EIB welcomes Deauville Partnership for Middle East and North Africa

The European Investment Bank strongly supports the aspirations of the Arab Spring and the need for sustainable and inclusive growth highlighted by G8 leaders at the Deauville summit in France on Friday. In line with the G8 call for frontloaded support, the EIB expects to sign a EUR 300 million loan with Tunisia in July.

“The EIB welcomes the Deauville Partnership and will work in conjunction with the Multilateral Development Banks to support the twin challenges of democratic and economic transition in the region,” said EIB President Philippe Maystadt. “We particularly recognise the importance of immediate support and will accelerate projects that support inclusive growth.”

As the bank of the European Union, the EIB will contribute to implementation of the “Deauville Partnership” in the framework of the new EU Neighbourhood policy launched this week by EU High Representative Catherine Ashton and Commissioner Stefan Füle.

 The EIB will support EU policies in building the Partnership for Democracy and Shared Prosperity in the Southern Mediterranean, with particular focus on financing investments aimed at job creation, private sector development including support for SMEs, infrastructure and climate action.

 The EIB through the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) is the largest investor in the region. Subject to agreement of the EU’s budgetary authorities it aims to provide up to EUR 6 billion (USD 7.6 billion) of finance to the region by 2013.

In accord with Tunisia’s transitional government, EIB will support employment, small and medium-sized enterprises and the development of microcredit, the modernisation of transport infrastructure and the expansion of energy generation and distribution. In Egypt, the EIB and authorities have identified priority projects in key areas such as help for businesses and the self-employed, infrastructure development, transport, energy and water.

 Prospects for the wider region are due to reviewed in July in Brussels at the annual meeting of finance ministers from the EU and FEMIP partner countries.

 Note to editors:

 The Facility for Euro-Mediterranean Investment and Partnership was set up in 2002. FEMIP provides highly practical support for economic and social development in the Mediterranean with the aim of improving living conditions in the partner countries. By the end of 2010, its total financing commitment had grown to more than EUR 12 billion. In 2010, FEMIP increased the volume of its activity by 60% to EUR 2.6 billion.