUPGUIF4MPWFOJBO1SFTJ The burden of energy efficiency, he added, dency to achieving this goal. does not rest on the shoulders of consum “The greatest challenge” FSTBMPOF4.&T CBOLTBOEHPWFSONFOUT Before inviting the participants to the next have a leading role to play in the future of $MPTJOHUIF&*#T'PSVN UIF4MPWFOJ &*#'PSVNJO-VYFNCPVSHJO &*#7JDF energy efficiency. an Minister of Environment, Janez Podob President Philippe de Fontaine Vive sum nik, called the topic of the conference “the marised the debates and, referring to the Reinforcing this message, Harry Verhaar, greatest challenge of mankind”. He remind EIB logo, insisted that the EIB has moved Senior Director of Energy and Climate ed those with influence in the sector of the from the traditional blue and grey invest $IBOHFBU1IJMJQT-JHIUJOHJOUIF/FUIFS importance of building a comprehensive ment bank of the past to a blue and green lands, underlined that a bad conscience global agreement to define measures that sustainable bank. was not enough to change habits. The many architects of public lifestyle must integrate energy efficiency into their design for public comfort, with governments setting policy in support of the transition to a lower energy consumption economy.

The bottom line Janez Podobnik , Slovenian Minister of the Environment and Philippe de 'POUBJOF7JWF &*#7JDF1SFTJEFOU  The strategies for achieving energy efficien DMPTFEUIF&*#T'PSVN cy or mastering climate change outlined Philippe de Fontaine Vive invites the CZUIFTQFBLFSTBUUIF&*#'PSVNDBO participants to the next EIB Forum in only be attained with appropriate finan -VYFNCPVSHJO cial backing.

Seb Walhain, Director of Environmental by Úna Clifford Products at Fortis Bank, offered the partici Communication and Information Department pants an insight into the “holistic view” on financing energy efficiencies and renewable energies taken by his company. He suggest ed that banks and financing institutions in tegrate climate change into their approach, RSFF and Carbon Funds and analyse the implications of a tightening PGDMJNBUFDIBOHFQPMJDJFTJOUIFQPTU,ZPUP Innovation and cooperation are high on the EIB’s own energy agenda. Working era, when investment in “dirty technologies” alongside the European Commission and a number of other IFIs, the EIB has de- is a foreseeable danger. veloped a series of joint initiatives which offer real support to clean energy invest- ment and climate change mitigation. Both the private sector and governments were urged to ensure growth in the carbon At the Forum the EIB and European Commission released an announcement in markets. Håkan Karlström, Deputy Director which EIB President Philippe Maystadt and the European Commissioner for Sci- at Sweden’s Ministry of Enterprise and En ence and Research, Janez Potočnik, reported on the successful first results of the ergy, outlined the measures taken by the joint EIB-European Commission Risk Sharing Finance Facility (RSFF). Of the first Swedish government to promote renew eight projects to receive loans under RSFF since its launch in June 2007, five are able energies within the country’s energy dedicated to renewable energy technologies or energy efficiency (see article on mix. He described the Swedish Green Cer RSFF on p.15). tificate System as “political support for po- litical targets […] without sacrificing market The EIB also took the opportunity offered by the Forum, Investing in Energy – Mas- function or cost efficiency”. tering Climate Change, to launch its EUR 100m Post-2012 Carbon Fund. The fourth carbon and climate change fund supported by the EIB, the Post-2012 Carbon Fund The system guarantees that a certain share results from the EIB’s cooperation with three leading European financing institu- of electricity production must be generated tions: Instituto de Crédito Oficial (ICO), KfW Bankengruppe and the Nordic Invest- in a “green” manner, by obliging suppliers to ment Bank (NIB). The fund is the first of its kind which will provide for the critical CVZTPDBMMFE(SFFO$FSUJGJDBUFT5IFTZTUFN  period from 2013-2022, beyond the current Kyoto Protocol. which is compatible with the deregulated internal energy market, is technically neutral

EIB Information 3 – 2007 5 CORPORATE ISSUES

EIB Website New Look and Feel: Enhancing Transparency and User-Friendliness

he old EIB website was launched in as links to all publications and an online job JOUIFUISFFPGGJDJBMMBOHVBHFT BQQMJDBUJPOQSPDFEVSFUIFEFQUIBOESFBDI In the era of online PG UIF #BOL o &OHMJTI  'SFODI BOE of the information housed on the website information and (FSNBO1MBOTGPSUIFTJUFJO  has undergone huge change since its launch e-business, the EIB however, could barely have foreseen the six years ago. significance this communication tool would has decided to take its BDRVJSFPWFSUIFDPVSTFPGUIFTJYZFBSTUPGPM 5IFFYUFSOBMVTFPGUIFDVSSFOUXFCTJUF EF website into the 21st MPX8JUIPWFSQBHFTXIJDIBSFSFHV spite modest beginnings, has also expanded century. Since mid-July larly updated by the Bank’s Communication enormously. With around 4 million individual 2007, visitors to www. Department in consultation with experts in WJTJUPSTJO JUJTDMFBSUIBUGPSUIFXJEF the operational departments, the site has SBOHFPGQBSUJFTJOUFSFTUFEJOHBJOJOHJOGPS eib.org are greeted with quickly evolved to become the home to all mation about the Bank and its activities, the a fresh look and feel &*#SFMBUFEQVCMJDJOGPSNBUJPO XFCTJUFJTUIFGJSTUQPSUPGDBMM which the Bank hopes will reflect its modern Details of EIB financing facilities, information Becoming web-orientated on its lending objectives, lists of EIB signed and forward-thinking MPBOTTJODF JOWFTUNFOUTDVSSFOUMZ At the forefront of the EIB communication policies. under consideration and EIB issues, as well strategy is a desire to share information

6 EIB Information 3 – 2007 CORPORATE ISSUES

effectively with stakeholders and ensure queries, information and concerns directly entry points, effective labelling, more transparency surrounding all Bank activities. to the Bank’s staff. Additionally, for those MPHJDBMQMBDJOHPGBSUJDMFTBOEDSPTTSFG *OSFTQPOTFUPUIFNPWFUPXBSETBXFCPSJ people who prefer to access information erencing are some of the key elements entated society and to provide expanded in a language other than English, French in the restructuring of the content on DBQBDJUZBOEJNQSPWFEJOUFSBDUJPOXJUIWJTJ PS(FSNBO DPOUFOUBWBJMBCMFJOPUIFSMBO the site. tors, the plan to update all aspects of the EIB guages is now viewable online. XFCTJUFoUFDIOPMPHZ DPOUFOUTUSVDUVSFBOE Modern by design EFTJHOoUPPLTIBQFJO Quality control 5PUIFFOEVTFS UIFNPTUJNQBDUGVMDIBOHF 4JODFUIFJODFQUJPOPGUIFQMBOOFENPEFSOJ The new content management system, to the website may be the look and feel sation, the Communication Department, in which facilitates the upload of information with which they are greeted. In line with conjunction with external consultants, has onto the EIB website, allows the Bank to UIFDPSQPSBUFEFTJHOXIJDIIBTCFFOFN CFFOJOWPMWFEJOEFUBJMFESFTFBSDIBOEDPO ensure the quality of information posted is QMPZFEGPSBMM&*#CSPDIVSFTBOENBSLFU tinued communication with regular users even more rigorously controlled than in the ing materials for the past year, the look of PGUIF&*#TJUF FOTVSJOHBTNPPUIBOEXFMM past. In the near future, expert staff will be the website has been modernised to offer directed update. able to contribute directly to new content a brighter and fresher feel. The technology within the content management system TVQQPSUJOHUIFTJUFBMMPXTGPSUIFJOUFHSB Technology for change prior to publication. tion of photos and images in the body of web text, which in turn will present EIB "UUIFIFBSUPGBOZXFCTJUFMJFUIFTVQQPSU The technology also enables the publication stakeholders with a more rounded vision JOH*5TZTUFNT8IFOEFGJOJOHUIFSFRVJSF PGQBSUJDVMBSMZSFMFWBOUJOGPSNBUJPOJOQFS of our work.

by Úna Clifford, Communication Department

ments for the technology employed by the UJOFOUQPTJUJPOTPOUIFXFCTJUFoTPDBMMFE Focus on the end-user new EIB website, flexibility, dynamism and 'PDVTJUFNT5IJTXJMMFOTVSFUIBUUIFFOE JODSFBTFEDBQBDJUZXFSFLFZ5IFXFCIPTU user gains immediate access to the most Throughout the course of the update the ing systems which have been chosen not important EIB news. Bank services have kept one question at only provide improved response times for UIFGPSFGSPOUIPXXJMMUIFTFDIBOHFTJN all visitors to the site but also ensure that the Intuitive navigation QBDUVQPOUIFFYQFSJFODFPGUIFFOEVTFS  website will eventually be able to support *UJTIPQFEUIBUUIFVQEBUFEXFCTJUFQSP NVMUJNFEJBDPNNVOJDBUJPOUPPMTTVDIBT "TUIF&6TMPOHUFSNMFOEJOHCBOL UIF vides all visitors with an improved, intuitive BVEJPBOEWJEFPTUSFBNJOH HSFBUMZFOSJDI policy objectives and activities of the and transparent overview of the Bank and ing the visitor experience. EIB are extensive and often complex its activities. in nature. Reflecting this, the website Interactive functionalities are amongst the houses a huge amount of information To comment on the new EIB website please NPTUJOUFSFTUJOHUIBUUIFOFXXFCTZT XIJDINBZOPUBMXBZTCFJOTUBOUMZBDDFT email [email protected] ■ tems can facilitate. The site acts as a source sible to visitors. PGJOGPSNBUJPOGPSUIFFOEVTFSIPXFWFS  through online contact and subscription 5IFSFWJTFEXFCTJUFiBSDIJUFDUVSFwQSP GPSNTUIBUXJMMCFEFWFMPQFEJOUJNF WJTJ WJEFT B NPSF USBOTQBSFOU BOE OPO tors will have the opportunity to pass on internal view of the EIB’s activities. Fewer

EIB Information 3 – 2007 7 */5&3/"-*446&4

Gajęcka, Scannapieco and Srejber New members of EIB’s Management Committee

Marta Gajęcka, Dario Scannapieco and Eva Srejber have joined the Management Committee of the European Investment Bank as Vice-Presidents. Mrs Gajęcka was nominated by the Republic of Poland in agreement with the Governments of Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, the Slovak Republic and Slovenia to succeed Ivan Pilip, Mr Scannapieco was nominated by the Italian Government to succeed Gerlando Genuardi and Ms Srejber was nominated by the Swedish, Estonian, Latvian, Lithuanian, Austrian and Finnish Governments to succeed Sauli Niinistö.

The three new Vice-Presidents become part of a team of nine. The President and eight Vice-Presidents of the EIB are appointed by the EIB’s Board of Governors – the 27 Ministers of Finance of the EU Member States – for a renewable period of six years.

