EN    EN EN 
2007/ECFIN/021 
EN    EN  COMMISSION OF THE E UROPEAN COMMUNITIES 
Brussels, 30.9.2008 
SEC(2008)2504 
  
COMMISSION STAFF WORKING DOCUMENT 
ANNEX TO 
 
THE REPORT FROM THE COMMISSI ON TO THE CO UNCIL AND TO THE 
EUROPEAN PARLIAMENT ON BORRO WING AND LENDING ACTIVITIES OF 
THE COMMUNITY IN 2007 
   
COM(2008)590 
  
EN 2   EN TABLE OF CONTENTS 
1. BORROWING ACTIVITIES IN 2007........................................................................ 4 
1.1. Trends in borrowing and lending ................................................................................. 4 1.2. Borrowing of the European Institutions : outstanding at the end of each period
 (1)...... 6 
1.3. Borrowing of the European Institutions in 2007 by currency...................................... 7 2. LENDING IN NON-MEMBER STATES................................................................... 8 2.1. Lending in non-member States in 2007 – Overview ................................................... 8 2.2. Loan disbursements for macro-financia l assistance and Euratom to non-member 
States (2001-2007) ....................................................................................................... 9 
2.3. Signatures on EIB Own Resources in non- EU countries (excluding signatures on EIB 
own risk under Pre-Accession and Medite rranean Partnership facilities) ................. 10 
2.4. Sharing of Risks ......................................................................................................... 1 2 
2.5. EIB own risk lending ................................................................................................. 14 2.6. Impact and value added of EIB external lending....................................................... 14 2.7. Performance indicators .............................................................................................. 15 2.8. Support for EU policies.............................................................................................. 17 2.9. Cooperation with International Financing Institutions .............................................. 19 2.10. List of projects signed under mandate  in 2007 co-financed with other IFIs.............. 22 
2.11. Cooperation with the Commission............................................................................. 24 2.12. Contribution of EIB lending act ivity per geographical region................................... 27 
2.12.1. Asia and Latin America ............................................................................................. 27 2.12.2. Eastern Europe, Southern  Caucasus and Russia ........................................................ 28 
2.12.3. Mediterranean Partner Countries ............................................................................... 29 2.12.4. Pre-Accession Countries ............................................................................................ 30 2.12.5. South Africa ........................................................................................................... .... 32 
2.13. List of loans signed under the Community-supported mandates in 2007.................. 33 2.13.1. Loans signed in Asia .................................................................................................. 3 3 
2.13.2. Loans signed in Latin America .................................................................................. 33 2.14. Loans signed in the Eastern Europe , Southern Caucasus and Russia........................ 34 
2.15. Loans signed in the Medite rranean Partner Countries ............................................... 34 
2.16. Loans signed in the Pre-Accession Countries............................................................ 35 2.17. Loans signed in South Africa..................................................................................... 36 2.18. EIB lending in ACP/OCT in 2007 (includi ng funding from own resources and by 
EDF)........................................................................................................................... 37 
2.18.1. Breakdown by region (EUR million)......................................................................... 37 2.18.2. Breakdown by sector (EUR million).......................................................................... 38 
EN 3   EN 2.19. Interest subsidies paid under the vari ous Community mechanisms from 1995 to 200739 
EN 4   EN 1. BORROWING  ACTIVITIES  IN 2007 
1.1. Trends in borrowing and lending 
EUR million 
 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
I. Borrowing     
ECSC(1) 4 7 4  -  ------  -  -
European 
Community(2) 195 403 108 160 305 12 118 10 15 19
Euratom(3) - - - - 40 40 25 65 215 51 39
Total Commission 669 403 108 160 345 52 143 75 230 70 39
EIB  23 026 30 098 28 355 29 038 32 172 38 016 41 911 49 865 49 807 48 050 54 725
Total Community 23 695 30 501 28 463 29 198 32 517 38 068 42 054 49 940 50 037 48 120 54 764
II. Lending     
ECSC(1) 541 21 - - - -   
European Community
(2) 195 403 108 160 305 12 118 10 15 19
Euratom(3) - - - - 40 40 25 65 215 51 39
Total Commission 736 424 108 160 345 52 143 75 230 70 39
EIB(4) 22 958 25 116 27 765 30 644 31 184 33 443 34 187 39 661 42 276 39 850 41 431
Total Community 23 694 25 540 27 873 30 804 31 529 33 495 34 330 39 736 42 506 39 920 41 470
(1) The ECSC Treaty expired in 2002. 
(2) Mechanism for providing Balance of Payments support for Member States  and financial assistance for non-
member States. 
(3) The Euratom loans instrument is available for financi ngs to Member States and certain non-Member States. 
(4) Loans signed from own resources (with and without gua rantees from the EU budget), no account being taken of 
the guarantees provided by the EIB to promoters. 
 
