EIB: Council approves extra €3.7 billion to address migration issues
The Council i has given the go-ahead to increased lending by the European Investment Bank i to projects outside the EU that address migration issues.
It adopted the decision and regulation on 27 February 2018, following an agreement with the European Parliament i on a mid-term review of the EIB's mandate for 'external' lending.
In total, the financing limit under an EU guarantee is increased by €5.3 billion. Of this, €3.7 billion are earmarked for projects in the public and private sectors providing a strategic response to the root causes of migration.
The decision and regulation:
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-release €3 billion kept in reserve as part of the EIB's €30 billion budget for external operations for the 2014-20 period. Of this, up to €1.4 billion is earmarked for projects in the public sector addressing the root causes of migration;
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-provide an additional €2.3 billion for that period, under a mandate for private sector lending for projects addressing the root causes of migration.
Projects outside the EU represent around 10% of total EIB financing activities.
The decision was taken at a meeting of the General Affairs Council, without discussion. This follows an agreement with the Parliament on 29 November 2017.