Mrs Gajęcka, a Polish national, was appointed UPCFSUP/PWFNCFS .ST(BKǗDLBXPSLFE 7JDF1SFTJEFOUPGUIF#BOLXJUIFGGFDUGSPN BT"DUJOH%JSFDUPSPGUIF1PMJTI5BY1PMJDZ%F "VHVTU)FSSFTQPOTJCJMJUJFTJODMVEF QBSUNFOU XIJMFGSPNUPTIFXBT financing operations in Poland, the Czech UIF'JOBODJBM$PVOTFMMPSBUUIF#SVTTFMT1FSNB Republic, Hungary, Slovakia, Slovenia and nent Representation of Poland to the European #VMHBSJB &VSPQFBOUSBOTQPSUBOEFOFSHZOFU Union. Before this, she was based in at the works and corporate social responsibility. Permanent Representation of Poland to the Mrs Gajęcka will also act as Alternate Governor OECD as Financial Counsellor. of the European Bank for Reconstruction and %FWFMPQNFOU %  Mrs Gajęcka is an international economic BOEQPMJUJDBMSFMBUJPOTTQFDJBMJTUCZFEVDB Before joining the EIB, Mrs Gajęcka served tion. She also pursued Postgraduate Studies BT6OEFSTFDSFUBSZPG4UBUFBUUIF1PMJTI.JO JO4PDJPMPHZPGUIF&DPOPNZBUUIF6OJWFS istry of Finance. Her main activities included sity of Warsaw. DPPQFSBUJPOXJUIUIF&6BOEJOUFSOBUJPOBMGJ nancial organisations, development assistance .ST(BKǗDLBIPMETB.BTUFST%FHSFFJO*OUFS and export credits. She was also an Alternate national Economic and Political Relations from (PWFSOPSPGUIF&VSPQFBO#BOLGPS3FDPOTUSVD the High School of Economics in Warsaw as by Daniela Sacchi- UJPOBOE%FWFMPQNFOU B.FNCFSPGUIF"E XFMMBTBKPJOU%JQMÙNF'SBODP1PMPOBJTJO*O Cremmer ministrative Council of the Council of Europe ternational Economic and Political Relations Development Bank, a Member of the EIB’s GSPNUIF)JHI4DIPPMPG&DPOPNJDT 4() BOE Communication Board of Directors and an Alternate Governor *OTUJUVU E²UVEFT 1PMJUJRVFT *&1  JO 1BSJT  Department PGUIF*OUFSOBUJPOBM.POFUBSZ'VOE'SPN0D European Studies Programme.

8 EIB Information 3 – 2007 */5&3/"-*446&4

Mr Scannapieco BO*UBMJBOOBUJPOBM XBTBQ Strategic Planning and Control Department of QPJOUFE7JDF1SFTJEFOUPGUIF&*#XJUIFGGFDU Telecom Italia. GSPN"VHVTU)JTSFTQPOTJCJMJUJFTJO clude financing operations in Italy, Greece, In addition, Mr Scannapieco has sat on a Cyprus, Malta and the Western Balkans, as well number of Boards of Directors and Strategic BTPWFSTFFJOHUIF&*#T4USVDUVSFE'JOBODF'B Committees in Italy. Recently, he was a member cility, the budget and accounting services. PG*OUFS(PWFSONFOUBM$PNNJUUFFTJODIBSHF .S4DBOOBQJFDPXJMMSFQSFTFOUUIF&*#BTB(PW of structuring the financing and defining key FSOPSPGUIF&VSPQFBO#BOLGPS3FDPOTUSVD BTQFDUTPGUXP5SBOT&VSPQFBO/FUXPSLQSJPS UJPOBOE%FWFMPQNFOU % BOEXJMMTIBSF  ity projects. JODPPSEJOBUJPOXJUIUIF'SFODI7JDF1SFTJEFOU 1IJMJQQFEF'POUBJOF7JWF SFTQPOTJCJMJUZGPSSFMB He has authored various papers on privatisation tions with the Mediterannean institutions. and corporate governance during the course PGIJTDBSFFSBOEMFDUVSFTPOi$PSQPSBUF(PW Prior to joining the Bank, Mr Scannapieco ernance for State Owned Enterprises” at the TFSWFEJO*UBMZT.JOJTUSZPG&DPOPNZBOE'J University of Rome. OBODF'SPN IFIFMEUIFQPTJUJPOPG %JSFDUPS(FOFSBMPGUIF1SJWBUJTBUJPOBOE'J Mr Scannapieco holds a Master’s Degree from OBODF%FQBSUNFOU BOEGSPNUP Harvard University and a degree in Economics he acted as Adviser to the Director General. GSPN3PNFT-JCFSB6OJWFSTJUË*OUFSOB[JPOBMF .S4DBOOBQJFDPCFHBOIJTDBSFFSJOJOUIF EFHMJ4UVEJ4PDJBMJ -6*44 

Ms Srejber, a Swedish national, was appointed .T4SFKCFSXBTBMTP"MUFSOBUF&YFDVUJWF%JSFD 7JDF1SFTJEFOUPGUIF&*#XJUIFGGFDUGSPN+VMZ UPS UIFO&YFDVUJWF%JSFDUPS GPSUIF/PSEJD#BM )FSSFTQPOTJCJMJUJFTJODMVEFGJOBODJOH tic Constituency at the International Monetary PQFSBUJPOTJO4XFEFO 'JOMBOE &TUPOJB-BUWJB  'VOE *.' GSPNUP*OBEEJUJPO TIF -JUIVBOJB UIFFBTUFSOOFJHICPVST 4PVUIFSO TFSWFEBTBNFNCFSPGUIF#PBSEPGUIF/B $BVDBTVT 3VTTJBBOEUIF&'5"DPVOUSJFT *DF tional Private Insurance Supervisory Authority, MBOE -JFDIUFOTUFJO /PSXBZBOE4XJU[FSMBOE  4UBUJTUJDT4XFEFO BOEPOUIF/BUJPOBM#PBSE .T4SFKCFSXJMMBMTPTVQFSWJTFUIF#BOLTBDUJWJ GPS4QFOU/VDMFBS'VFM   ties in support of a competitive and innovative &VSPQFBOFDPOPNZ JJGBDJMJUZ UIFFYQPTUFWBM 4JODF .T4SFKCFSIBTQBSUJDJQBUFEJOWBS uations of EIB activity, Information Technology JPVTDPNNJUUFFTXJUIJOUIFTQIFSFPG/PSEJD services and the Subsidies Committee. Before DPPQFSBUJPO UIF0SHBOJTBUJPOGPS&DPOPN KPJOJOHUIF&*# .T4SFKCFSQVSTVFEBCBOL JD$PPQFSBUJPOBOE%FWFMPQNFOU 0&$%  ing career in Sweden and with international UIF#BOLGPS*OUFSOBUJPOBM4FUUMFNFOUT #*4  financing institutions, most recently as First UIF*OUFSOBUJPOBM.POFUBSZ'VOE *.' BOE 7JDF$IBJSNBOPGUIF&YFDVUJWF#PBSEBOE'JSTU the Euro pean Union, including the European Deputy Governor of Sveriges Riksbank. $FOUSBM#BOL &$# 

She previously held the position of Deputy CEO Ms Srejber holds a degree in Economics from and member of the Management Committee Stockholm University. BU'ÚSFOJOHT4QBSCBOLFO 4XFECBOL    with responsibility, among other things, for EU/EMU issues.

EIB Information 3 – 2007 9 */5&3/"-*446&4

EIB opens office

-FGUUPSJHIU in Helsinki M. O’Halloran, J. Åkerholm, T. Hackett and J. I. Pietikainen.

builds upon the excellent relationship be develop further the EIB’s activities in UXFFO/*#BOEUIF&*# XIPTFDPPQFSBUJPO &TUPOJB -BUWJBBOE-JUIVBOJB&BTJFSBDDFTT has already taken many forms, including the from the EIB’s new Helsinki base should fa he EIB inaugurated a regional office DPGJOBODJOHPGLFZQSPKFDUT FHUIF& cilitate the identification of projects and JO)FMTJOLJPO4FQUFNCFS .VVSJB-PIJB111QSPKFDUJO'JOMBOEJO  ensure greater coverage of priority sectors #PUICBOLTBSFNFNCFSTPGUIF/PSUIFSO for the Bank. The EIB has been active in The new office, located at the head Dimension Environmental Partnership. &TUPOJB -BUWJBBOE-JUIVBOJBTJODF  RVBSUFSTPGUIF/PSEJD*OWFTUNFOU with funding channelled mainly to the trans #BOL /*# BJNTUPFOIBODFUIF&*#TQSFT The main operational role of the new of port and energy sectors as well as to small ence in the Baltic Sea region. This initiative fice, headed by Jaani Pietikäinen, is to BOENFEJVNTJ[FEFOUFSQSJTFT■

CORPORATE ISSUES EIB applies the Aarhus Regulation

IF #BOL IBT BQQMJFE TJODF  +VOF ed by the EIB Public Disclosure Policy. As a mental information that is available on the  UIF "BSIVT 3FHVMBUJPO &$  consequence of application of the Aarhus EIB website, or can be obtained on request, /PPOBDDFTTUPJOGPSNB Regulation, the Disclosure Policy was re the Bank has introduced a special section UJPO QVCMJDQBSUJDJQBUJPOJOEFDJTJPO WJTFEPO+VMZ5IFQSPWJTJPOTPGUIF on its website on “Access to Environmental making and access to justice in environmental policy are interpreted in conformity with Information”. Stakeholder comments that matters. The Regulation, which provides for the provisions of the Regulation, insofar as can contribute to the further development the application of the provisions of the these apply. In the event of divergence in of this section are most welcome through a Aarhus Convention to European Community the environmental field, the provisions of dedicated mailbox on the website (infopol@ institutions and bodies, aims to help the the Aarhus Regulation prevail. eib.org ■ public to be more involved in environmental matters and to contribute actively to the pres The Aarhus Regulation calls for public ac Yvonne Berghorst ervation and protection of the environment. cess to environmental information either following a request or by active dissemi Public Information Public access to environmental information nation, in particular through the website. & Relations with held by the Bank is governed and promot To allow the public to easily find environ Civil Society Division

10 EIB Information 3 – 2007 8*5)*/&6

JASPERS: fully on track two years after launch

With over 55 staff in all now engaged, of which some 30 experts financed by the European Commission, and three regional offices opened over the past few months in Warsaw, Vienna and Bucharest, the combined staff of JASPERS, which has been drawn from the EIB, the EBRD and Commission-financed experts, are now busy working on a portfolio of over 250 technical assistance activities. These have emerged from the 2006 and 2007 country action plans agreed with the twelve EU States that joined the Union after 2004. They comprise both individual investment project preparation by Dušan Ondrejička activities and horizontal studies – on, for example, Communication Department the combination of PPPs with EU grants, which is of and Patrick Walsh interest to a number of Member States. Projects Directorate/Jaspers

