Tag Archives: Werner Hoyer

EIB EUR 6.5 billion energy-SME-transport and urban investment

We value regular and intensive engagement with civil society. It strengthens the EU Bank’s contribution to the economy and society everywhere. It builds on detailed consultation concerning specific projects and covers broader issues about strategy and the EIB’s overall role. Our exchange with NGOs and other civil society organisations is always fruitful, including when we come to different conclusions about specific initiatives. Yesterday was no exception. We learnt a lot.” said Werner Hoyer, President of the European Investment Bank.

At its first meeting of 2018 the Board of the European Investment Bank today approved a total of EUR 6.5 billion of new financing for 36 projects in 17 European Union countries and schemes in Africa, Asia and Latin America.

Engagement with Civil Society

The Luxembourg meeting of the EIB’s 28 EU Member State shareholders and the European Commission followed a day of discussions between Board members and representatives of more than 90 different civil society organisations.

Approval of EIB Diversity and Inclusion Strategy

The Board approved the EIB’s Strategy for Diversity and Inclusion that sets out priorities and targets for ensuring that the EIB itself better reflects society.

“A diverse and inclusive organisation increases staff engagement and will strengthen the impact of our activity. The EU Bank is committed to protect equal opportunities and foster a more inclusive work environment. The new Diversity and Inclusion Strategy reaffirms this commitment and sets out a clear path to achieve these goals over the next four years.” added President Hoyer.

New financing approved by the EIB Board

“New financing approved today demonstrates the EIB’s firm commitment to improving education, energy, transport, housing and water needs and ensuring that businesses can expand. This includes both new initiatives to transform the global green bond market and improve daily life in western, central and southern Africa.” highlighted President Hoyer.

Approval of EUR 1.5 billion financing for Trans-Adriatic Pipeline

Following detailed discussions the EIB Board approved EUR 1.5 billion of financing for the Trans-Adriatic Pipeline (TAP) that will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.

The project is part of the Southern Gas Corridor, an initiative identified by the Council of Ministers, the European Commission, and the European Parliament as a strategically important component within the EU’s energy policy (Project of Common Interest).

Backing expansion of green bonds to support sustainable investment

Building on the EIB’s role as the first and largest issuer of green bonds worldwide the board approved support for a new USD 2 billion initiative to strengthen use of green bonds in emerging market in cooperation with a number of international financial institutions. This will address the limited issuance of green bonds in developing countries most vulnerable to a changing climate.

Support for renewable energy and security of energy supply

Reflecting the EIB’s commitment to support both renewable energy and strengthen security of energy supply, in addition to the Trans-Adriatic Pipeline, financing was approved for a new 17MW wind farm in Lower Austria, construction of a hydropower plant on the Nenskra river in Georgia and medium sized renewable energy projects across Africa.

New backing for energy distribution includes modernisation of distribution and roll-out of smart meters in Spain, improving reliability of existing distribution networks in Italy and construction of a new waste to energy plant in the Scottish city of Dundee.

Improving transport infrastructure

The board also approved financing for construction of the new Line 4 of the Athens Metro and trains for the new route, expansion and upgrading of Iceland’s main airport at Keflavik, a 7 km extension of the light-rail network in Morocco’s political and administrative capital Rabat including construction of 13 new stations.

In line with the EIB’s broad engagement to support transport across sub-Saharan Africa new financing was also approved for financing a rapid transit bus network in the Senegalese capital Dakar, including construction of 23 stations and acquisition of 144 new buses. The board also approved support to upgrade the Great North Road, a key access route to Indian Ocean ports in landlocked Zambia.

Strengthening support for urban investment

New investment totalling EUR 970 million to improve services, provision of social housing, sustainable infrastructure and reduce energy use in cities across Europe was also approved. This includes new finacing for urban development investment across Greece, renovation of cultural facilities in Innsbruck, and support for urban infrastructure in the north-western Romanian city of Oradea and towns across Poland.

The EIB will also back for a four-year social housing construction scheme in Hamburg and finance retrofitting and building of new housing units with a housing corporate in Rotterdam.

