(Finance) – I Finance Ministers of the European Union supported the European Investment Bank (EIB) strategy presented by new president, the Spanish Nadia Calvino, in office since 1 January 2024, during the informal Eurogroup and Ecofin meetings today in Ghent, Belgium. The strategy that leverages the strengths of the EIB Group focuses on eight key strategic priorities and – explains the EIB in a note – “fully exploits the institution’s potential to stimulate growth, social and territorial cohesion and support leadership of Europe in the double green and digital transition, and increase Europe’s competitiveness, open strategic autonomy and economic security”.
The meeting, which took place after intense weeks of dialogue between the president and the individual shareholders of the Bank, during which Calvino visited various capitals and met ministers and heads of government, represented the first strategic exchange of views between the governors of the EIB and the new president. “There strategy presented today in Ghent by the president of the EIB Group – we read in the note – essentially aims to bridge the investment gap in innovation, new technologies, physical and social infrastructures, within and outside the European Union, for the benefit of European regions, businesses and citizens . The new proposed initiatives are aimed at concentrating investments in mitigation and adaptation to climate change as well as in energy transition, digitalisation and new technologies. The initiatives include plans to step up investment in security and defense, enhance the support and expansion of small and medium-sized enterprises (SMEs), strengthen territorial cohesion and social infrastructure in areas such as education, health and housing at affordable prices and invest in agriculture and biotechnology. Outside the EUthe focus of the strategy is to support Ukraine and bring the enlargement process to a successful conclusion, as well as the EU’s “Global Gateway” strategy.
“I warmly welcome today’s constructive discussions with the European Union Finance Ministers chaired by the Belgian Presidency. The ministers’ strong support for our strategy will help us leverage the strengths of the EIB Group and make full use of this powerful instrument to support the EU’s strategic priorities and successfully address today’s global challenges,” he said Calvin.
“Europe is facing impressive challenges that require huge financing. The EIB, the world’s leading multilateral bank, – stated the Belgian Finance Minister and President of the Board of Governors Vincent Van Peteghem, who chaired today’s meeting – can help governments mobilize the funds needed to finance the challenges we face, such as defence, climate and competitiveness. The EIB has the right skills and tools to engage the private sector. By giving a quality label to certain investment projects, the EIB makes riskier projects highly credible, allowing private investors to participate.”
Calvin presented to the ministers eight key priorities that will help build a more resilient, equitable and competitive economy: consolidate the climate bank; accelerate technological innovation and digitalisation; increase investments in security and defense; contribute to a modern cohesion policy; develop innovative financing for agriculture and the bioeconomy; enhance investment in social infrastructure; pioneer the Capital Markets Union and focus on activities outside the EU regarding the Global Gateway strategy, Ukraine and achieving the enlargement process.
The EIB President also outlined i Plans to step up EIB Group financing for Europe’s security and defense: the essential focus is on new technologies, critical infrastructures, such as border control, cybersecurity, space and dual-use technologies, such as drones. The strategy also includes new support for new and stronger partnerships. “We are already engaging with the European Commission and other key stakeholders on the definition and scope of dual-use technologies,” the President said.
Among the topics discussed was also that of creation of new financing tools for strategic technologiessuch as chips, as well as for key sectors of the economy, in particular for small and medium-sized enterprises.
After the Ecofin debate, the EIB Group will work with its Board of Directors to examine and refine proposals regarding: an SME energy efficiency programme, to expand a core group of green and cost-effective technologies; a new water programme, to help cities, regions and businesses, in particular farmers and the agricultural sector, manage the impact of droughts and floods, digitize and increase the efficiency of the water cycle; a new FASTER program to accelerate digitalisation and technological innovation within the European Union; pioneering EU financial instruments that can serve as building blocks for the Capital Markets Union.
Calvino also outlined initiatives aimed at greater efficiency of the EIB Group’s operations, through, for example, the rationalization and digitalisation of processes, which would therefore reduce the approval and on-site implementation times of projects.