From Wikipedia, the free encyclopedia
The European Investment Bank (EIB) is the 's nonprofit
lending institution established in 1958 under the . As a "policy-driven bank" whose
of the EU, the EIB uses its financing operations to bring about
and social cohesion. It should not be confused with the .
The EIB is a publicly owned
and its shareholders are the . Thus the member states set the bank's broad policy goals and oversee the two independent decision-making bodies—the board of governors and the board of directors.
It is the world's largest international public lending institution.
The European Investment Bank was founded in
in 1958 when the
came into force. It relocated to , its current headquarters, in 1968. By 1999, it had more than 1,000 staff members, a figure that had nearly doubled by 2012; when the EIB was founded in 1958 it had 66 employees.
The EIB Group was formed in 2000, comprising the EIB and the
(EIF), the EU's
arm that provides finances and guarantees for
(SMEs). The EIB is the EIF's majority shareholder, with 62% of the shares. In 2012, the EIB Institute was created, with the goal of promoting "European initiatives for the common good" in EU Member States and candidate and potential candidate countries, as well as EFTA nations.
The total subscribed capital of the Bank was EUR 232 billion in 2012. The capital of the EIB was virtually doubled between 2007 and 2009 in response to the crisis. The EU heads of government agreed to increase paid-in capital by EUR 10 billion in June 2012, with implementation expected in early 2013.
For the fiscal year 2011, EIB lent EUR 61 billion in various loan products, bringing total outstanding loans to EUR 395  one-third higher than at the end of 2008. Nearly 90% of these were with EU member states with the remainder dispersed between around 150 "partner countries" (in southern and eastern Europe, the Mediterranean region, Africa, Asia, Latin America, the Caribbean and the Pacific). The bank uses its AAA
and funds itself by raising equivalent amounts on the capital markets.
As the "Bank of the European Union", the EIB's mission is to make a difference to the future of Europe and its partners by supporting sound investments which further EU policy goals.
Although about 90 percent of projects financed by the EIB are based in EU member countries, the bank does fund projects in about 150 other countries—non-EU
countries, Mediterranean partner countries, , Asian and Latin American countries, Russia and other eastern neighbours of the EU. According to the EIB, it works in these countries to implement the financial pillar of the union's external cooperation and development policies by encouraging private sector development, infrastructure development, security of energy supply and environmental sustainability. In the wake of the , the Council of the European Union instructed the EIB to suspend the signature of new financing operations in Russia.
Operating strategy:
To finance viable capital projects which further EU objectives
To borrow on the capital markets to finance these projects
Lending strategy within the EU
Within the EU the EIB has six priority objectives:
Cohesion and convergence (regional policy)
Support for small and medium-sized enterprises
Environmental sustainability
Knowledge economy
Development of Trans-European Networks of transport and energy
Sustainable, competitive, and secure energy supply
Lending strategy outside the EU
Outside the EU the EIB's priority objectives for lending activity are:
Private sector development
Infrastructure development
Security of energy supply
Environmental sustainability
EU presence
When making loans outside the EU, the bank has lending mandates based on EU external cooperation and development policies, which differ from region to region.
Pre-Accession: Candidate and Potential Candidate countries in the Enlargement region (states which could possibly join the EU)
European Neighbourhood: Mediterranean Neighbourhood / Russia and Eastern Neighbours
Development: Africa, Pacific and Caribbean (ACP) / Republic of South Africa
Economic Cooperation: Asia and Latin America (ALA)
Within pre-accession countries, activities support both the EU priority lending objectives and the objectives of the external mandates.
Transport Policy (renewed in 2011), Transparency Policy (renewed in 2010), Corporate Social Responsibility Policy, Governance at the EIB, Complaints Mechanism Policy (renewed in 2010), Anti-Fraud and Anti-Corruption Policy, Integrity Policy and Compliance Charter, Statement on Environmental and Social Principles and Standards, EIB Whistleblowing Policy, EIB Policy towards weakly regulated, non-transparent and uncooperative jurisdictions.
The EIB is governed by the:
Board of Governors – usually the Finance Ministers of the Member States. Their mandate is to authorise EIB activities outside the Union, form credit policy guidelines and approve the annual accounts.
