1. INTRODUCTION

Decision No 1080/2011/EU of the European Parliament and of the Council of 25 October 2011 granting an EU guarantee to the European Investment Bank (EIB) against losses under loans and loan guarantees for projects outside the Union[1] (the “Decision” or the "EU guarantee") requires the Commission to report annually on EIB financing operations carried out under the EU guarantee, building on yearly reports provided by EIB.

The present report also provides a summary of the own risk operations carried out by the EIB in 2013 in the regions covered by the Decision. The EIB covers its operations in Africa, Caribbean and Pacific (ACP) as well as in Overseas Countries and Territories (OCT) in a separate annual report[2].

Article 17 of the Decision requests the Commission to present to the European Parliament and the Council a final report on the application of the Decision. The final report is provided in Annex and covers the EIB external financing operations signed during the period from 2007 to 30 June 2014 following the extension by six months of the Decision.

More detailed information and statistical tables on the above activities, including at project, sector, country and regional level, are provided in the attached Staff Working Document (the “SWD”).

Following the second year of implementation of the new EIB REsults Measurement (REM) framework, this report provides more detailed information on expected results based on EIB financing operations signed in 2013. Actual results achieved based on six selected case studies on operations under implementation are presented in the SWD.

On 16 April 2014, the European Parliament and the Council adopted a new Decision No 466/2014/EU[3] granting an EU guarantee to the EIB against losses under financing operations supporting investment projects outside the EU over the period 2014-2020.

2. KEY RESULTS

The Decision sets an overall General Mandate ceiling to EUR 27,484 mn and an additional EUR 2,000 mn Climate Change Mandate which was activated.

Despite a challenging business environment in 2013, the EIB increased signatures in the regions covered by the Decision to EUR 6.8bn (EUR 6.5 bn in 2012). Financing under the EU guarantee increased by around EUR 0.4bn to EUR 4.4bn, while financing at EIB own-risk declined by EUR 0.1bn to EUR 2.4bn.

The EIB continued to demonstrate its strong commitment to supporting the EU's climate action agenda. Overall, climate action signatures in the External Mandate regions as defined in the Decision amounted to EUR 2.1bn in 2013, or 31% of total signatures. In January 2012, the EIB launched the REM framework, which strengthens measurement and reporting on the results and impact of its operations as requested in the Decision. An extensive set of objectively measurable and monitorable indicators have been developed which will guide the assessment throughout the project life cycle. The expected results for all EIB operations signed in 2013 are summarised in the SWD. EIB's own report on results of EIB operations outside the EU has been published on its website[4].

The Decision emphasised a stronger alignment of EIB external activity and EU external policies, programmes and instruments. Over the year 2013, the EIB continued to cooperate closely with the Commission and the EEAS to strengthen the consistency and coherence of EIB actions with external EU policies. In this context, the Memorandum of Undestanding between EC and EIB was updated and extended to EEAS and signed by the parties on 12/09/2013.

3. FINANCING OPERATIONS

3.1. Overview of EIB financing volume in the regions covered by the Decision

The following table provides an overview of the volume of EIB financing in 2013 in the regions covered by the Decision.

Table 1: EIB External Financing Operations signed in 2013

Countries of operation || Operations under mandate || EIB own risk operations || Total

(EUR million) || Comprehensive guarantee || Political risk cover || Total

Pre-Accession Countries || 960 || 0 || 960 || 1998 || 2958

Mediterranean countries || 397 || 133 || 530 || 0 || 530

Eastern Neighb., Russia || 1126 || 560 || 1686 || 119 || 1805

Asia and Latin America || 782 || 215 || 997 || 242 || 1240

South Africa || 0 || 260 || 260 || 0 || 260

Total || 3265 || 1168 || 4433 || 2359 || 6793

Notes: In addition to the above volumes on EIB own resources, equity and microfinance operations amounting to EUR 53m were signed on third party resources in the Mediterranean.

The share of activity under the EU mandate in total volume increased in 2013 by 4% to reach EUR 4.43bn (EUR 3.96bn in 2012) or 65% of total 2013 financing in the regions covered by the Decision. The bulk (85%) of operations financed at EIB own risk was signed in Pre-Accession countries.

In 2013, 74% of the loans signed under the mandate were covered by a Comprehensive Guarantee (EUR 3.26bn), which is used for sovereign and sub-sovereign operations, while 26% benefited from the political risk cover (EUR 1.17bn), for private sector operations with all other risks in these operations being borne by the EIB.