Supporting business investment with local partners

The board agreed more than EUR 1.3 billion of new financing to support investment by companies across Europe. This includes support for leasing activity in Poland, financing for export-focused firms and climate related investment in the Czech Republic and new credit lines with leading local banks in Finland, Italy, Spain and Portugal.

Improving internet access, education and water services

Future financing to improve high-speed internet services in the greater Toulouse region and construction of a new university campus in Helsinki was agreed.

Reflecting the EIB’s unique technical and financial experience supporting water investment worldwide new projects in Friesland and the Rwandan capital Kigali were also approved.

Investment Plan for Europe

Financing for four projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totaling EUR 4.1 billion.

Today’s approvals included the financing of high-speed internet in France and a windfarm in Austria, as well as support for smaller companies in Poland and for the Trans-Adriatic Pipeline.

EU Bank finance investment for climate action, broadband and business

The EIB is the largest multilateral investor in climate action. As the world’s climate leaders meet in Bonn, our commitment to the COP climate targets and to the Sustainable Development Goals is stronger than ever. The projects we approved today are evidence of that. They range from backing solar power in India to reforestation in China and climate-relevant investment in the EU, including under the Investment Plan for Europe. Over the next 5 years we plan to bring close to EUR 100 billion to climate action projects, and continue to partner with other multilateral development banks to ensure that all our financing is complementary and achieves maximum impact.” said Werner Hoyer, President of the European Investment Bank.

Meeting in Luxembourg earlier today the board of the European Investment Bank approved a total of EUR 9.2 billion of new financing for 38 projects in 16 European Union countries and around the world in Africa, Asia and Latin America.

This includes support for transformational investment to harness onshore and offshore wind energy, expand high-speed mobile broadband and strengthen industrial innovation. New schemes to improve water infrastructure, build new hospitals and construct new high speed rail links were also approved.

More than EUR 1.8 billion of new financing approved today will support investment in 13 projects guaranteed by the European Fund for Strategic Investments. These include expanding internet access in southern France, and building new windfarms in eastern Spain, Sweden, the Netherlands and Ireland.

Backing new climate related investment to cut emissions and reduce energy use

The new projects expected to be financed by the EIB include EUR 3.7 billion for climate related investment. This includes schemes to adapt water infrastructure to changing weather patterns in the Netherlands and Panama, cut industrial energy use in Italy and Germany, increase use of small-scale hydropower in Greece, generate green energy from biomass in Poland and Croatia, reduce road use in Spain and construct zero energy buildings in Austria.

Supporting sustainable energy and improving security of energy supply

Overall a total of EUR 2.6 billion of new energy financing was approved, including renewable energy projects, investment to replace energy intensive substations in the Ukraine and new support for equity investment in sustainable energy projects in Africa, Asia and Latin America.

New investment will improve the reliability and security of energy networks in Wallonia and Greece, as well as construct new strategic oil reserves in Cyprus.

Support for small business investment

The board approved more than EUR 4.2 billion of new support for lending to small business by partner banks, including in Spain, Italy, Croatia and Poland.

New focused lending initiatives will finance innovation, digitalisation and internationalisation activities by SMEs and midcap companies in Spain.

Improving urban living through new investment

One new scheme will finance basic public infrastructure in towns in 24 regions across Tunisia.

Improving high-speed rail transport

A new EUR 190 million loan will finance construction and environmental impact mitigation for a new 120km high-speed rail line south of Valencia in Spain.

Financing corporate innovation and research

The EIB board also approved more than EUR 937 million of new financing to support research and innovation by manufacturing, chemical and healthcare companies in Finland, France, Bulgaria, Italy, Poland, Romania and the Netherlands.

Improving health and education facilities

New financing will also support long-term investment in social infrastructure, including new healthcare facilities in the Netherlands and education in the Netherlands and Italy.

Support for public-private finance

Public-private partnership projects approved by the November meeting include the Oweninny windfarm in Ireland, Blauwind offshore windfarm in the Netherlands and Var internet project in France.