EN 5   EN Graph: annual trends in borrowing and le nding activities from 1997 (in EUR million) 
European Communities
 and EIB Borrowing and Lending Activities
 010 00020 00030 00040 00050 00060 000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007EIB Borrow ing/Lending
0125250375500625750EC Borrow ing/Lending
EC Bor r ow ing EC Lending EIB Borrow ing EIB Lending
 
Note: The differences between total borrowing and lendi ng by the Commission are due to borrowing operations 
undertaken for refinancing purposes and to changes in th e balance of loans not assigned by the end of the year. 
EN 6   EN 1.2. Borrowing of the European Institutions: outstanding at the end of each period (1) 
EUR million 
 ECSC EC 
(NCI)(4) Euratom European 
Community Commission 
Sub-total  EIB (2) Total 
borrowing 
1982 6 178 1 747 1 272 591 9 788 16 570 26 358
1983 6 539 3 269 1 680 4 610 16 098 20 749 36 847
1984 7 119 4 432 1 892 4 932 18 375 25 007 43 382
1985 7 034 4 960 2 013 3 236 17 243 26 736 43 979
1986 6 761 5 202 2 168 1 890 16 021 30 271 46 292
1987 6 689 5 229 2 500 2 997 17 415 31 957 49 372
1988 6 825 5 514 2 164 2 459 16 962 36 928 53 890
1989 6 738 5 122 1 945 2 075 15 880 42 330 58 210
1990 6 673 4 542 1 687(3) 2 045 14 947 48 459 63 406
1991 7 139 3 817 1 563 3 516 16 035 58 893 74 928
1992 7 327 3 326 1 338 4 026 16 017 67 784 83 801
1993 7 331 2 202 1 018 5 204 15 755 78 661 94 416
1994 6 548 1 570 779 7 697 16 594 83 673 100 267
1995 5 966 1 113 720 8 032 15 831 87 079 102 910
1996 4 677 748 572 6 666 12 663 96 649 109 312
1997 3 637 218 118 5 853 9 826 110 394 120 220
1998 2 806 168 28 4 166 7 168 123 767 130 935
1999 2 432 130 12 4 074 6 648 146 223 152 871
2000 2 039 90 1 566 3 695 159 860 163 555
2001 1 386 19 40 1 614 3 059 176 027 179 086
2002 713 18 80 1 361 2 172 181 167 183 339
2003 431 16 105 1 356 1 908 194 505 196 413
2004 423  170 1 214 1 807 214 825 216 632
2005 440  385 1 080 1 905 248 283 250 188
2006 436  436 969 1 841 246 576 248 417
2007 400  474 786 1 260 254 221 255 481
(1)  The conversion rates used are those of 31 December of ea ch year. As the majority of borrowings are denominated 
in national currency, the difference be tween two year-ends reflects on the one  hand changes in the valuation of 
existing stock due to exchange rates fluctuations and on the ot her the net volume of borrowings during the year. 
Original amount of borrowings, plus or minus repayments of the princi pal, cancellations , annulments and 
exchange-rate adjustments. 
(2)  As from 1989, including short term. 
(3)  As from 1990, including macro-financia l assistance for non-member States. 
(4) This instrument was not extended. 
EN 7   EN 1.3. Borrowing of the European Inst itutions in 2007 by currency 
The share of EUR-denominated borrowings slig htly decreased from the level of 37.9% in 
2006 to 37.7% in 2007 (see Table 1.3) . Issues in other Community  currencies increased from 
16.6% to 22.4%. Non-Community currencies took a smaller share of borrowing, decreasing 