Defaults on interests payments and loan repayments from the Syrian Government continued in 2013[5]. Where in 2012, EIB had made calls on the Guarantee Fund for a total of EUR 42 million and recovered EUR 2.1 million, EIB made in 2013 supplementary calls for a total of 64.8 EUR million.

Chart 1: Annual evolution of EIB external lending volumes on own resources

At the end of 2013 (see table 2), the overall amount signed under the Decision (less cancellations) stood at EUR 27bn, or 92% of the overall ceiling under the Mandate. An overall amount of EUR 2.46 bn was available for new EIB operations under the Mandate. The period of the Decision was automatically extended by six months at the end of 2013 because the European Parliament and the Council had not adopted a new Decision.

Table 2: EIB total signatures and disbursements under the Mandate (2007-2013)

EUR mn || Ceiling || Net Signed || Net signed as % of ceiling || Disbursed || Net disbursed as % of net signed

Pre-Accession || 9 048 || 8 949 || 99% || 5 648 || 63%

Mediterranean || 9 700 || 8 381 || 86% || 4 145 || 49%

Eastern Neighbours, Russia || 3 848 || 3 844 || 100% || 898 || 23%

Asia and Latin America || 3 952 || 3 284 || 83% || 2 322 || 71%

South Africa || 936 || 911 || 97% || 558 || 61%

General Mandate Total || 27 484 || 25 369 || 92% || 13 571 || 53%

Climate Change Mandate (2011-2013) || 2 000 || 1 656 || 83% || 217 || 13%

Total Mandate || 29 484 || 27 025 || 92% || 13 788 || 51%

Nota Bene: Disbursement amounts are calculated on the EUR equivalent based on the exchange rate at the moment of the transaction

In table 2, one can see that the EIB reached or almost reached the regional ceilings in Pre-Accession, Eastern Neighbourhood and in South Africa at the end of 2013. Headroom was still available mainly in Mediterranean and ALA countries. The Decision provides for the possibility of reallocating up to 10% between the regional ceilings.

In terms of disbursement, which is an indicator of progress in project implementation, 51% of net amounts signed under the Decision (EUR 13.8 bn) had been disbursed at the end of 2013. This corresponds to the usual average time lag between signature and disbursement. Asia and Latin America progressed well having drawn 71% of net signed amounts, followed by Pre-Accession (63%) and South Africa (61%). In Eastern Neighbourhood and Russia, disbursements remained below average at 23% of net signatures, reflecting initial delays in project implementation and administrative delays in recipient countries. The rate of disbursements under Climate Change Mandate is relatively low because of its activation at the end of 2011.

Table 3: Annual lending signatures under the current Decision (2007-2013)

EUR mn || 2007 (*) || 2008 || 2009 || 2010 || 2011 || 2012 || 2013 || Gross Total || Cancel-lations || Net Total

Pre-Accession || 389 || 2 009 || 2 859 || 1 535 || 874 || 821 || 610 || 9 096 || 147 || 8 949

Mediterranean || 1 205 || 1 195 || 1 510 || 2 009 || 926 || 1 305 || 530 || 8 680 || 299 || 8 381

Eastern Neighbours, Russia || 0 || 170 || 233 || 631 || 675 || 934 || 1 443 || 4 085 || 241 || 3 844

Asia and Latin America || 305 || 469 || 1 051 || 643 || 310 || 300 || 584 || 3 662 || 378 || 3 284

South Africa || 0 || 203 || 280 || 50 || 115 || 100 || 260 || 1 008 || 96 || 912

General Mandate Total || 1 899 || 4 045 || 5 932 || 4 867 || 2 900 || 3 460 || 3 427 || 26 530 || 1 161 || 25 369

Climate Change Mandate (2011-2013) || || || || || 150 || 500 || 1 006 || 1 656 || -- || 1 656

Pre-Accession || || || || || 150 || - || 350 || 500 || -- || 500

Mediterranean || || || || || || 350 || - || 350 || -- || 350

Eastern Neighbours, Russia || || || || || || - || 243 || 243 || -- || 243

Asia and Latin America || || || || || || 150 || 413 || 563 || -- || 563

South Africa || || || || || || - || - || - || -- || -

Total Mandate || 1 899 || 4 045 || 5 932 || 4 867 || 3 050 || 3 960 || 4 433 || 28 186 || 1161 || 27 025

|| (*) Until 31st July 2007, lending was also carried out under the previous 2000-2007 Decision.

In terms of number of projects, 42 new operations were signed under the Decision in 2013 compared to 43 in 2012. See table below.