JODF 0DUPCFS   XIFO +"41&34 3FJDIFOCBDIoUPQSFQSFTFOUBUJWFTPGUIF The inauguration of this office was preceded (Joint Assistance to Support Projects institutions that have joined forces to help by a highly successful and well attended JO&VSPQFBO3FHJPOT LJDLFEPGGEVSJOH the Member States use EU fund allocations workshop that presented examples of a UIF8FFLPG3FHJPOTBOE$JUJFT  more rapidly and effectively. The Warsaw range of completed and ongoing projects this technical assistance has developed con office facilitates this process by providing a that JASPERS is engaged in, and provided siderably in terms of establishing its infrastruc regional presence in Poland and the Baltic a platform for an exchange of views with ture and providing valuable help to Member 4UBUFT &TUPOJB -BUWJBBOE-JUIVBOJB  representatives from the national adminis States in designing projects proposed for trations of the new Member States that are financing by EU regional policy instruments. In May, the opening of the JASPERS regional served by this office. office in Vienna followed. This office helps Within the past year JASPERS has estab to cover JASPERS activities in the central Finally, in June, the last JASPERS regional lished three regional offices, bringing European countries (the Czech Republic, office providing assistance for project prep +"41&34TFSWJDFTDMPTFSUPJUTDMJFOUT*O+BOV )VOHBSZ 4MPWBLJBBOE4MPWFOJB 7JFOOB aration in Bulgaria and Romania was opened ary a new office in Warsaw was opened by was selected as the location of the office in in Bucharest. This office has enhanced the EU Commissioner for Regional Policy Danuta the central European area for logistical rea network of JASPERS regional offices that Hübner, EIB President Philippe Maystadt and sons, being centrally located and providing are serving all the new Member States in the Secretary General of the EBRD Horst easy access to the four beneficiary countries. central and eastern Europe. Ë

EIB Information 3 – 2007 11 8*5)*/&6

"MMUISFFPGGJDFTBSFBMTPTVQQPTFEoBOE TPNFPGUIFNBSFEPJOHTPBMSFBEZoUPDPN plement in the future two other important “JASPERS is a demand-driven assistance initiative JOJUJBUJWFTXIJDIUIF#BOLBOEUIF$PNNJT designed to help Member States to prepare projects TJPOBSFEFWFMPQJOHJOUIFSFHJPO+&3&.*&  of the quality required for approval for EU fund which is focused on support to SMEs; and financing. In its framework, the European Invest- +&44*$" XIJDIXJMMBTTJTUTVTUBJOBCMFJOWFTU ment Bank, together with its partners from the EU ment and urban regeneration. Commission and the EBRD, provide free-of-charge services facilitating the implementation of EU re- JASPERS operates on the basis of action gional policy priorities. The absorption capacity for plans drawn up annually for each country good projection should be significantly strength- in cooperation with the beneficiary state ened. We expect that in the coming few years DPODFSOFEBOEUIF&VSPQFBO$PNNJT JASPERS will help to mobilise over EUR 32bn in grants sion. These take into account the specific under the Cohesion and ERDF Structural Funds for conditions of individual countries and can the Member States that acceded to the Union in 2004 and 2007, be modified, if required, taking account of as well as help to create a pipeline of sound cohesion invest- changed circumstances. ments which, if desired by the Member State concerned, can be co-financed by the EIB and EBRD partners in due course”. *OUIFGSBNFXPSLPGUIFBOE action plans, JASPERS has identified a total Matthias Kollatz-Ahnen, PGQSPKFDUTJOUIFJOEJWJEVBMDPVOUSJFT EIB Vice-President 5IFNBKPSJUZPGQSPKFDUTSFMBUFUPUIFUSBOT port and environment/energy sectors. The Responsible for JASPERS; Economic and social cohesion, convergence; portfolio remains balanced between the Financing operations in Germany, Austria, Romania, Croatia and Turkey; Risk management: credit, market and operational risks; Relations with Black UXPTFDUPST USBOTQPSUBOEFOWJ Sea institutions (in coordination with Vice-Presidents E. Srejber and M. Gajęcka). SPONFOUBOEFOFSHZQSPKFDUT *OBEEJUJPO  JASPERS also performs horizontal tasks such BTQSPWJEJOHFYQFSUJTFPOUIFQVCMJDQSJ WBUFQBSUOFSTIJQ 111 GJOBODJOHTDIFNF  the treatment of financial expenditure for grant calculations, support relating to state Examples of JASPERS projects: aid issues in several sectors, etc. TRANSPORT: A1 motorway sections (Nowe Marzy-Torun, Recently, the Bank actively participated Torun-Strykow); modernisation of E75 railway corridor I in the Fourth Cohesion Forum held on (Poland); Curtici-Simeria-Brasov-Predeal railway line 4FQUFNCFSJO#SVTTFMT5IJTFWFOU (Romania); modernisation of railway corridors III and IV (Czech served as a highly welcome platform for the Republic); Struma motorway (Bulgaria); Szeged city railway exchange of ideas and experience on the system (Hungary); Riga northern corridor (Latvia); sections operation of JASPERS that will be used for of D1 and D3 motorways (Slovakia). QSFQBSJOHBDUJPOQMBOTBOEBEBQUJOH the performance of the technical assistance ENVIRONMENT: Stormwater protection system in Gdansk to better respond to the developing needs (Poland); extension and modernisation of sewerage systems ■ of its beneficiaries. in 37 counties (Romania); Sofia solid waste management (Bulgaria); South Balaton wastewater (Hungary); Prague central wastewater treatment plant (Czech Republic); flood protection along the Mura river (Slovenia); wastewater disposal system in Prievidza (Slovakia); East Viru water (Estonia); storm- water management (Malta); Nicosia landfill (Cyprus).

12 EIB Information 3 – 2007 8*5)*/&6

JESSICA ready to tackle the urban challenge

Following the Leipzig Informal Ministerial Meeting, the EIB is pursuing a range of actions – in particular through the JESSICA initiative1 – designed to bolster its activity in the urban sector for the 2007-2013 financial perspectives. The objective is to promote sustainable investment for convergence, growth and jobs in Europe’s cities.

by Daniela Sacchi-Cremmer, Communication Department Gianni Carbonaro, Jessica Task Force

IF -FJQ[JH *OGPSNBM .JOJTUFSJBM .FFUJOH PG  .BZ SFFNQIB sised the importance of the urban dimension as one of the key pillars of the European policy agenda. The Ministers responsible for urban development agreed on common principles and strategies (the i-FJQ[JH $IBSUFSw 5IF $IBSUFS SFDPHOJTFT BOE QSPNPUFT B NVMUJEJNFOTJPOBM BQ proach of integrated spatial development, DPWFSJOHTPDJPFDPOPNJDBOEFOWJSPONFO tal aspects, in pursuit of more “Sustainable Cities and Communities”. Determined to SFTQPOE QSPBDUJWFMZ UP UIF FWPMVUJPO PG Community policy and to the specific indi cations of the Charter, the Bank is establish ing a coherent action plan for cities. The Bank’s action will take into account Future commitments the emerging features of growth and de cline, as well as associated problems, in the The Bank will reinforce its support to cities  JESSICA, Joint European Support for Sustainable European city system. Urban Development through its traditional lending activity and Investment in City Areas, is a joint initiative of the Commission, the EIB and the Council of Europe Funds dedicated to investing in sustainable other financial instruments. In particular, it %FWFMPQNFOU#BOL $&# 4FF&*#*OGPSNBUJPO urban transformation should be used as will extend the scope of financial engineering  QQ catalysts to promote the integrated ap for integrated urban development through  In order to match the types of funding to the  SFRVJSFNFOUTPGQSPKFDUTXJUIBIJHISJTLQSPöMF proach to tackling urban issues. This cata UIF4USVDUVSFE'JOBODF'BDJMJUZ 4'' . BOEUPQVSTVFJUTFRVJUZöOBODJOHBOEHVBSBOUFF lytic approach will need to involve the Man PQFSBUJPOTJOGBWPVSPGMBSHFTDBMFJOGSBTUSVDUVSF aging Authorities of Structural Funds, which The SFF will complement the financing of schemes, the EIB has established a Structured 'JOBODF'BDJMJUZ 4'' 5PUBMSFTFSWFTPG&63N normally have no direct responsibility for Urban Development Funds to be estab have been set aside under this heading over the urban areas, and help alleviate the problems lished using Structural Funds resources via next three years for the purpose of generating created by the widespread fragmentation JESSICA. This should allow the Bank to take PQFSBUJPOT BNPVOUJOH UP CFUXFFO &63 BOECO QSPWJEJOHBCSPBENJYPGöOBODJBM of urban investment instruments in most additional risk, where justified, through the products. European countries. provision of senior and mezzanine lending Ë

EIB Information 3 – 2007 13 8*5)*/&6

as well as structured finance instruments t to analyse how financial engineering the JESSICA tool needs to be established in JODMVEJOHBTTFUTFDVSJUJTBUJPO UPTVQQPSU instruments can address any perceived the Member States and among the Manag QVCMJDBVUIPSJUJFTBOEMPOHUFSNJOWFTUPST deficiencies; and ing Authorities. in integrated urban regeneration and devel opment projects. In response to a specific re t to establish the interest in using Urban Networking for quality in quest from the Ministers, particular attention %FWFMPQNFOU'VOET 6%' UPEFMJWFSUIFTF sustainable urban will be paid to the opportunities offered by actions and products. transformation innovative financing instruments to address the problems of multiple deprivation and The key findings of the study are that a flex 5IF#BOLXJMMIBWFUPFNQIBTJTFJUTFO economic revitalisation in urban areas. ible approach is needed to adapt JESSICA to abling role in the diffusion of best practice the diverse needs and institutional frame and innovative approaches to sustainable JESSICA: results of the Bank’s works of the different Member States. In VSCBOUSBOTGPSNBUJPOoHJWFOUIFXJEUI preliminary evaluation study order to be successful, this tailored approach and diversity of urban issues in Europe, ex needs to redress the fragmentation which tensive networking and the extension of The Bank recently completed a preliminary has too often blocked the timely implemen cooperative relationships with institutions evaluation of JESSICA, undertaken on behalf tation and effective funding of sustainable and stakeholders will be essential. It is also PGUIF&VSPQFBO$PNNJTTJPO %(3FHJP  urban regeneration and development ven important that a handful of operations are 5IFBJNPGUIFTUVEZXBT tures. Further actions and studies required rapidly implemented in countries with dif to complete the launch of JESSICA must ferent institutional and regulatory frame t to review urban renewal and development therefore be adapted to country circum works as demonstration projects in order to actions in a sample of Member States and stances and appropriately phased, taking make clear the benefits of JESSICA in opera to identify the existing financial vehicles into account the proposals of the authorities tion, trigger imitation/emulation effects and for urban investment; concerned. A clear sense of “ownership” of BDDFMFSBUFMFBSOJOHCZEPJOH■

How JESSICA works

JESSICA allows Managing Authorities (MAs) to use resources from the Structural Funds to invest in Urban Development Funds (UDFs) through recyclable and re- coverable financial mechanisms, such as equity, guarantees and loans. Recovered funds may be reinvested through UDFs or returned to the MA to support other urban projects, including through conventional subsidies. UDFs can take differ- ent administrative forms and be devoted to investments in different sectors and areas. Their common features are a market-driven approach, as they are expected to recover their investment, and the fact that they must invest in projects within well-defined integrated urban renewal and development plans.