from 45.4% to 39.9% of the total. Issues in USD were down from 30.4% to 26.3%. In 2007, after swaps, 99.1% of th e loans were on a variable-rate as compared to 94.5%  in 2006 (figure 
before swaps: see Table 1.3). 
EUR  million (rounded) 
EIB Total borrowing 2007 
%  
(1) (2) European 
Communities 
(EC, 
Euratom)(3) (1) (2) (1) (2) 
EUR 20 675 33 807 39 20 714 33 846 37.7 61.7
GBP 11 023 6 123  6 769 2 549 20.1 11.2
SEK 893 677 309 309 1.6 1.2
DKK 134 134 235 235 0.2 0.2
HUF 108 108  0.2 0.2
RON 90 0 102  0.2 
BGN(4) 28 0  97 97 0.1 
PLN 27 27  32 32 0.0 0.0
CZK 0 0 18 18 0.0 0.0
SIT 0  0.0 
SKK 0  0.0 0.0
Total EU 32 979 40 877 39 33 018 40 916 60.1 74.5
USD 14 400 13 955  13 789 11 675 26.3 25.5
JPY 2 198 1 813  4.0 
NZD 1 344  1 205  2.5 
TRY 1 097  943  2.0 
AUD 905  875  1.7 
CAD 659  703  1.2 
CHF 445 0 424 88 0.8 0.0
ISK 261 420  0.5 
ZAR 234 0  280 80 0.4 0.0
NOK 196 0  101  0.4 0.0
RUB 115  0.2 
HKD 0  0.0 
MXN 0  0.0 
TWD 0  0.0 
Sub-total 21 853 13 955 20 552 11 843 39.9 25.5
TOTAL(5) 54 832 54 832 39 54 871 54 871 100.0 100.0
Fixed-rate 50 790 516 41 302 2 396 92.6 0.9
Variable-rate 4 042 54 316 39 3 994 42 900 7.4 99.1
(1) Figures before swaps.  
(2) Figures after swaps. 
(3) Macro-financial assistance to non-member States and Euratom. 
(4) EU currency as of 01.01.2007. 
(5) Difference before/after SWAP due  to exchange-rate fluctuations. 
EN 8   EN 2. LENDING  IN NON-MEMBER  STATES 
2.1. Lending in non-member States in 2007 – Overview 
EUR million 
EIB(1)  
 EDF resources(2) 
 Own resources TOTAL 
Pre-Accession countries (Mandate 
2007-2013) 388 388
Neighbourhood and Partnership 
countries (Mandate 2007-2013) 1 205 1 205
ALA – Asia and Latin America 
(Mandate 2007-2013) 305 305
SEN - South Eastern Neighbours(3) 1 362 1 362
ALA – Asia and Latin America 
(Mandate 2000-2007)(3) 120 120
RSA - South Africa (Mandate 2000-
2007) 113 113
ACP-OCT countries(4) 335 432 767
Russia / WNIS (2004-2007) 230 230
Total 335 4 155 4 490
(1) Loan signatures, excluding lending at own risk of the EIB. 
(2) Granted and administered by the EIB out of the budgetary resources of the EC or th e European Development Fund 
(EDF). 
(3) This grouping follows Council Decision 2005/47/EC. 
(4) Africa, Caribbean, Pacific / Over seas Countries and Territories. 
EN 9   EN 2.2. Loan disbursements for macro-financi al assistance and Euratom to non-
member States (2001-2007) 
EUR million 
 2001 2002 2003 2004 2005 2006 2007 Total 
Bulgaria        0
Romania   50     50
Subtotal "Enlar gement" countries 
(Member States as of 01.01.2007) 0 0 50 0 0 0 0 50
Albania(1)      9   9
Bosnia and Herzegovina(2) 10   10  10  30
fYRoM(3) 10 12 28     50
Serbia and Montenegro(4) 225  40  15   280
Subtotal Other Western Balkans(5) 245 12 68 10 15 19 0 369
Armenia(6)        0
Georgia(6)        0
Tajikistan(7) 6 0        60
Ukraine        0
Subtotal NIS 60 0 0 0 0 0 0 60
Lebanon(8)        0
Sub total Mediterranee        0
Euratom(9) 40 40 25 65 215 51 39 475
Grand Total 345 52 143 75 230 70 39 954
(1) A grant of EUR 3 million was disbursed to Albania in 2005 and a further grant of EUR 13 million in 2006. 