Table 4: Number of operations signed by regions, by resource, in 2013

Regions || Mandate || EIB own-risk || Total || Third party resources

Asia and Latin America || 11 || 2 || 13 || -

Mediterranean || 7 || - || 7 || 9

Pre-Accession || 6 || 19 || 25 || -

Eastern Neighbours, Russia || 16 || 1 || 17 || -

South Africa || 2 || - || 2 || -

Multi-Regional* || - || 4 || 4 || -

Total || 42 || 26 || 68 || 77

* Operations signed with a focus on 2 or more regions

The Pre-Accession countries remained the main beneficiary region of EIB financing outside the EU in 2013 with EUR 2.96 bn signed (25 new operations), representing 43.5% of total financing in the regions of the Decision. EIB prioritised credit lines to SMEs and trans-European infrastructure projects. Lending under the EU guarantee declined to EUR 0.96 bn and lending under the own-risk Pre-Accession Facility amounted to EUR 2.0 bn compared to EUR 2.3 bn in 2012 (see table 1).

The Mediterranean countries came under a challenging operating environment in 2013 due to the political events. EIB's activity dropped by 66%, from EUR 1.7bn in 2012 to EUR 0.6bn (16 new operations). As in previous years, energy and transport sectors were the largest beneficiaries of EIB financing in the Mediterranean region. The EIB also stepped up its lending to the private sector with 9 operations signed for private equity and microfinance on third party resources.

EIB financing in the Eastern Neighbourhood and Russia increased with 17 new operations to EUR 1.8bn (see tables 1 and 4). This was mainly due to activities in Russia. However, political events forced the EIB to postpone three operations in Ukraine and Russia which would otherwise have been concluded over the mandate period. Signing of further potential operations in Russia will be subject to the relevant EU sanctions. The Commission will monitor and evaluate the likelihood of further activation (and possible need for replenishment) of the Guarantee Fund.

Furthermore, the EU-Russia transport dialogues have been frozen since 2012. The conditions to re-launch transport cooperation have so far not been met and the wider bilateral relationship has deteriorated further during 2014 following the Ukraine crisis

In Asia and Latin America, total lending increased to EUR 1.24 bn (compared to EUR 700 mn in 2012).

As shown in the table 5, credit lines to financial institutions for private sector development were the most prominent activity by volume of operations signed in 2013, in particular in the Pre-Accession region and the Eastern Neighbourhood. These were followed by energy - in particular in the ALA regions - transport and urban development. The breakdown by sector and region is provided below.

Table 5: Sectoral breakdown of external operations signed in 2013 under the Mandate and at EIB own risks

EUR mn || Pre-Accession || Mediterran-ean || Eastern Neighbour-hood Russia || Asia and Latin America || South Africa || Total

Energy || 199 || 253 || 105 || 867 || 110 || 1.534

Transport || 460 || 50 || 438 || - || || 948

Water, sewerage || 6 || 77 || 64 || 60 || || 207

Credit lines || 1.450 || 80 || 1.193 || 283 || || 3.006

Agriculture, fisheries, forestry || 150 || || 6 || 21 || || 177

Industry || || 20 || || 9 || || 29

Financial Services || 192 || || || - || || 192

Telecommunications || 300 || || || - || || 300

Urban development || 200 || 50 || || - || 150 || 400

Total || 2.958 || 530 || 1.805 || 1.240 || 260 || 6.793

Notes: In addition to the above volumes, equity and microfinance operations amounting to EUR 53m were signed on third party resources in the Mediterranean.

3.2. Contribution to EU policy objectives

The Decision defines three horizontal high-level objectives for all regions covered by the EU budgetary guarantee ("Mandate objectives")

(i) Climate change mitigation and adaptation;

(ii) Development of social and economic infrastructure;

(iii) Local private sector development, in particular support to SMEs.

Additional underlying objectives include the contribution to the general principles guiding external action, as referred to in Article 21 TEU and regional integration among partner countries, including economic integration between pre-accession countries, neighbourhood countries and the Union.

Technical Regional Operational Guidelines[6] aim at ensuring that EIB financing under the EU guarantee is consistent with and complementary to corresponding EU external policies, programmes and instruments in the different regions covered by the Decision.

The contribution to the Mandate's objectives is reflected in the following chart taking into account both the 2013 operations under Mandate and under the own-risk facilities. Almost half of operations contribute to more than one objective. This is particularly relevant in climate action projects.