MAs may decide to invest directly in UDFs or, given the difficulty of managing non-grant instruments, channel funds to UDFs using Holding Funds (HFs), i.e. funds investing in several UDFs. Under this alternative route, HFs will select and invest in the UDFs according to conditions defined by and agreed with the MA. The MAs can employ the EIB as HF if this is their preferred option.

For further information on Jessica, go to www.eib.org

14 EIB Information 3 – 2007 8*5)*/&6

Successful take-off for the Risk Sharing Finance Facility

The cooperation agreement establishing the Risk Sharing Finance Facility (RSFF), a new EU EUR 10bn facility for financing research, development and innovation in Europe, was signed by the European Commission (EC) and the European Investment Bank (EIB) on 5 June.

enefiting from the significant mo "OEBTPM 4PMBS5IFSNBM 1PXFS 4QBJO  heating systems for cars and trucks, in mentum in renewable energies which concerns two new concentrating DMVEJOHSFTFBSDIJOUIFSNPBOEGMPX and industrial innovation in Europe, TPMBSUIFSNBMQPXFS $41 HFOFSBUJPO dynamics, exhaust gas treatment and the new facility has met consider QMBOUTXJUIBDBQBDJUZPG.8FFBDI  noise reduction; able demand since its introduction and to be developed in a valley north of the will further develop its activities over the 4JFSSB/FWBEB Automotive Research & Innovation Facility coming months. The first eight financing GPS.JEDBQTBOE4.&T (FSNBOZ JOWPMWJOH operations signed under RSFF, for a total 4PMVDBS4PMBS5IFSNBM1PXFS 4QBJO BOPUIFS BOJOOPWBUJWFi5FDIOPMPHZ-FBTJOHwGBDJMJUZ  BNPVOUPG&63N DPODFSOSFOFXBCMF project in the area of solar thermal power allowing automotive suppliers to finance energy technologies, energy efficiency, $41 HFOFSBUJOHQMBOUT UPCFJNQMFNFOUFE their RDI activities through the sale and automotive components, engineering and west of Seville, but using a technology dif MFBTFCBDLPGUIFJSJOUFMMFDUVBMQSPQFSUZ biotechnology projects. As demonstrated ferent to that of the Andasol project; SJHIUTUP%FVUTDIF-FBTJOH BMFBEJOHMFBT by a solid pipeline of new operations in an ing institute in Germany; increasing number of EU countries, further Renewables and Energy Technologies RDI interest is also emerging in other priority 4QBJO GPSUIFEFWFMPQNFOUPGBEWBODFE #JPUFDIOPMPHZo;FMUJB1IBSNBDFVUJDBM3%* GJFMETJEFOUJGJFECZUIF-JTCPOBHFOEBBOE technology in the field of renewable energy, 4QBJO UPGJOBODFSFTFBSDIBDUJWJUJFTBJNFE UIF&6TUI'SBNFXPSL1SPHSBNNFBTXFMM in particular, the production and reforming at strengthening the company’s position in as in the context of European Technology PGCJPFUIBOPM its priority fields of activity, primarily oncol 1MBUGPSNT &51T +PJOU5FDIOPMPHZ*OJUJBUJWFT ogy and rare diseases, through the commer +5*T &VSFLBBOEQSJPSJUZ&VSPQFBOSFTFBSDI "VUPNPUJWF&OFSHZ&GGJDJFODZ "7- "VTUSJB  cialisation of four products targeting differ infrastructures. for the development of clean and efficient ent forms of cancer. automotive powertrains, as well as for re These efforts are already yielding the first search on hydrogen fuel cell technology, The pipeline of operations until the end of fruits, as current and prospective transac nanocomposites and engine technologies the year contains another eight transactions tion volumes under RSFF are encouraging. to increase energy efficiency and to reduce in Germany, Austria, Denmark, France and "TPG4FQUFNCFSFJHIU34''PQFSBUJPOT the impact on climate change; Italy, demonstrating a continued and en were concluded in Germany, Austria and DPVSBHJOHUBLFVQ Spain, in a wide range of sectors including Automotive Exhaust and Heat System manufacturing, automotive and energy, as 3%* &CFSTQÊDIFS (FSNBOZ UPEFWFM Developed in parallel to the introduction of XFMMBTHMPCBMMPBOPQFSBUJPOT op innovative exhaust technology and the facility, the RSFF implementation strat Ë

EIB Information 3 – 2007 15 8*5)*/&6

egy focuses on five priority fields of activ cept in the market and providing valuable national authorities promoting the project, ity, without excluding, in any way, projects guidance for the ongoing development of requires new, unconventional solutions, JOPUIFSTFDUPSTBOEJOEVTUSJFT J UIFBVUP new RSFF products. built on a viable sharing of risks among all motive sector, including notably the manu parties involved. facturing and engineering of vehicle com Direct financing under RSFF addresses pri QPOFOUT JJ FOFSHZ XJUIBTUSPOHGPDVTPO marily the needs of innovative low and In order to achieve the high visibility of RSFF XJOEBOETPMBSQPXFSUFDIOPMPHZ JJJ MJGF TVCJOWFTUNFOUHSBEFQSJWBUFBOEQVCMJD within the research community and in par sciences, including pharmaceutical prod FOUJUJFT XJUIBTUSPOHGPDVTPONJETJ[FE ticular to the priority target beneficiaries, the VDUTBOECJPNFEJDBMBQQMJBODFT JW *OGPS unlisted companies that represent the back Bank is currently undertaking an extensive mation and Communication Technology, bone of European industry. By providing BXBSFOFTTSBJTJOHDBNQBJHOUPFOTVSFUIF comprising telecommunication equipment MPOHUFSNMPBOTPSHVBSBOUFFTVOEFS34''  successful introduction of RSFF. In order BOETFNJDPOEVDUPSTBOE W MBSHF&VSP the Bank shares the financial and credit risk to create momentum at national level, the pean research infrastructure investments re as well as contributing to the improvement Bank has held in collaboration with Min quired for fundamental research activities. of the terms and conditions under which istries of Finance, Economy and Research, these companies can finance their RDI in seminars with wide partnership by indus The rationale underlying the identification vestment programmes. Within the limits try, universities and technology transfer PGUIFTFQSJPSJUZBSFBTJTGPVSGPMEGJSTUMZ UIFJS of a debt financing profile, risk sharing can specialists in numerous European capitals. significant contribution to EU policy ob also be done using subordinated lending The Bank will continue its active communi jectives, recognised to play the role of key instruments or mezzanine type financing cation strategy, which involves the presen drivers of excellence in European research, solutions. UBUJPOPG34''JOTFDUPSTQFDJGJDDPOGFSFODFT EFWFMPQNFOUBOEJOOPWBUJPO 3%* BOEQSF and workshops organised in particular by senting a significant lead market potential 3JTLTIBSJOHXJUITNBMMBOENFEJVNTJ[FE the European Technology Platforms and EU for the EU; secondly, the existence of clearly companies or projects is implemented in co institutions, industry associations, national specified and agreed sector priorities for RDI operation with the EIB’s network of nation authorities and promotional organisations BDUJWJUJFT XJUIPVUMJNJUBUJPOUPUIFTF XJUI al and regional commercial bank partners across the EU. The publication of RSFF in in the respective European Technology Plat as well as promotional banks. Building on formation material, the creation of a dedi GPSN &51 BOEUIFQSPHSFTTBDIJFWFEJOUIF the proven cooperation with a wide range cated RSFF website on the Bank’s internet implementation of the common Strategic of European banks, RSFF is made available portal as well as regular contributions to 3FTFBSDI"HFOEB 43" EFGJOJOHBDPNNPO for the establishment of Risk Sharing Credit newspapers, trade journals and magazines vision and objectives for the sector; thirdly, -JOFT5IFGJSTUSJTLTIBSJOHGBDJMJUZGPS.JE ensure the regular updating of the pub UIFTFDUPSTQFDJGJDJOUFOTJUZPG3%*BDUJWJUJFT  caps/SMEs was the Automotive Supplier RDI lic on the progress of RSFF’s implementa determining the expected volume of invest Facility. Such lines provide the intermediary tion and a continuous level of attention in ments and financing requirements in the fu bank with a partial EIB guarantee in favour UIFNBSLFU-BTUCVUOPUMFBTU OVNFSPVT ture; fourthly, the EIB’s established expertise PGUIFTNBMMBOENFEJVNTJ[FEMPBOTFY bilateral contacts with industrial groups, in evaluating and supporting RDI activities tended by the banking partner. The result banks, research institutes and universities in these sectors, increasing the value added ing alleviation of statutory capital require established with a view to originating RSFF of the Bank’s involvement. ments allows the intermediary to increase operations contribute to the continuously the volume of financing extended to inno high visibility of RSFF. ■ The development of innovative and flexible WBUJWFTNBMMBOENFEJVNTJ[FEDPNQBOJFT financing solutions, addressing the specific and projects, thereby contributing to the needs of innovative companies and projects, PCKFDUJWFTPGUIF-JTCPOBHFOEB is of crucial importance for the successful by Kim Kreilgaard introduction of RSFF in the market. With a In coordination with the European Strategy and Dietmar Dumlich clear focus on maximising the added value 'PSVNPO3FTFBSDI*OGSBTUSVDUVSFT &4'3*  Action for Growth provided to its beneficiaries, the Bank is ex and the European Intergovernmental Re tending the range of its financing products, TFBSDI0SHBOJTBUJPOT'PSVN &*30'PSVN  Instruments Department introducing structured loans and guaran the EIB is in discussions with promoters tees with a higher risk profile than its tradi PGMBSHFTJ[FESFTFBSDIJOGSBTUSVDUVSFJO tional product portfolio. Product develop WFTUNFOUTBOEJOQBSUJDVMBSPGUIF&6 ment involves an intensive dialogue with scale projects with an estimated cost of all relevant stakeholders, including notably &63CO QSJPSJUJTFECZUIF&4'3*3PBE the EIB’s partners in industry and the bank NBQMBVODIFEJO%FDFNCFS5IFTQF ing sector, European Technology Platforms cific nature of these projects, implemented or promoters of research infrastructures. over very long time periods, involving dedi This interactive approach has resulted in cated scientific equipment, complex oper the conclusion of a number of “flagship” ating arrangements and, last but not least, operations, validating the risk sharing con MPOHUFSNGJOBODJBMDPNNJUNFOUTGSPNUIF