(2) Disbursement of the loan was accompanied by disburseme nts of grants of EUR 10 million in 2000. A further grant 
of EUR 15 million was paid in 2001 and of EUR 25 million in 2003. In 2005 EUR 15 million grants were disbursed. 
(3) Former Yugoslav Republic of Macedonia. Grants totalling EUR 20 million were disbursed in 2000, followed by a 
further grant of EUR 10 million in 2001, one of EUR 10 million in 2002 and another one of EUR 18 million in 
2003. 
(4) One grant of EUR 115 million was paid to Serbia and Montenegro in 2002, one of EUR 35 million in 2003, one of EUR 10 million in 2004 and another one of EUR 25 million in 2005. 
(5) Grants of EUR 35 million and EUR 7 million were disburse d to Kosovo and Montenegro respectively in 2000. In 
2001 EUR 35 million were disbursed to Kosovo and EUR 13  million to Montenegro, granted in the form of 
budgetary support. In the same year a further grant of  EUR 15 million was disbursed to Kosovo, followed by 
another one of EUR 15 million in 2002. 
(6) Exceptional financial assistan ce. These loan disbursements to Armeni a and Georgia were supplemented by the 
disbursement of grants totalling re spectively, EUR 8 milli on and EUR 10 million in 1998 and EUR 4 million and 
EUR 9 million in 1999. A further grant of EUR 6 million was made to Georgia in 2001. A grant of EUR 11 million 
was paid to Armenia in 2002. Further grants to Armenia EUR 5.5 million and Georgia EUR 6.5 million were paid in 
2004. In 2005 1.5 million grants was paid to Armenia. In 2006, Georgia received two grants of EUR 11 million 
each. 
(7) This loan was accompanied by the disbursement of gran ts totalling EUR 14 million. A further grant of EUR 7 
million was paid in 2003 (although decided in 2002), in 2005 for the same amount as well as in 2006. 
(8) Macro-financial assistance to Lebanon in the form of EU R 50 million in loans and up to EUR 30 million in grants. 
Disbursements should start in 2008. 
(9) Including Bulgaria and Romania (M ember States as of 01.01.2007) 
EN 10   EN 2.3. Signatures on EIB Own Resources in non- EU countries (excluding signatures on 
EIB own risk under Pre-Accession and Med iterranean Partnership facilities) 
EUR million 
  2000 2001 2002 2003 2004 2005 20061sthalf 
2007 2nd half 
2007 Total 
2000-
20071 Ceiling
ALA (2007-2013)   305 305 3 800
ENP MED (2007-
2013)   1 205 1 205 12 400
Pre-Accession 
mandate 
(2007-2013)   388 388 8 700
RSA (2007-2013)     900
New General Mandate  
(2007-2013)   1 898 1 898 25 800
SEN (2000-2007) 1 086 653 925 1 169 865 2 107 1 336 441 921 9 503 9 185
MED 
( 2000-2007) 502 910 1 000 1 322 1 436 1 102 905  7 177 6 520
ALA (2000-2007) 397 543 174 348 233 256 483 60 60 2 546 2 480
RSA (2000-2007) 50 152 50 260 100 130 80 25 88 935 825
Turkey Terra 375 75 150  600 600
Turkey – Special 
Action   130 100 220  450 450
Sub-Total Previous 
General Mandate (2000-2007) 2 410 2 333 2 279 3 349 2 854 3 595 2 804 526 1 069 21 211 20 060
Russia   25 60  85 100
Russia WNIS (2004-
2007)   30 200 230 500
                                                 