Chart 2: Contribution to mandate objective (%)

Climate change mitigation and adaptation

The EIB has continued in 2013 to strengthen its climate action lending. The additional Climate Change Mandate envelope of EUR 2 bn has helped to widen, beyond the emerging market economies, the spread of developing countries in which investments in climate action are being made. By the end of 2013, in terms of signature, 83% of the EUR 2 bn envelope (released in October 2011) had been utilised and the balance was already fully earmarked for additional operations in pipeline, which were indeed signed before the expiry of the Mandate in June 2014. Climate action lending remained strong in Asia with almost 90% of signatures, it reached close to 50% in Latin America and Central Asia, and 88% of the new financing volume in South Africa. In the Mediterranean, 50% of the financing signed in 2013 supported climate action. Substantial amounts of climate action finance were also mobilised for projects in the Pre-Accession and Eastern Neighbourhood regions, but the overall proportion is less there in the light of strong other lending priorities, notably private sector development.

Table 6: Climate Action external lending signatures in 2013 in the regions covered by the Mandate

|| Climate Action under || Total climate action || as % of total signed

EUR m || Climate Change Mandate || General Mandate || EIB own-risk Facility

Asia || 286 || 127 || 51 || 464 || 88%

Central Asia || 127 || || || 127 || 58%

Latin America || || 52 || 191 || 243 || 49%

Mediterranean || || 253 || || 253 || 48%

Pre-Accession || 350 || || 159 || 509 || 17%

Eastern Neighbours, Russia || 243 || 5 || 19 || 267 || 15%

South Africa || || 230 || || 230 || 88%

Total in Mandate Regions || 1006 || 667 || 421 || 2.094 || 31%

The energy sector accounted for the largest part in terms of climate financing volume (EUR 1.3bn) and number of projects (16), reflecting especially the strong demand for investments in energy efficiency and renewable energy. Other projects which contributed to the EIB's climate action objective were in the sustainable transport (EUR 357mn) and urban development (EUR 177mn) or "natural resources" (EUR 120mn) sectors.

In 2013, climate action signatures amounted to EUR 2.1 bn, representing 31% of total EIB external financing in the regions covered by the Decision. This proportion is above the EIB’s global target of 25%. The relatively high volume signed in 2013 can be explained by the signature of relatively high number of projects.

Development of social and economic infrastructure

The EIB signed a total of 46 external operations worth EUR 3.6bn in order to help developing social and economic infrastructure in various sectors. This includes 9 intermediated operations where the actual sector distribution is not known in advance. As in previous years, the largest share was in the energy (18 projects) and transport (10 projects) sectors.

Local private sector development, in particular support to SMEs

The EIB supports local private sector development in different ways, most commonly by extending credit lines to financial intermediaries (mainly banks) for on-lending to small and medium enterprises. Overall, of the 51 external operations that contributed to local private sector development, 36 were loans to intermediaries providing EUR 3.3bn worth of financing for on-lending to SMEs or mid-caps. Another 12% of these operations were direct loans to larger private companies, and 9 operations represent investments in private equity funds and microfinance institutions (MFIs).

Regional integration

Projects in a number of sectors are expected to contribute to regional integration. Of the 17 projects (EUR 1.1bn) contributing to regional integration, 6 are direct operations in the transport sector. These are mainly cross-border roads and regional air navigation networks. Four projects contribute through the energy sector. This dimension was strongest in the Pre-Accession and Eastern Neighbourhood region where roughly three quarters of the total external lending volume in support of regional integration is concentrated.

3.3. Impact and value added of EIB operations.

The REM framework provides an assessment of the EIB financing operations throughout their lifecycle. It helps to select sound projects which are in line with EU priorities based on concrete results, and where the EIB involvement will add value. At appraisal, results indicators are identified, with baselines and targets that capture expected economic, social, and environmental outcomes of the operation. Achievement against these specified performance benchmarks is monitored throughout the project life and reported at two major milestones: at project completion and 3 years after project completion ("post completion") for direct operations; at the end of the investment period and at the end of life of private equity funds; and at the end of the allocation period for intermediated lending.

Projects are rated according to three "Pillars":

(i) Pillar 1 rates the expected contribution to the EU and the countries' priorities and eligibility under EIB mandate objectives.

(ii) Pillar 2 rates the quality and soundness of the operation, based on the expected results.

(iii) Pillar 3 rates expected EIB financial and non-financial additionality.

More information on the REM conceptual framework can be found in the SWD. Since it will take several years for actual results to be produced by operations under the REM framework that was introduced in 2012, six selected case studies in the SWD present actual results achieved by projects under implementation. Therefore here below the expected results are presented and discussed for all operations signed in the regions covered by the Mandate.