16 EIB Information 3 – 2007 CORPORATE ISSUES

EIF’s increase in capital – sowing the seeds for a successful future

European Community (691 After detailed consultation and preparation, the long- Financial Institutions (254 see next page awaited increase of EIF’s capital has been completed. Authorised but not yet issued (230 At the Annual General Meeting on 7 May 2007, EIF’s shareholders – following approval by the Council, Parliament and the EIB’s Board of Governors – unanimously supported a 50% increase in the Fund’s authorised share capital, thus bringing it to EUR 3bn. The corresponding payments are scheduled to take place in four annual Register of Members Situation at 30 June 2007 tranches, the first – and largest – of which Authorised Capital took place in June 2007. 3 000 shares

such as technology transfer, JOHUPDPJOWFTUBMPOHTJEF&*'.PSFPWFS UIF BOEJODSFBTJOHMZJOUPOFXSF capital increase should firmly establish EIF’s gions such as Southern and Eastern GJOBODJBMTFMGTVGGJDJFODZPWFSUIFMPOHFS &VSPQF0VSNJTTJPO UPTVQQPSUFBSMZ UFSN XJUIOPBEEJUJPOBMSFRVFTUGPSDBQJ European Investment Bank (1 825 TUBHF IJHIUFDI4.&T SFNBJOTDSVDJBM tal envisaged during the current Financial to delivering a competitive knowledge 1FSTQFDUJWFTQFSJPE   y all accounts, the capital increase economy in Europe.” IBT CFFO B TVDDFTT XJUI  JO BEEJ *O+VOF UIF&*#T#PBSEPG(PWFSOPST tion to full participation by the EIB The aim of the game outlined a reorientation of the EIB Group’s and the European Commission, a QSJPSJUJFT QMBDJOHBOFNQIBTJTPOiJOOPWB UBLFVQCZUIFGJOBODJBMJOTUJUVUJPOT*O As articulated by the Chief Executive, the UJWFQSPEVDUTNBLJOHVTFPG(SPVQMFWFM terms of hard numbers, EIF received some SBUJPOBMFCFIJOEUIFDBQJUBMJODSFBTFoUIF synergies”. By providing for the optimum &63NJOBMPOF CSJOHJOHJUTPXO GJSTUTJODF&*'TJODFQUJPOJOoJTUPCPPTU DBQJUBMJTBUJPOPG&*' UIFTFTUSBUFHJDPSJFOUB GVOETUPPWFS&63NCZFOE+VOF EIF’s investment capacity in its core areas of tions have been reinforced by ensuring that activity while supporting key operational EIF has the financial strength to deliver on In summing up the impact of the capital developments. its development objectives. increase, EIF’s Chief Executive, Mr Francis Carpenter, stressed that it is “a clear vote "T&*'FYQBOETJUTTDPQFBOETQBOPGJOWFTU 'VSUIFSNPSF UIFTVDDFTTPGUIFDBQJUBMJO of confidence in EIF at this juncture where, ments, it can now be confident that it has the DSFBTFIBTDMFBSMZEFNPOTUSBUFEUPTUBLF JOBEEJUJPOUPTUSFOHUIFOJOHPVSDPSFCVTJ GJOBODJBMSFTPVSDFTUPGPMMPXUIFTFEFWFMPQ holders and market participants that EIF nesses, we are expanding into new areas, NFOUTUISPVHIUPGSVJUJPO"OPUIFSJNNFEJ BOEJUTLFZTIBSFIPMEFSToUIF&*#BOEUIF BUFVQTIPUPGUIFDBQJUBMJODSFBTFJTUIFFO &VSPQFBO$PNNJTTJPOoBSFGVMMZDPNNJU  It should be noted that EIF shares are partly paid hanced potential for business cooperation UFEUPQSPWJEJOHUIFSFTPVSDFTEFFNFEOFD JOBUBSBUJPPG XJUITIBSFIPMEFSTBOEPUIFSQBSUOFSTXJTI essary to make EU policies work, notably in Ë

EIB Information 3 – 2007 17 CORPORATE ISSUES

in EUR UIFGJFMETPGUIF-JTCPO"HFOEB JOOPWBUJPO  Number Capital SME growth and job creation. The capital in Financial Institutions of shares subscription crease will also have impressed upon the rel Austria   evant stakeholders the importance placed #"/,"6453*"$3&%*5"/45"-5"(   on extending activities, especially venture &345&#"/,%&30&45&33&*$)*4$)&/41"3,"44&/"(   capital, to markets with development po 3"*''&*4&/;&/53"-#"/,0&45&33&*$)"(   tential, thus supporting the growth of SMEs 3"*''&*4&/*/5&3/"5*0/"-#"/,)0-%*/("(   throughout the enlarged Union. Bulgaria   EIF shareholders &/$063"(&.&/5#"/,"%   Croatia   EIF maintains a tripartite shareholding $30"5*"/#"/,'033&$0/4536$5*0/"/%%&7&-01.&/5 )#03   structure, through which the EIB current Denmark   MZIPMETPGUIFFRVJUZ5IF&VSPQFBO 7"&,45'0/%&/   $PNNJTTJPOIPMETBGVSUIFS XJUIUIJT FIH   EVFUPCFSBNQFEVQQSPHSFTTJWFMZUP CZXJUIUIFBDRVJTJUJPOPGBTZFUVO Finland 6  issued shares, thus returning to its tradi '*//7&3"1-$ 6  UJPOBMMFWFM5IFSFNBJOJOHJTIFMECZ France   TPNFCBOLTBOEGJOBODJBMJOTUJUVUJPOT $"*44&%&4%²1¼54&5$0/4*(/"5*0/4 $%$   "UQSFTFOUUIFTFJOTUJUVUJPOTDPNFGSPN %&9*"$3&%*5-0$"-   EJGGFSFOUDPVOUSJFT XJUISFQSFTFOUBUJWFT Germany   GSPNUIF"DDFTTJPO$PVOUSJFTo$SPBUJBBOE ,3&%*5"/45"-5'Ã38*&%&3"6'#"6   5VSLFZoIBWJOHKPJOFESFDFOUMZ'PSUIFTF -"/%&4,3&%*5#"/,#"%&/8Ã355&.#&3(o'½3%&3#"/,   financial institutions, an EIF shareholding -G"'½3%&3#"/,#":&3/   brings not only the unique opportunity of 4­$)4*4$)&"6'#"6#"/, 4"#   participating financially in a European body, but concrete operational opportunities. In Hungary   deed, EIF carries out extensive business with )6/("3*"/%&7&-01.&/5#"/,-UE   its shareholders. Italy   DEXIA CREDIOP S.p.A.   Reaping the rewards *.**/7&45*.&/5*4Q"   */5&4"4"/1"0-04Q"  

"TUIF&VSPQFBO6OJPOBQQSPBDIFT JU -VYFNCPVSH   JTFTTFOUJBMGPSJUTJOTUJUVUJPOTUPNBLFQSFQB #"/26&&5$"*44&%&1"3(/&%&-&5"5   SBUJPOTGPSBQPTU-JTCPOTDFOBSJP8IJMF #*1*/7&45.&/51"35/&344" 4  NVDIIBTCFFOBDIJFWFEUISPVHIUIF-JT bon Process, much has also been learned Malta   oOPUMFBTUUIFOFFEUPCFBCMFUPBEBQU #"/,0'7"--&55"1-$   and react to changing market and political /FUIFSMBOET   environments, to the constantly evolving /*#$   DPODFQUPGUIFLOPXMFEHFFDPOPNZ/FXMZ Portugal   reinforced by the capital increase, EIF is now #"/$0#1*4"   well placed to remain at the cutting edge PGGJOBODJBMFOHJOFFSJOHJOTVQQPSUPG&VSP Spain   pean SMEs. ■ */45*5650%&$3²%*500'*$*"- *$0   "(&/$*"%&*//07"$*»/:%&4"330--0%&"/%"-6$¶" *%&" 4 

Sweden   45*'5&-4&/*/%6453*'0/%&/   by Victor Duggan Turkey   EIF Corporate Affairs & */%6453*"-%&7&-01.&/5#"/,0'563,&: 54,#   Finance United Kingdom   #"3$-":4#"/,1-$   4$055*4)&/5&313*4&   Total Financial Institutions   The annex forms an integral part of the register of members

18 EIB Information 3 – 2007 OUTSIDE EU

FEMIP develops the venture capital sector in Lebanon

After 15 years of relative stability, Lebanon’s political and security situation has once again deteriorated. Today, while the international community endeavours to mediate the situation, FEMIP is determined to provide financial assistance to the country of the cedar and to foster its economic growth, an important factor in achieving stability. by Marianne Roda, Communication Department

he numerous political attacks com Backing innovative SMEs in a &*#BOEGSPN"WFSSPFT'JOBODF5IF NJUUFEJO JODMVEJOHUIFBTTBTTJ country facing a political and remaining capital has been subscribed by nation of former Prime Minister Rafic security crisis FJHIU-FCBOFTFCBOLT#-0. #BORVFMJ Hariri in February, deeply divided CBOPGSBOÎBJTF -FCBOFTF$BOBEJBO#BOL  the country’s political forces and roused Over the past year, FEMIP has also fostered Crédit libanais, BBAC, Fransabank, BankMed them to action, while the armed conflict the emergence of a venture capital sector in BOE#BORVF"VEJ5IFUBSHFUPG64%N PGUIFTVNNFSPGTJHOBMMFEUIFSFUVSO -FCBOPO BNBSLFUTFHNFOUUIBUIBTTPGBS is expected to be reached by the end of of war to a country that had been at peace been little explored by the local and inter the year. TJODF national financial community. Accordingly, FEMIP contributed to the launch of the first FEMIP is thus banking on the dynamism and FEMIP, however, is determined to provide UISFFQSJWBUFFRVJUZGVOETJO-FCBOPO&VSP TUSPOHDBQBDJUZGPSSFWJWBMPGUIF-FCBOFTF financial assistance. In particular, it an NFOBJO #ZCMPT1SJWBUF&RVJUZ'VOE private sector. The EIB is also relying on its in nounced in January that it would provide and Building Blocks Equity Fund, an opera stitutional status to reassure other local and TVQQPSUUPUIFUVOFPG&63NPWFSGJWF UJPOTJHOFEPO+VMZJO#FJSVUCZ&*# international investors and encourage them ZFBSTGPSUIF-FCBOFTF(PWFSONFOUTSF 7JDF1SFTJEFOU1IJMJQQFEF'POUBJOF7JWF to follow in its footsteps at a time when the construction plan, thus tripling its com country’s driving forces could be tempted to mitments over the previous six years. As The purpose of the latter fund, set up at the move abroad. In short, by investing in this the majority of its banks have a foothold JOJUJBUJWFPGUIF-FCBOFTFFOUSFQSFOFVSTBT OFXIJHISJTLTFDUPS '&.*1JTTFOEJOHPVUB in the other southern Mediterranean coun sociation Bader, is to make equity invest message of confidence in the future of the USJFT -FCBOPOBMTPQMBZTBTJHOJGJDBOUSPMF NFOUTJOTNBMMBOENFEJVNTJ[FEJOOPWB -FCBOFTFFDPOPNZ■ in the politics and economics of the region UJWFFOUFSQSJTFTJO-FCBOPO*UIBTDVSSFOUMZ as a whole. SBJTFE64%N JODMVEJOHGSPNUIF