EIB: EUR 4.7 billion investment

“We continue to observe an investment drought in the European economy hurting the future competitiveness of the continent, and market gaps in long-term financing opportunities available,” said Werner Hoyer, President of the European Investment Bank. “The new projects approved today continue EIB’s contribution towards filling those gaps, to supporting sustainable investment across Europe and around the world. But we also stand ready to help regions to get back on their feet when natural disasters strike, as today’s financing package for Italy shows.”

The board of the European Investment Bank approved a total of EUR 4.7 billion of new financing for 30 projects across Europe and around the world at its meeting in Luxembourg today, including EUR 530 million for natural disaster recovery in Italy.

Reconstruction efforts will follow 40 different extreme weather events in 16 Italian regions over the last three years. This will help to finance urban reconstruction, including housing and public buildings, as well as financing to small companies and agricultural businesses impacted by recent natural disasters.

Other approved operations included backing for road and rail transport, renewable energy and electricity interconnectors, industrial innovation, healthcare, education and off-grid solar energy.

Investment Plan for Europe

Financing for eleven projects approved by the EIB board will be backed by the Investment Plan for Europe and support overall investment totaling EUR 1.6 billion in fifteen EU countries.

Today’s approvals included support for research and development in Bulgaria, Germany, France and Denmark as well as financing for transport and social infrastructure in Poland.

Improving urban, regional and national transport

A total of EUR 1.8 billion of new financing was approved for 8 new rail and road transport projects. This includes support for rail and road network modernisation in Poland, new trams in the Rhine-Neckar conurbation and new intercity rolling stock for use on routes between Paris and the Normandy coast.

New financing for congested urban roads in Tunisia was also approved, supporting construction of 8 new road junctions in the city of Sfax.

Supporting sustainable energy and improving electricity networks

Support for investment in new onshore windfarms in Latvia, as well as new small scale geothermal, biomass and solar power schemes across Italy, was approved amongst a total of EUR 664 million for new energy investment.

The board also backed financing proposals to modernise and reduce energy use in district heating in Krakow, to construct a new combined heat and power plant fuelled by waste in Sofia and to build a 400kV electricity interconnector between Romania and the Moldovan capital Chisinau.

It also agreed to a new scheme to support energy and water efficiency investment by private householders in Portugal.

Enabling corporate innovation and research

The EIB board approved more than EUR 495 million of new financing to support innovation by private companies. This includes modernisation of steel manufacturing in Germany and France, development of catalysts in Denmark, energy efficient cables in Italy, and research into new vaccines in Bulgaria.

Improving health and education facilities

Reflecting the EIB’s commitment to support long-term investment in social infrastructure and innovation, new financing to support the design, construction and fitting out of a new medical simulation centre in Warsaw and modernisation of high schools in the Seine-Saint-Denis department was also approved.

Backing urban regeneration

The board gave the green light for proposals to support city wide regeneration, renovation and preservation investment schemes in Limerick and financing investment in cities across Silesia.

Support for small business investment

A total of EUR 560 million of new financing to be managed in partnership with local banks was approved. This will improve access to finance by small and medium sized companies in Austria, Germany, Slovakia, Bulgaria and Portugal.

#IMF2017: EIB claims better cooperation on migration

Irregular migration and forced displacement is not new. But for too long we have lacked a joint, coordinated approach to address both the root causes of this phenomenon and its consequences.
Global institutions like Multilateral Development Banks have a special responsibility to cooperate. It is urgent for us to improve the way in which we work together as we bring assistance to people in all the countries concerned.” Said Werner Hoyer, President of the European Investment Bank (EIB).

Better coordination of the work of Multilateral Development Banks could have a significant impact on the millions of people around the world affected by the migration and forced displacement challenge. This is the thinking behind a new proposal debated today by representatives of the world’s multilateral development banks and countries from the G7 in Washington at the IMF/World Bank Group annual meetings.

EIB President and World Bank CEO Kristalina Georgieva were co-chairing the meeting alongside Vincenzo La Via, one of Italy’s high level representatives at the G7.

