EU Finance Ministers Welcome Record EUR 95 Billion EIB Group COVID-19 Response, Scaled Up Climate Action and Enhanced Development Focus
President Hoyer confirms EIB backing for Ukraine and response to energy and food crisis
51% of recent EIB financing backing climate action and environmental sustainability
Swedish Finance Minister Mikael Damberg appointed new chair of EIB Board of Governors
European finance ministers today welcomed the European Investment Bank’s unprecedented backing for business investment to support recovery from the COVID crisis, record climate action and enhanced development engagement around the world through EIB Global.
At the Annual Meeting of the EIB Board of Governors, taking place in Luxembourg, EIB President Werner Hoyer confirmed details of the EIB Group’s record EUR 95 billion financing last year, including an unprecedented response to mitigate the impact of the COVID-19 crisis.
President Hoyer also confirmed the EIB’s largest ever support for climate action and environmental sustainability and successful launch of EIB Global to strengthen development finance outside Europe.
“I am grateful to the EU Bank’s Governors for their support and endorsement of the EIB Group’s work over the past year. Today’s discussion confirmed the importance of our work in support of EU policies around the world. The EIB Group has been part of the European Union’s response to every crisis over the last decade, from climate to energy security, the financial crisis, the COVID pandemic, and most recently Russia’s brutal invasion of Ukraine. The commitment and professionalism of EIB and EIF colleagues will continue to assist us as we tackle the challenges ahead. These are all connected: War in Ukraine is the strongest argument in favour of accelerating investment in green energy, to make Europe less dependent from imported fossil fuels. Global partnerships are key to winning the fight against global heating. And the Governors’ support has been crucial in setting up EIB Global, our development and partnership arm, working with other institutions in a genuine and effective “Team Europe” spirit. And last but not least, the EIB’s strong investment in innovation will help ensure we develop new tools capable of resolving the problems created by yesterday’s technology”, said Werner Hoyer, President of the European Investment Bank.
“I wish to thank Minister Annika Saarikko for her deft and sure-handed year at the helm of our Board of Governors, and it is a huge pleasure to welcome our new Chairman, Minister Mikael Damberg”, President Hoyer added.
Swedish Minister for Finance confirmed as new chair of EIB Board of Governors
The European Investment Bank Board of Governors comprises the 27 European Union finance and economy ministers and was chaired by Annika Saarikko, Minister for Finance of Finland.
During the meeting, Mikael Damberg, Minister for Finance of Sweden, was formally confirmed as new Chair of the EIB Board of Governors, thereby replacing Annika Saarikko, Minister for Finance of Finland.
“As new Chair of the EIB Board of Governors I look forward to working with fellow EU finance and economy ministers to further enhance the impact of the European Investment Bank Group’s unique financial experience and technical skills to better support priority investment challenges including scaling up climate action, accelerating innovation and enhancing sustainable development,” said Mikael Damberg, Minister for Finance of Sweden.
Record EIB response to climate and environment emergency
Last year EUR 27.6 billion of EIB financing supported climate action and environmental sustainability, representing 51% of EIB business.
President Hoyer confirmed that the EIB is currently scaling up support for climate action in developing countries most vulnerable to a changing and more extreme climate.
EIB Global strengthening sustainable development around the world
During today’s meeting President Hoyer highlighted how successful launch of the EIB’s new dedicated development branch EIB Global earlier this year was enhancing the impact of renewable energy, clean transport, water, health, food security and business investment in the Balkans, Africa, Asia, Latin America and the Pacific.
The Luxembourg based European Investment Bank is the world’s largest international public bank.