Chart 3: Distribution of expected REM ratings by pillar of the projects signed in 2013

Expected results of all operations signed in 2013 in the regions covered by the Mandate:

As the distribution of Pillar 1 ratings shows, more than half of the operations signed in 2013 are expected to make an excellent contribution to mandate objectives, meaning a high contribution to both the countries' own development objectives and the EU priorities for the country and/or region. Those projects that are expected to make a "good" contribution are in line with mandate objectives and could make a high contribution to either the country's own development objectives or those of the EU and a moderate contribution to the other.

In terms of Pillar 2, 9% of operations signed are expected to make an excellent rating including direct operations with an economic rate of return (ERR) greater than 15%, or intermediated operations (credit lines) which make an exceptional contribution to increasing access to finance as well as developing the financial sector, in a relatively low risk environment. More than 86% of operations are expected to be "good". These are direct operations with an average ERR of 10% to 15%, or intermediated operations which contribute to increasing access to finance and financial sector development yet in a high risk environment with less likelihood of results.

Pillar 3 ratings show that about 21% of operations signed in 2013 are expected to have high additionality - typically, extending the longest maturity of debt available to the borrower from the market by more than 100%; matching economic life of the assets to be financed by at least 80%; taking a lead role in project preparation, structuring and/or implementation support. Another 62% are expected to make good contribution, providing significant additionality - typically, combining significant contribution in terms of either technical and sector aspects or higher standards and assurance. The 17% of signed operations that were rated as expecting moderate additionality were typically standard products where limited contribution to project design, structuring or implementation was necessary.

4. COOPERATION WITH THE COMMISSION

A list of the existing frameworks within which the EIB and the Commission cooperated in 2013 with a view to strengthening the coherence of overall EU support in the regions covered by the Decision is included in the accompanying SWD, together with a summary table on the financing volumes signed by the EIB upon its management of EU budget resources. Moreover, some of the main activities coordinated between the two institutions in 2013 are outlined in the SWD.

5. COOPERATION WITH INTERNATIONAL FINANCIAL INSTITUTIONS

Cooperation with other International Financial Institutions (IFIs) is an integral part of the EIB activities, ranging from dialogue on institutional matters, horizontal topics and thematic issues, and mutual consultation, to enhanced forms of operational co-financing and work sharing. In 2013, co-financing with other IFIs or European bilateral institutions represented 47% of EIB total signatures with the EU guarantee. The list of co-financed operations signed in the regions covered by the Mandate in 2013 is included in the SWD.

Dialogue between IFIs mostly takes place within specialised working groups meeting periodically to share best practices or to address specific issues. One such group has been working on results harmonisation among financial institutions active in the private sector, and a similar working group was set up in 2013 on results harmonisation for public sector projects.

In addition, ad-hoc working groups are established to address specific issues, for instance the G-20 and G-8 often call on the World Bank and MDBs for input. The EIB participates in other dialogue initiatives such as the Heads of MDBs meeting (January 2014) which was organised by the EIB. The EIB also plays a key role in the EU Platform for Blending in External Cooperation.

[1] OJ L 280, 27.10.2011, p.1

[2] EIB – 06/2014 – ISBN 978-92-861-2059-6 "Annual Report 2013 on EIB activity in Africa, the Caribbean and Pacific, and the overseas territories"

[3] OJ L 135, 8.5.2014, p.1

[4] http://www.eib.org/attachments/country/eib_rem_annual_report_2013_en.pdf

[5] See Report from the Commission to the European Parliament and the Council on the Guarantee Fund and its management in 2013 - COM(2014) 463 final of 16.7.2014 and its SWD (2014) 241 final.

[6] See Commission's SWD – COM(2012) 357 final

According to Decision No 1080/2011/EU of 25 October 2011, the Commission shall present to the European Parliament and the Council a final report on the application of this Decision. It covers the EIB financing operations signed during the period covered by the Decision[1] from 2007 to 30 June 2014 following the extension by six months of the Decision. This report complements the analysis of the annual report for 2013 on EIB external activity with EU budgetary guarantee and takes into account the entire effectiveness period, including the 6 months extension in 2014.

In the Decision the maximum ceiling of the EIB financing operations under the EU guarantee (EUR 29.5bn) has been broken down in a General Mandate of EUR 27.5bn and a Climate Change Mandate of EUR 2bn. The General Mandate has been broken down into regional ceilings and sub-ceilings.