President Hoyer added, “As the destination of thousands of tragic journeys across the Mediterranean, Italy, which chairs the G7 this year, has been shouldering a disproportionate part of the task of dealing with desperate migrants and displaced persons arriving in Europe. I believe we must respond positively and urgently to Italy’s request to strengthen cooperation among MDBs in this area. We must get better at how we MDBs as a group help address the shocks and stresses that arise from this profound change.” 

Werner Hoyer re-appointed as President of EIB

“It has been a privilege to serve as President of the EU bank in these challenging times, financing thousands of projects that have improved millions of people’s lives. We have helped EU countries hit hardest by the eurozone debt crisis, lent our financial muscle to the efforts of the EU to stabilise Ukraine and begun to address the root causes of migration in Northern Africa”, said Werner Hoyer re-appointed as President of European Investment Bank Group.

President Werner Hoyer is going to lead the European Investment Bank (EIB) for another six-year term, starting at the 1st of January 2018. He was reappointed today by the Board of Governors of the EIB, consisting of the Economy and Finance ministers of the 28 EU Member States.

Werner Hoyer started his tenure as President of the EU bank on 1 January 2012, and is also the Chairman of the EIB’s Board of Directors. Over the last five and a half years he has overseen a huge expansion and transformation of the Luxembourg-based bank, with the EIB Group’s annual financing increasing from EUR 55bn to EUR 84bn since 2012. The annual investment supported by this financing increased from EUR 169bn to EUR 287bn over the same period.

This increase in business was partly triggered by the Investment Plan for Europe – the Juncker Plan. Jean-Claude Juncker and Werner Hoyer worked in close cooperation to develop this concept, which has made a strong contribution to growth and job creation in the EU since its inception. Under the Juncker Plan, the EIB Group has approved EUR 44bn in financing so far, supporting EUR 225bn in investment across the EU.

 “New challenges lie ahead for us, not least coping with the loss of the United Kingdom as member of the EU bank. But I’m sure the ingenuity and expertise of the 3 000-strong EIB staff will help us to find solutions to these challenges. We will continue to deliver EU policies in the Union and worldwide.” Added Mr. Hoyer.

Before joining the EIB, Werner Hoyer was a member of the German Bundestag for the liberal party FDP for 25 years, specialising in foreign and security policy as well as European and budget affairs. He was also the Minister of State (Deputy Foreign Minister) at the German Foreign Office. He held various positions during his long, distinguished political career, among them General Secretary of the FDP, Whip of the FDP Parliamentary Group and President of the European Liberal Democratic Reform Party.

IMF and EIB, “valued and valuable” cooperation in and outside EU

Visit of Christine Lagarde, IMF to the EIB Copyright : EIB

The EIB and the IMF are doing more together to promote economic stability in Europe and beyond. At a meeting today at the headquarters of the EU bank in Luxembourg, EIB President Werner Hoyer and the Managing Director of the International Monetary Fund Christine Lagarde took stock of progress of complementary efforts by the two institutions.

While the IMF gives financial assistance to countries hit by crisis, the EIB invests in infrastructures and companies to support projects in the real economy. The common goal is to foster sustainable growth. Outside Europe, both institutions support a wide range of development efforts.

Lagarde and Hoyer discussed the progress that programme- and post-programme countries such as Portugal, Spain, Ireland, Greece and Cyprus have made in the last two years. Under a special memorandum of understanding between the EIB and the IMF, the two institutions work to deliver the sustainable development goals by increasing mutual development capacity and fostering expertise.

President Hoyer said: “The respective missions of the EIB and the IMF are complementary. We both share a deep commitment to promote, develop and strengthen global financial stability, inclusive economic growth, and sustainable economic development. In this context our cooperation is both highly valued and extremely valuable in Europe and beyond its borders.”

Christine Lagarde said: “Strengthening cooperation between our two institutions in Europe and beyond, including reinforcing capacity development in Africa, will be an important contribution to helping countries achieve the sustainable development goals. The IMF assists countries in achieving macroeconomic stability, a key prerequisite for investment, which the EIB can help deliver.”