Board of directors – twenty-eight members (one nominated by each member state and one by the European Commission).:13–14 There are eighteen alternates,:13–14 meaning that some of these positions are shared by groups of states. The board also co-opts a maximum of six experts (three directors and three alternates),:13–14 who participate in the Board meetings in an advisory capacity, without voting rights. The Board has sole power to take decisions in respect of loans, guarantees and borrowings. They are responsible only to the bank.
Management committee – EIB President and eight vice-presidents
Audit committee – six members appointed by the Board of Governors
EIB headquarters, West building
The headquarters is situated at 100 Boulevard Konrad Adenauer in . The building's first phase, now the East building, was designed by British architect Sir
and is one of his few works outside the UK.
EIB headquarters, East building
An extension, the West building, was designed by , Düsseldorf. Covered by a glass roof that spans the entire structure, the extension adds 72,500 meters of office space.
The EIB has offices in the different EU countries, including , Berlin, , , , Martinique (one of France's ); , Lisbon, London, , Paris, Rome, ,
and Vienna.
Outside of the EU, it has offices in Belgrade, S , Ukraine , T Beijing, C , E , S , T , K , South A , M Sydney, A and , Tunisia.
In 2007, the EIB opened a regional office in Helsinki, located at the headquarters of the
(NIB), with the aim of enhancing the Bank's presence in the
The EIB president is the head of the Management Committee, a nine-member executive body that is responsible for the day-to-day operations of the EIB. They are "appointed by the EIB's Board of Governors, on a proposal from the board of directors", for a renewable six-year term. The is also the chair of the board of directors.
The current EIB president is , a German politician with a doctorate in economics. He became president in January 2012.
Former presidents include:
(Germany): January 2012 –
(Belgium): March 2000 – December 2011
(UK): April 1993 – December 1999
Ernst-Günther Br?der (Germany): August 1984 – March 1993
Yves Le Portz (France): September 1970 – July 1984
Paride Formentini (Italy): June 1959 – September 1970
Pietro Campilli (Italy): February 1958 – May 1959
The shareholders of the EIB are the 28 member states of the EU, while each state’s share in the EIB’s capital is based on its economic weight within the European Union (expressed in ) at the time of its accession. Shares of capital are following:
Capital (EUR mil.)
Capital (%)
other member states
, United Kingdom
Phase 3, United Kingdom
Railway, Turkey
There are a few projects financed or under the appraisal procedure by the EIB that have raised objections from local communities as well as international and national NGOs. Below are examples of such projects:
in Russia[], the
in Serbia,[]
in Croatia,[] D1 Motorway in the Slovakia,
in Slovenia,
in Uganda, mining sector in Zambia, among others.
The Transparency Policy of the EIB has been heavily criticised by NGOs in the past. In 2004
issued a memorandum in which it accused the EIB of failing to meet international (including EU) standards on openness. . However, NGOs acknowledge important improvements in EIB's transparency since 2004, and the new transparency policy adopted in 2010 is widely considered to be up to standards, reflecting international best practice.
The EIB addresses complaints internally and the bank can also be referred to the
if concerns about maladministration persist.
European Investment Bank. . FAQ – Structure and Organisation.
. Eib.org. 17 October 2011.
. European Investment Bank.
. FAQ – Structure and Organisation. European Investment Bank.
. Eib.org. 17 October 2011.
EIB Operational Plan
. FAQ – Activities. European Investment Bank.
(PDF). . Council of the European Union. 16 July .
(PDF). EIB. 1 December 2009.  .
The alternates are nominated as follows:
2 by Germany
2 by France
2 by Italy
2 by the UK
1 jointly by Spain and Portugal
1 jointly by Belgium, Luxembourg and the Netherlands
2 jointly by Denmark, Greece, Ireland and Romania
Ex-post evaluation (17 October 2011). . Eib.org.
. Architonic 2015.
Ex-post evaluation (17 October 2011). . Eib.org.
. Europa.eu.
. About & Structure & Governance. European Investment Bank. 9 January 2012.
. EIB Press Release. 21 December 2011.
. Clientearth.org.
. International Rivers.
. Freedom Info. 7 June 2004.
Ex-post evaluation. . Eib.org.
. Eib.org.
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