External Mandate utilisation

The final utilisation of the Mandate as at 30 June 2014 is 99 % overall (98 % for the part of the Climate Change Mandate), with small regional differences as shown in the following table (figures in EUR m). Political events forced the EIB to postpone three operations in Ukraine and Russia which would otherwise have been concluded prior to end June. Ultimately, due to these unforeseen circumstances the amount re-allocated during the last 6 months to the Eastern Neighbourhood could only be partially used (EUR 82m out of EUR 200m). Events in Thailand had a similar effect on one operation.

Table 1: External Mandate utilisation 2007-2014 (up to 30/06/2014)

Sub-sovereign operations under the Mandate

The sub-sovereign window has proven most useful and has served the EU’s external policy objectives well since it enabled the EIB to support a number of highly relevant projects, notably SME support, development of municipal infrastructure, social housing and climate action. The EUR 2.6 bn ceiling for sub-sovereign operations under the EU Comprehensive guarantee was exhausted at the end of June 2014. 27 operations were signed in 9 countries.

Loan disbursements to projects supported by the Mandate

At the end of June 2014, EUR 14.4bn, corresponding to 50% of net signatures, had been drawn by borrowers for investment projects supported under the Mandate. Taking into account that part of the lending activities were concluded only recently and the usually long implementation time of projects, this disbursement rate is expected to ramp up progressively over the coming years.

Table 2: Cumulative net signatures and disbursements under the Mandate as at end June 2014

EIB financing overall – under Mandate and at the EIB's full own risk

Overall, in the 2007-06/2014 period, EIB signed EUR 47.2bn financing operations in the regions covered by the Mandate of which 64% (30.4bn gross signatures) with EU guarantee, the remainder being under lending facilities at EIB’s full own risk. The EU Comprehensive guarantee covers EUR 22.7bn of loans with sovereign or sub-sovereign counterparts while the Political Risk guarantee covers EUR 7.7bn lending to the private sector.

Table 3: EIB Financing Operations in the geographical areas of the Mandate by nature of guarantee cover

During the Mandate period, EIB signed loans in 46 countries covered by the Decision. In 40 countries, financing was provided under Mandate with EU guarantee, and in 26 countries under EIB’s own-risk facilities. All except three beneficiary countries (Croatia, Israel and Russia[2]) are developing countries according to the OECD list of ODA recipients. 25% of EIB financing volume was signed in lower middle income (17 beneficiary countries), low income (Tajikistan) or least developed countries (Bangladesh and Nepal).

Support to the development of infrastructure forms the strongest line of activities, especially in the energy and transport sectors which together represent around half (52%) of the signed volume under the Mandate. Private enterprise development, primarily through credit lines to intermediary banks, comes second involving 47% of lending under EIB’s own risk and 20% of signatures under the Mandate. Financing to improve water and sewerage systems as well as investments in health and education were financed almost exclusively under the Mandate.

Contribution of overall lending to EU policy objectives

Since 2007, EIB concluded 437 operations of which 271 under the Mandate, 132 under own-risk facilities and 34 risk capital operations from third party resources. The following chart shows the contribution of all these operations to the Mandate objectives in terms of volume and proportion of operations signed in 2007-06/2014.

Chart 1: Cumulative contribution to Mandate objectives[3]

During the Mandate, 108 projects with substantial climate components were financed. Climate financing reached EUR 12bn, representing 25% of the total volume signed on EIB own resources (excluding operations from third party resources). The proportion for the Mandate alone is 26 %.

Table 4: Climate Action in 2007 – 06/2014 in the regions covered by the Mandate

Co-financing with other IFIs and loan-grant blending

Over the entire Mandate period, 58% of the EIB’s financing volume under the Mandate was co-financed with other IFIs.

Table 5: EIB financing operations blended with EU grant resources or co-financed with other IFIs

27% of the loan volume under Mandate was associated with grants, essentially in the form of investment subsidies or technical assistance. In terms of EU budget allocations, WBIF and NIF received the largest contributions over the period 2007-2013, respectively € 229 million and € 223 million. In that period, LAIF received € 25 million and AIF € 5.7 million and IFCA € 4.3 million. Loan-grant blending took place in more than half (22) of the 40 countries where the EIB provided financing under the Mandate.

[1] Implementation of the Mandate started on 1 August 2007 (following the signature of the EU Guarantee Agreement) and was extended until 30 June 2014.

[2] Signing of further potential operations in Russia will be subject to the relevant EU sanctions.

[3] A single project may contribute to more than one mandate objective.