1 These amounts include re-utilisation of cancelled undisbursed loan balances where applicable. For 
comparison against the 2000-2007 General Mandate sub-ceilings, the cumulative signatures net of 
cancellations per region amounted (in EUR million) to: 
 Asia and Latin America: 2 175  Mediterranean: 6 475 
 South-Eastern Neighbours: 9 177 
 Republic of South-Africa: 824 
EN 11   EN COTONOU (2003-
2007)   68 151 167 30 402 818 N/A
TOTAL 2 410 2 333 2 279 3 374 2 922 3 806 2 971 586 3 569 24 157 
EN 12   EN 2.4. Sharing of Risks  
Council Decision 2000/24/EC, which defines th e legal framework of the 2000-2007 General 
Mandate, invited the Bank to  "aim to cover the commercial risk on 30% of its lending under 
this Decision from non-sovereign guarantees as far as possible on  an individual mandate 
basis. This percentage shall be expanded upon whenever possible insofar as the market 
permits" . 
Under this risk-sharing arra ngement, the Community Guarantee covers selected political 
risks. This has helped to mobilize commercial bank guarantees in markets where they would otherwise not have been available or would have been too costly. 
As it can be seen in Table 2.4 below, at the overall mandate level, at expiry of the 2000-2006 
General Mandate, risk-sharing loans represen ted 19% of total cumulative signatures. 
However, this figure covers significant regional differences:  
– In ALA countries, where the mandate specifica lly focused on supporting private European 
initiatives in the form of foreign direct investment, transfer of  technology and know-how, 
74% of loan signatures were made  under the risk-sharing scheme. 
– In the Mediterranean, South-Ea stern Neighbours and South Afri ca, projects financed under 
the mandate were, to a large part, in the pub lic sector without risk-sharing arrangements. 
The proportion of risk-sharing loans reached 11% of total cumulative signatures in the 
Mediterranean and in South Africa, while th e respective proportion in the South-Eastern 
Neighbours was 12%. 
Loans to private sector borrowers with non-so vereign guarantees were mostly signed under 
the Mediterranean Partnership and Pre-Accessi on Facilities, which ar e at EIB’s own risk. 
Therefore, they do not directly  impact the risk-sharing figure s under the mandate but reflect 
the EIB’s increased propensity to take more commercial risk. More precisely, the cumulative 
volume of lending at EIB’s own risk
2 reached EUR 16 billion in  the corresponding period 
(ending at 31 July 2007). By way of illustrati on, when combining risk-sharing operations 
under the 2000-2006 General Mandat e with EIB own risk lendi ng, the overall proportion of 
loans granted either under the ri sk-sharing arrangements or fully  outside the coverage of the 
Community Guarantee increases to some 55% of total EIB lending outside the EU3. 
Under the 2007-2013 General Mandate, the nature  of the guarantee coverage has been 
clarified as covering risks of a political or sovereign natu re. This means that the 2007-2013 
General Mandate, instead of setting a target fo r EIB financing without  Community coverage 
of the commercial risk on operations, specifi es the EIB financing operations which are 
eligible for Comprehensive Guarantee as operations entered into with sovereign or sub-sovereign entities (in the case of the latter, provided that the risk  on the operation is 
appropriate) or covered by a State Guarantee. Th ose operations not meeting these criteria are 
covered by Political Risk Guarantee only. 
For the sake of completeness, Table 2.4 below shows that by the end of 2007, 4 operations in 
Latin America and 7 operations in the Mediterran ean had been signed under the Political Risk 
Guarantee coverage of the 2007-2013 Genera l Mandate, corresponding to 91% of total 
signatures in Latin America and 30% of total signatures in the Mediterranean under this 
                                                
