EIB Approves Multi-billion Worth of New Loans

The European Investment Bank on Friday approved more than 7.3-billion-euros (8.1-billion-dollars) worth of new loans for investment in strategic infrastructure, including help for countries on the frontline of the migration problem.

Meeting in the Maltese capital of Valletta, the EIB board of directors approved the loans, 18 of which - worth 2.8 billion euros - are backed by the European Fund for Strategic Investments.

The board discussed the EIB's new Economic Resilience Initiative for North Africa, the Middle East and Western Balkans. Lending in countries most impacted by the refugee crisis was high on the agenda, reported German Press Agency dpa.

EIB president Werner Hoyer said: "The EIB, as the EU bank, is committed to helping those affected by forced migration and to help build more resilient economies that tackle its root causes." The initiative will have particular focus on young people and women, with increased investment in socially important sectors like water and education. It will also support entrepreneurs who create opportunities for refugees.

Under this initiative, the EIB will increase its support to the Southern Neighbourhood, which includes countries in the Middle East and North Africa as well as the Western Balkans.

New support for strategic infrastructure totalling 2.2 billion euros included backing for upgrading road links in Lithuania and Poland, new passenger trains for use in Britain, Belgium, Germany and Ukraine and new schools across Ireland. During the two-day meeting, the EIB also approved 40 million euros of new support for social housing and private sector investment in Malta.

The EIB is the world's largest multilateral public bank and the board meeting included representatives of the bank's 28 EU member state shareholders, as well as the European Commission.

The board is convened once a year in the country that will next take the European Union's rotating presidency. Malta will hold the presidency from January to June 2017.

Source : QNA