EIB Information 3 – 2007 19 OUTSIDE EU

The EIB expands its operations to the East

This summer, the EIB signed its first operations in Moldova and Ukraine, as well as a framework agreement with Georgia, three of the EU’s new neighbours

he EIB has already been operating in southern neighbours. Although the EIB has 3VTTJBGPSTFWFSBMZFBSTCFUXFFO been active for nearly thirty years in a number BOE JUGJOBODFEJO4U1FUFSTCVSH of Mediterranean partner countries in sup two sanitation projects on the Baltic port of development aid and cooperation Sea and a flood protection project under policies, relations with the EU’s new eastern the first mandate for the Russian coast of neighbours are a new area for the Bank. It is the Baltic Sea handed down to the Bank by therefore faced with a blank slate on which UIF&VSPQFBO$PVODJMJO it is keen to chalk up lending operations de signed to strengthen the ties between the 5IFTFDPOENBOEBUFGPSUIFQFSJPE Union and its neighbours and create an area XBTFYUFOEFEUPJODMVEF6LSBJOF of prosperity and stability on the borders of NJE BOE.PMEPWB FOE FO the enlarged European Union. abling the EIB to launch its first operations this summer, in the road sector, in these two The EIB’s involvement in this region is also DPVOUSJFT'JOBMMZ UIFDVSSFOU characterised by enhanced and closer co NBOEBUFXJUIBOFOWFMPQFPG&63CO UIF operation with the European Commission implementation of which has just begun, and the EBRD, particularly since a tripartite further enlarges the Bank’s operating area memorandum of understanding was signed by adding the three countries of Southern JO%FDFNCFS6OEFSUIJTBHSFFNFOU  Caucasus. The EIB signed a framework agree the three institutions coordinate the prepa ment with Georgia in June, while similar ration, negotiation and financing of projects agreements with Armenia and Azerbaijan that they support in the region. are being finalised. Moldova: hope for a way out The EIB is thus committed to implementing of the crisis by Marianne Roda UIF &VSPQFBO /FJHICPVSIPPE 1PMJDZ Communication MBVODIFECZUIF&VSPQFBO$PVODJMJO  About the size of Belgium, Moldova is Department shortly before the accession of first ten and a landlocked country located between then two new Member States, in order to Romania and the Ukraine, at the point and Joyce Liyan underline the links that the Union wish where the countries of the former Soviet FEMIP Department es to maintain with its new eastern and Union meet those of Central Europe. After a

20 EIB Information 3 – 2007 OUTSIDE EU

decade of economic recession, the country Ukraine: regional power (FPSHJB BVUIPSJTFTUIF&*#UPCFHJOPQFSB is now experiencing something of a boom and energy corridor tions in Georgia for financing infrastructure XJUIBWFSBHFBOOVBMHSPXUIPGPWFSUIF JOUIFUSBOTQPSU FOFSHZ UFMFDPNNVOJDB MBTUTJYZFBST/FWFSUIFMFTT .PMEPWBTUJMM *O+VMZ UIF&*#BEWBODFEB&63NMPBO tions and environment sectors. remains one of the poorest countries in UP6LSBJOFGPSUIFSFIBCJMJUBUJPOPGUIF. Europe, where the average monthly salary motorway, the main communications link Georgia is the first of the three Southern JTPOMZ64%*ONBOZPGUIFDPVOUSZT with the neighbouring EU Member States. Caucasus states to enter into cooperation economic sectors, there is a clear need for This will considerably improve Ukraine’s with the EIB. The Caucasus has connections foreign investment. access to the transport networks that serve XJUI&VSPQFBODJWJMJTBUJPOoKVTUUIJOLPG the Union. 1SPNFUIFVT UIF(PMEFO'MFFDF /PBIT"SL  Barely one month after the entry into force etc. But now it is a priority of the EU, which of the framework agreement signed in 8JUINJMMJPOJOIBCJUBOUT 6LSBJOFJTUIF JODMVEFE4PVUIFSO$BVDBTVTJOJUT /PWFNCFS UIF&*#HSBOUFEB&63N second most populated country of the neighbourhood policy, to become more MPBOUPUIF3FQVCMJDPG.PMEPWBGPSGJOBOD former Soviet Union, after Russia, and it involved in the region in order to help the JOHUIFSFQBJSPGUIFFBTUXFTUUSVOLSPBE PDDVQJFTBTUSBUFHJDQPTJUJPOBUUIFKVOD UISFFDPVOUSJFTDPODFSOFESFTPMWFUIFDPO connecting the capital Chisinau to the tion of the major road, rail and hydrocarbon GMJDUTXIJDIFNFSHFEEVSJOHUIFCSFBLVQ 3PNBOJBOCPSEFS5IJTPQFSBUJPODPNQMF transport routes towards western Europe. of the Soviet Union and build a prosperous ments the World Bank and EBRD loans for *UJTJOGBDUDSPTTFECZUISFFPGUIFUFOQBO economy on our doorstep. SFIBCJMJUBUJOHUIFOPSUITPVUIBSUFSJBMSPBE European multimodal corridors defined by Such basic infrastructure should help to UIF&VSPQFBO5SBOTQPSU.JOJTUFST$POGFS It is therefore in the political, economic and stimulate Moldova’s economy and improve FODFJO security interests of the enlarged European links between the European Union and this Union to pursue an “Eastern Policy” under new neighbour. Georgia: first Caucasus which the EU and its neighbours reinforce country to sign an agreement their links and interaction and which is The President of Moldova, Mr Vladimir with the EIB OFJUIFSBTIPSUUFSNFOHBHFNFOUOPSB 7PSPOJO NBEFBXPSLJOHWJTJUUP-VYFN purely economic relationship. It is against bourg at the end of June, during which he The framework agreement concluded on UIJTCBDLHSPVOEUIBUUIF&*#CFHBOUPDIBO met EIB President Philippe Maystadt and +VOFCFUXFFO.S5PSTUFO(FSTGFMU  nel funds into this region only a few months -VYFNCPVSH1SJNF.JOJTUFS+FBO$MBVEF &*#7JDF1SFTJEFOU BOE.S"MFLTJ"MFLTJTIWJMJ  after the latest enlargement of the EU to Juncker. then Finance Minister of the Republic of include Romania and Bulgaria. ■

EUROPE’S EASTERN NEIGHBOUR AND PARTNER COUNTRIES

&6301&"//&*()#063 $06/53*&4 &6301&"/1"35/&3$06/53:

RUSSIA RUSSIA BELARUS UKRAINE

MOLDOVA

Black Sea Caspian GEORGIA Sea ARMENIA AZERBAIJAN #FMBSVT&*#PQFSBUJPOTBSFTVCKFDUUPBGVUVSF$PVOD ##FMBSVT #PQFSBUJPPOTP FT UP G UVSF$PVODJMEFDJDJMJMEFDJT EFDJTDJTJPOJTJPOO

EIB Information 3 – 2007 21 OUTSIDE EU

EU-Africa Infrastructure Trust Fund encouraging first results

IF&6"GSJDB*OGSBTUSVDUVSF5SVTU'VOE is an innovative instrument intend Philippe Maystadt, ed to leverage European financing -PVJT.JDIFM  in support of the objectives of the BOE.PTT-FOHB XJEFS&6"GSJDB*OGSBTUSVDUVSF1BSUOFSTIJQ The Trust Fund Agreement was signed on "QSJMCZUFO&6EPOPST OJOF.FN CFS4UBUFTQMVTUIF&VSPQFBO$PNNJTTJPO  and by the EIB as Trust Fund Manager.

African development is high up on the agenda of the international community. A number of recent summits, including the (NFFUJOHTBU(MFOFBHMFT  BOE)FJMJ HFOEBNN  DBMMFEGPSBNBKPSJODSFBTF in financial flows from the richer nations to TVC4BIBSBO"GSJDBPWFSUIFOFYUGJWFUPUFO years. This worthy objective faces several challenges, including aid “absorption capac After only two months of activity, the Trust Fund has ity” on the African side and a corresponding already allocated 15% of the EUR 87m of existing donor need for donors to design new instruments financial commitments. in order to channel public money to Africa in an effective manner. From an economic viewpoint, there is also recognition that the development of trade and commerce JONVDIPGTVC4BIBSBO"GSJDBDPOUJOVFT to be hindered by major gaps in regional infrastructure networks.

Given the EIB’s recognised expertise in in frastructure finance and its long involve ment with Africa, it was logical that the Bank should play a leading role in devel oping innovative solutions to meet these by Robert Feige QPMJDZDIBMMFOHFT"O&6CBTFE5SVTU'VOE  ACP-Investment Facility Department driven by voluntary contributions, was

22 EIB Information 3 – 2007 OUTSIDE EU

identified as a suitable mechanism. The establish a common pipeline of eligible in t &63NJOUFDIOJDBMBTTJTUBODFBQ #BOLDPPQFSBUFEDMPTFMZXJUIUIF&VSP frastructure projects. proved for a feasibility study to examine pean Commission in the detailed design a new power transmission line between of this instrument. Member States were In order to ensure that African priorities are Ethiopia and Kenya. also widely consulted to ensure that the fully respected, the Trust Fund will benefit Trust Fund complied with their political from the orientations of a future Steering In addition, “Clearance in principle” (con and operational criteria. $PNNJUUFFGPSUIFXJEFS&6"GSJDB*OGSB GJSNJOHFMJHJCJMJUZ XBTBDDPSEFEUPBGPVSUI structure Partnership. This Committee will project involving the upgrading of a port on /PXPQFSBUJPOBM UIF5SVTU'VOEDBOQSPWJEF include African representatives and is ex Africa’s Atlantic seaboard that is currently grant support for projects demonstrating pected to hold an inaugural meeting in under appraisal. DSPTTCPSEFSPSSFHJPOBMJNQBDUJOUIFGPVS Addis Ababa later this year. The Trust Fund NBJOJOGSBTUSVDUVSFTFDUPSTXBUFS FOFSHZ  PFG will also seek to work constructively After only two months of activity, the Trust transport and telecommunications. Four de with the African Development Bank and 'VOEIBTUIFSFGPSFBMSFBEZBMMPDBUFE MJWFSZNFDIBOJTNTGPSHSBOUTBSFQMBOOFE J  PUIFSOPO&VSPQFBOMFOEFST PGUIF&63NPGFYJTUJOHEPOPSGJOBODJBM JOUFSFTUSBUFTVCTJEJFT  JJ UFDIOJDBMBTTJTU commitments, and the PFG is working ac BODFGFBTJCJMJUZTUVEJFT  JJJ POFPGGHSBOUT As a result of intensive activity following tively on new proposals. In the context of for project components providing clear so the signature of the Trust Fund Agree Africa’s huge infrastructure requirements, DJBMPSFOWJSPONFOUBMCFOFGJUTBOE JW HSBOUT ment in late April, the Trust Fund Execu it is probable that additional European do UPDPWFSFBSMZTUBHFQSFNJVNTPOSJTLNJUJ tive Committee was able to consider a nors will contribute to the Trust Fund in the gation insurance which facilitate the launch first set of grant requests for four eligible coming months. The EIB will play its part to of eligible infrastructure projects. infrastructure projects during its meet ensure that the encouraging early perform JOHPO+VOF5ISFFHSBOUSFRVFTUTXFSF ance of the Trust Fund is maintained, in the Project access to the Trust Fund will be via BQQSPWFEGPS&63N interests of African development.■ Bi1SPKFDU'JOBODJFST(SPVQw 1'( PGOPNJ nated European development financiers, t &63NJOUFDIOJDBMBTTJTUBODFBQ which is authorised to submit grant requests proved for the EASSy Telecoms Submarine to the Executive Committee of Donors. The $BCMFQSPKFDU XIJDIXJMMCSJOHIJHITQFFE current membership of the PFG includes broadband/voice connections to East UIF&*# "HFODF'SBOÎBJTFEF%ÏWÏMPQQF Africa, involving the initial participation NFOU $0'*%&4BOE-VY%FWFMPQNFOUUIF PGDPBTUBMBOEOPODPBTUBMTUBUFTGSPN nomination by donors of additional Euro South Africa to Sudan; pean financiers is expected in the near fu ture. The PFG is an innovative format that t &63NJOJOUFSFTUSBUFTVCTJEJFTBQ XJMMGBDJMJUBUFQSPKFDUDPGJOBODJOHBNPOHTU proved for the Félou Hydropower project, European development financiers and also which will provide sustainable energy to promote upstream coordination in order to Mali, Mauritania and Senegal;

EIB Information 3 – 2007 23 OUTSIDE EU

by Monique Koning ACP – Investment Facility EASSy project Department

Countries -BOEJOH1PJOUT Sudan Port Sudan Djibouti Djibouti Somalia Mogadishu Kenya Mombassa Tanzania Dar es Salaam Madagascar Toliary Mozambique Maputo South Africa Mtunzini

-BOE-PDLFE$PVOUSJFT Ethiopia The first project to receive Technical Uganda Assistance from the EU Africa Rwanda Infrastructure Partnership Trust Fund is Burundi the East African Submarine Cable System Malawi ;BNCJB (EASSy) project. EASSy consists of a ;JNCBCXF 10 000 km fibre optic submarine cable Botswana along the East African coast, linking Sudan Swaziland to South Africa with landing points in these -FTPUIP countries as well as in Djibouti, Somalia, Kenya, Tanzania, Madagascar, Mozambique, Mayotte and Comoros.

andlocked countries of the region tries, reliable, fast and widespread access to the EIB and other development finance in (notably Ethiopia, Uganda, Burundi, international communications (including the stitutions are pooled in a Special Purpose 3XBOEB .BMBXJ ;BNCJB ;JNCBCXF  *OUFSOFU BUMPXFSQSJDFTUIBUBSFTJNJMBSUP Vehicle called the West Indian Cable Compa #PUTXBOB  4XB[JMBOE BOE -FTPUIP  those found in other developing countries OZ 8*0$$ 8*0$$XJMMPQFSBUFPOUIFCBTJT will be linked to the cable through terres such as, for instance, India. It is difficult to im of “open access”, meaning that it will sell ca trial backhauls that are either existing or in agine that countries in Eastern Africa current pacity, at one and the same price, not only to the process of being built through sepa ly do not have access to high speed Internet, its own shareholders but also to any licensed rate projects. The total project cost of the and rely solely on satellite connections, which operator in any of the EASSy markets, subject DBCMFJTFTUJNBUFEBU&63N&VSPQFBO have inherent delays and are expensive. In only to national regulatory restrictions. And it finance institutions consisting of the EIB, short, the project aims to support the reduc XJMMTFMMDBQBDJUZPOBDPTUQMVTCBTJTUPTBGF ,G8BOE"'%XJMMQSPWJEF&63NJOMPBOT tion in the digital divide, by providing poor guard against profiteering. The combined for the project. IFC and Development Bank people with access to affordable communica effect of these measures will be to introduce PG4PVUIFSO"GSJDB %#4" BSFBMTPJOWPMWFE tion services, including the Internet. an important element of competition into the as lenders. scheme in order to put downward pressure on The EASSy cable will be owned and operat QSJDFTUPCFQBJECZFOEDPOTVNFST EASSy is critical for the economic develop ed mostly by African national and regional ment of Eastern and Southern Africa, as it will telecommunication companies. Those com The Technical Assistance, in the amount provide, for the first time for most of the coun panies that require external assistance from PG&63N XJMMCFVTFEUPQBZGPSUIF

24 EIB Information 3 – 2007 OUTSIDE EU

expenses of a professional management ing telecommunications services in the ing which the supplier will immediately UFBNGPS8*0$$EVSJOHUIFTUBSUVQQIBTF various markets as soon as the cable gets start its work. The launch of operations of the project. It will enable WIOCC to hire into the water. The project is expected to of the cable is expected at the beginning UIFCFTUFYQFSUTBWBJMBCMFBOEUPTUBSUTFMM DMPTFXJUIJOUIFOFYUGFXXFFLT GPMMPX PG■

*/5&3/"-*446&4 EIB Senior Management Cadre Appointments

José Frade has been appointed Deputy Head Jürgen MOEHRKEIBTCFFOBQQPJOUFE%JSFD PGUIF$POWFSHFODFBOE&OWJSPONFOU%FQBSU tor of the Strategy, Management and Financial NFOU 1SPKFDUT%JSFDUPSBUF 1+ XJUIFGGFDUGSPN $POUSPM%FQBSUNFOU 4.$ XJUIJOUIF4USBUFHZ "VHVTU.S'SBEFKPJOFEUIF&*#JO BOE$PSQPSBUF$FOUSF 4$$ XJUIFGGFDUGSPN BTBUFDIOJDBMBEWJTFSJO1+*OIFXBTBQ "VHVTU pointed Head of the Water and Wastewater %JWJTJPOBOEJOIFCFDBNFBO"TTPDJBUF .S.PFISLFKPJOFEUIF&*#JOBTBMPBO Director for his expertise in this sector. PGGJDFSGPS$FOUSBMBOE&BTUFSO&VSPQF*O he became Head of the Financial Institutions After graduating in civil engineering from the Unit, covering the ten Member States that 6OJWFSTJUZPG-JTCPO .S'SBEFTUBSUFEIJTDBSFFSBTBSFTFBSDI BDDFEFEUPUIF&6JO)FKPJOFEUIF0QFSBUJPOT4VQQPSU er and professor in hydraulics and became a consultant in the %FQBSUNFOU 04% JO MFBEJOHJUBT$IJFG0QFSBUJPOBM$P water sector before joining the Bank PSEJOBUPSVOUJM

Guy Clausse has been appointed Head of the During this time, Mr Moehrke was instrumental in steering the Convergence and Environment Department, Bank’s operational departments through the enlargement of the 1SPKFDUT%JSFDUPSBUF 1+ XJUIFGGFDUGSPN EU and in managing the change process from the operational "VHVTU centre in line with the Bank’s new strategy.

.S$MBVTTFDPNQMFUFEIJTTUVEJFTJOFDPOPN #FGPSFKPJOJOHUIF#BOL .S.PFISLFXPSLFEGPS-BOEFTCBOL JDTBOECVTJOFTTBENJOJTUSBUJPOBUUIF6OJWFS #BEFO8àSUUFNCFSH -##8 JO4UVUUHBSUBT$SFEJU"OBMZTU $PS sity of Cologne. After teaching and research porate Account Manager and Export Financing Manager, and NBOBHFNFOUBDUJWJUJFTUIFSFBOEJO-JTCPO  GPSUIF(FSNBO*OWFTUNFOUBOE%FWFMPQNFOU$PNQBOZ %&(  IFKPJOFEUIF&*#JO)FCFDBNFJOWPMWFE in Cologne as Project Manager. successively in economic project assessment, environmental cooperation, and lending coordination and planning (Head of Mr Moehrke holds a Diploma in Business Administration with %JWJTJPOTJODF *OQBSUJDVMBS IFIBTQBSUJDJQBUFEJONBKPS specialisation in banking and finance. lending policy initiatives, including the Bank’s shift to innovative forms of finance and its preparation for EU enlargement, and in GPSHJOHMJOLTXJUISFMBUFENFBTVSFTBU&6$PVODJMBOE$PNNJT TJPOMFWFM4JODF IFIBTIFBEFEUIF0QFSBUJPOBM-FOEJOH Policies Division in the Policy Support Department, of which he XBTBQQPJOUFE"TTPDJBUF%JSFDUPSJO

EIB Information 3 – 2007 25 CORPORATE ISSUES

EIB seminar on financing clean energy

The European Investment Bank, in cooperation with EFCA and FEACO4, is organising a series of seminars aimed at promoting the funding available to support the economic objectives of the European Union and fostering the development of expert partnerships and quality projects.

he third seminar in the series Participants had the opportunity to ac European Investment Fund; an overview “FINANCING CLEANER ENERGY” tively contribute through comments and of energy and sustainable development in UPPL QMBDF JO #SVTTFMT PO  +VOF questions, to share experiences and to EU partner countries; and the methods and  network. procedures for project appraisal.

EIB experts presented the Bank’s strategy The seminar was attended by small, me (All presentations are available on the for supporting EU energy objectives, in EJVNTJ[FEBOEMBSHFDPNQBOJFTXPSLJOH EIB website at IUUQXXXFJCPSHOFXT cluding financing instruments for funding on energy projects, energy providers, offi FWFOUTFJCTFNJOBSGJOBODJOHDMFBOFSFO energy projects, and the Bank’s approach cials of institutions concerned with energy FSHZIUN ■ to assessing the technical, economic and policy and members of think tanks and re environmental viability of energy projects. search institutes.

Presentations from EIB staff included an 4 The European Federation of Engineering overall view of the EIB’s energy strategy; the Consultancy Associations &'$"  IBT NFNCFS EIB’s approach to climate change; the role of BTTPDJBUJPOT JO  DPVOUSJFT BOE SFQSFTFOUT the EIB in carbon credit funds; the Bank’sap engineering consultancy and related services, BTFDUPSUIBUFNQMPZTTPNFTUBGGJO proach to financing renewable energy; the Europe. The European Federation of Management Risk Sharing Finance Facility; EIB financing Consultancies Associations '&"$0 DPWFST for research, development and innovation by Daniela Sacchi- DPVOUSJFTBOESFQSFTFOUTPWFS&VSPQFBOöSNT  Cremmer, Communication FNQMPZJOHTPNFTUBò SFQSFTFOUJOHPWFS in the context of the Risk Sharing Finance PGUIFNBOBHFNFOUDPOTVMUBODZNBSLFU 'BDJMJUZ TFFBSUJDMFPOQ UIFSPMFPGUIF Department

26 EIB Information 3 – 2007 */5&3/"-*446&4

The EIB wants to obtain the Green Label

The EIB applies strict environmental criteria when appraising its lending operations and is now also stepping up “green management” inside its buildings, as it recognises that how it deals with this matter has an impact on the environment.

he Bank is currently concentrating on the management of its waste and Used battery The waste bins used by the Bank have been replaced and the new increasing its efforts to comply with receptacle ones have been chosen to comply with the colour-coded system UIF(SFFO-BCFMDSJUFSJB5IJTBDDSFEJ recommended by SuperDrecksKëscht. Also, all the bins have been tation label, signalling that correct waste labelled to clarify the sorting process. management practices are being followed, Offi ce bin is awarded by SuperDrecksKëscht, a body An information leaflet on the sorting of waste will shortly be UIBUDPNFTVOEFSUIF(SBOE%VDIZPG-VY distributed to all staff. embourg’s Environment Ministry. Information posters will be displayed in the Bank’s three buildings. The EIB has already introduced an improved waste management system, as no less than UZQFTPGXBTUFBSFDVSSFOUMZTPSUFEBOE  for the most part, recycled.

In order to get staff involved in this project, UIF'BDJMJUJFT.BOBHFNFOU%JWJTJPOJTDVS Two exhibitions are scheduled in the SFOUMZMBVODIJOHBDBNQBJHOUPSBJTFBXBSF ness via various communication tools. Bank’s main building: Exhibition organised by Facilities Management Division EIB CERCLE Art out of waste SuperDrecksKëscht will organise an audit - “Recycl’Art” will feature works of art created from vari- SuperDrecksKëscht ous waste products (electrical and electronic equipment, SuperDrecksKëscht – a body The pupils created art out of various types of PGUIFUISFFCVJMEJOHTBUUIFFOEPG JO created by Luxembourg’s waste (electrical and electronic equipment, Environment Ministry – laun- electrical appliances, computer components, ched a competition during CDs, cables, etc.). the 2006/2007 academic year electrical appliances, computer components, CDs, cables, Seventeen classes took part and some fifty aimed at schools. The purpose items were submitted. As it was a huge suc- order to assess the impact of the measures was to show pupils that waste has value and pro- cess, SuperDrecksKëscht is currently preparing vides a useful source of secondary materials to launch a similar competition for the current taken by the EIB. ■ etc.). These items have been created by pupils from various school year schools in Luxembourg.

Exhibition organised by Facilities Management Division in cooperation with EIB CERCLE - “Valorlux – Recyclable Green Label here we come… packaging” will provide in- Contact: Catherine Bender Selective sorting is something that concerns all of us! [email protected]

WHERE SHOULD WE DISPOSE OF OUR formation on how items such October 2007 8 to 26 October: VALORLUX WASTE Valorlux Exhibition – as plastic bottles, tin cans and Recyclable packaging

What is VALORLUX? drinks cartons can be reused

VALORLUX’s mission is to promote, coordinate and support financially the selective collec- RECYCLABLE PACKAGING by creating new products. tion, sorting and recycling of domestic and EMBALLAGES RECYCLABLES similar packaging waste in the Grand Duchy by Catherine Bender, of Luxembourg.

In the yellow bins available in all the kitchenettes Facilities Management off the corridors. Plastic bottles < Tin cans, foil… < Division Drinks cartons <

Contact: Catherine Bender – [email protected]

October 2007 EIB Information 3 – 2007 27 The information magazine of the European Investment Bank Group Dates for the Diary... European Investment Bank  CPVMFWBSE,POSBE"EFOBVFSo--VYFNCPVSH 3  o5   t 08/11/07o'JOBODJOHPG3FTFBSDI %FWFMPQNFOUBOE*OOPWBUJPOoUIFLFZ U www.eib.org – [email protected] UPUIFGVUVSF 7JFOOBo"VTUSJB External Offices t 09/11/07o&*#8PSLTIPQXJUI$40T -JTCPOo1PSUVHBM Austria t 26/11/07o$POGFSFODFPO&OFSHZ #VDBSFTUo3PNBOJB .BUUJFMMJTUSB•Fo"8JFO t 27/11/07o+"41&34$SPTT4FDUPS$POGFSFODF 4PGJBo#VMHBSJB 3  o5   Belgium t 28/02/08o"OOVBM1SFTT$POGFSFODF #SVTTFMTo#FMHJVN 3VFEFMBMPJ8FUTUSBBUo##SVYFMMFT#SVTTFM 3  o5   Details and registration at www.eib.org/events France  SVFEFT1ZSBNJEFTo'1BSJT 3  o5   Germany -FOOÏTUSB•Fo%#FSMJO New EIB publications 3   o 5   Greece  )FSPEPV"UUJLPV7BT4PGJBT"WFOVFo(3"UIFOT June 2007 3  o5   Italy tAudit Committee Annual Reports for the year

7JB4BSEFHOBo*3PNB Banque européenne d’investissement  3  o5   Poland 1MBD1J’TVETLJFHPo1-8BST[BXB July 2007 3 5  o   La politique énergétique Portugal de l’UE et la BEI t$PSQPSBUF3FTQPOTJCJMJUZoMPPLJOHUPUIFGVUVSF "WFOJEBEB-JCFSEBEF ¡ "o1-JTCPB t&*#BOE'JOBODJOHPG/VDMFBS&OFSHZ 3  o5   Spain August 2007 $BMMF+PTÏ0SUFHBZ(BTTFU  ¡o&.BESJE 3  o5   United Kingdom t$POEFOTFEDPOTPMJEBUFEBOEVODPOTPMJEBUFE 3PZBM&YDIBOHF#VJMEJOHTo-POEPO&$7-' JOUFSJNGJOBODJBMTUBUFNFOUT 3  o5   t*OTQFDUPSBUF(FOFSBM'SBVE*OWFTUJHBUJPOT Australia "OOVBM3FQPSU -FWFM "#/".305PXFS 1IJMMJQ4USFFU 4ZEOFZ/48 t1VCMJD%JTDMPTVSF1PMJDZ SFWJTJPO 3  o5   Egypt  #PVMPT)BOOB4USFFUo%PLLJ (J[B September 2007 3  o5   Kenya t'JOBODJOHQSPWJEFECZUIF&*#JO"MHFSJB &HZQU  "GSJDB3F$FOUSF UIGMPPSo)PTQJUBM3PBE 10#PY (B[B8FTU#BOL *TSBFM +PSEBO -FCBOPO  ,&/BJSPCJ .PSPDDP 4ZSJBBOE5VOJTJB CSPDIVSFT 3 5  o   t'&.*1GPSUIF.FEJUFSSBOFBOFOWJSPONFOUBOE Morocco sustainable development 3JBE#VTJOFTT$FOUFS "JMFTVE *NNFVCMF4 e étage #PVMFWBSE&S3JBE 3BCBU &*#(SPVQTVQQPSUGPS4.&ToTVNNBSZTIFFU 3  o5   Senegal  SVFEV%PDUFVS3PVYo#1 %BLBS1MBUFBV October 2007 3  o5   South Africa t&*#5SBOTQPSU-FOEJOH1PMJDZ  (SFFOQBSL&TUBUFTo(FPSHF4UPSSBS%SJWF t+"41&34o5FDIOJDBM"TTJTUBODFGPS1SPKFDU (SPFOLMPPGo5TIXBOF 1SFUPSJB 1SFQBSBUJPO VQEBUF 3 5 FEMIP:  o   Financements en Algérie, Égypte, Gaza/Cisjordanie, Israël, Jordanie, Liban, Maroc, Syrie et Tunisie t+&44*$"o"OFXXBZPGVTJOH&6GVOEJOHUP Tunisia   " *1 +(% #1 *(($1$$   $,)* ))#$* *  &(*$( * /   " *1 +(% #1 *(($1$$   $,)* ))#$* *  &(*$(   BWFOVF.PIBNFE7o5/5VOJT promote sustainable investments growth 3 5  o   La FEMIP pour la Méditerranée in urban areas Environnement et développement durable

L’environnement a toujours représenté un enjeu de taille dans t&6FOFSHZQPMJDZBOEUIF&*# la région méditerranéenne, notamment en raison de la rareté La FEMIP des ressources en eau. Conformément à la politique globale de la BEI, qui place l’environnement parmi les six principaux La Facilité euro-méditerranéenne d’investissement et de objectifs de son activité de prêt, la protection de l’environne- partenariat (FEMIP) regroupe la gamme complète des ment est l’une des toutes premières priorités de la FEMIP dans instruments mis en œuvre par la Banque européenne European Investment Fund les pays partenaires méditerranéens. d’investissement dans les pays partenaires méditer- ranéens. Entre 2002 et 2006, la FEMIP a fourni plus d’un milliard d’EUR à l’appui de projets visant à sauvegarder et à assainir l’environne- Opérationnelle depuis octobre 2002, la FEMIP est aujourd’hui ment, à réduire la pollution et à améliorer la qualité de vie. l’acteur de référence du partenariat économique et finan- cier entre l’Europe et la Méditerranée, avec près de 6 milli-  BWFOVF+',FOOFEZo--VYFNCPVSH En 2006, l’environnement est arrivé en deuxième position ards d’EUR de financements accordés entre octobre 2002 et parmi les secteurs bénéficiaires des financements de la FEMIP. décembre 2006. Sur un total de 1,3 milliard d’EUR investi dans la région en 2006, 365 millions d’EUR sont allés à des projets en faveur de l’en- Pour la période 2007-2013, la FEMIP disposera de 8,7 mil- Coming soon: 3 5 vironnement, soit plus de 25 % du total des financements liards d’EUR pour soutenir des projets dans les neuf pays consentis par la FEMIP. Ces chiffres confirment l’importance partenaires méditerranéens. À ces ressources s’ajouteront  o   croissante que revêt ce secteur pour la FEMIP. 2 milliards d’EUR au titre du Mécanisme de partenariat médi- terranéen II ainsi que des ressources provenant du budget de l’UE pour les activités d’assistance technique et de capital- U risque. a protection de l’environnement est l’une des La FEMIP soutient la modernisation et l’ouverture des écono- www.eif.org – [email protected] mies des pays partenaires méditerranéens. Elle articule ses L toutes premières priorités de la FEMIP. Entre 2002 interventions autour de deux objectifs prioritaires : le déve- et 2006, la FEMIP a fourni plus d’un milliard d’EUR à loppement du secteur privé et la création d’un environne- t*OWFTUNFOU3FQPSU l’appui de projets visant à sauvegarder et à assainir ment propice à l’investissement. l’environnement. Please consult the Bank’s website for the updated list of existing offi ces and their contact details. All brochures can be downloaded at www.eib.org/publications. 2)""&/$ ª&*#&/