 
2 Under Pre-Accession Facility, Mediterranean Partnership Facility I (expired on 31.01.2007) and under 
the specific Article 18 authorisation of the EIB’s Bo ard of Governors. The two latter mechanisms are 
not represented in Table 2.4, given that no lending thereunder was made in 2007. 
3 In the regions covered by the 2000-2006 General Mandate, i.e. excluding operations in EFTA countries 
as well as ACP and OCT countries. 
EN 13   EN mandate. However, it is still too early to deduc t any general trends from this limited number 
of operations. 
Table 2.4: Risk-sharing under extern al lending mandates and lending at EIB own risk as at 31 
December 2007 (EUR million) 
 All signatures 
 Loans signed with risk-sharing  
/ Political Risk cover 
 
  Ceiling
 Signatures 
in 2007 Cumulative 
signatures No. 
of 
loans Amount 
signed  Risk-sharing 
/ cumulative 
signatures 
2000-2007 external lending mandate     until 
31.07.2007:       
Asia and Latin America 2 480 120 2 545 40 1 876 74%
Mediterranean  6 520 0 7 177 13 807 11%
South-Eastern Neighbours  9 185 1 362 9 503 40 1 123 12%
Republic of South Africa 825 113 935 3 105 11%
  19 010 1 595 20 159 96 3 911 19%
Russia/WNIS (2004-2007) 500 230 230 n/a 
  1 825 20 389    
              
2007-2013 external lending 
mandate     until 
31.12.2007:     Political 
Risk cover 
Asia and Latin America  3 800 305 305 4 278 91%
- Asia 1 000 0 0 0 0 0
- Latin America 2 800 305 305 4 278 91%
Neighbourhood and Partnership 
Countries 12 400 1 205 1 205 7 365 30%
- Mediterranean  8 700 1 205 1 205 7 365 30%
- Eastern Europe, Southern 
Caucasus and Russia 3 700 0 0 0 0 0 
Pre-Accession Countries  8 700 388 388 0 0 0 
Republic of South Africa 900 0 0 0 0 0 
  25 800 1 898 1 898 11 643 34%
              
Lending outside the Community 
guarantee     until 
31.12.2007: 
Pre-Accession Facility 19 500 1 176 15 407 
Mediterranean Partnership 
Facility II 2 000 185 185 
Facility for Energy Sustainability 
and Security of Supply 3 000 500 500 
  24 500 1 861 16 092   
 
Not applicable 
 
 
EN 14   EN 2.5. EIB own risk lending 
The 2006 Council Decision invites the EIB “ to increase its operations outside the Community 
without recourse to the Community guarantee, pa rticularly in the pre-accession countries and 
the Mediterranean as well as  in investment grade c ountries in other regions ”.  
In 2007, to allow the EIB to provide more support from its own resources and at its own risk, 
the EIB’s Board of Governors has authorised  the following additional lending envelopes: 
• Pre-Accession Facility - an additional indica tive lending envelope of EUR 5.5 billion until 
2010, 
• Mediterranean Partnership Facility II - EUR 2 billion for the period of 2007-2013, and 
• Facility for Energy Sustainability and Secur ity of Supply – EUR 3 billion for the period of 
2007-2013. 
Table 2.4 above shows that tota l lending volumes in 2007 were re latively evenly distributed 
among the lending frameworks in force: EU R 1.83 billion was lent under the lending 
mandates that expired on 31 July 2007 (including EUR 230 million signed under the special mandate
4 for certain types of projects in Russia, Ukraine, Republic of Moldova and Belarus), 
while EUR 1.90 billion was lent under the 2 007-2013 General Mandate. In addition to 
mandate lending, a total of EUR 1.86 billion, wa s lent under the EIB own-risk facilities 
without the support of th e Community Guarantee. 
Signatures under the replenished Pre-Accession Facility amounted in 2007 to 
EUR 1.18 billion, of which Turkey received 70% and Croatia 28%. The geographical coverage of lending under the Pre-Accession F acility was extended to include also the 
Potential candidate countries, all of whic h are potential beneficiaries of a regional 
microfinance fund aimed at fostering econo mic development in South-East Europe 
(EUR 25 million signed in 2007). In terms of sect oral distribution, cred it lines accounted for 
54% of signatures under the Pre-Accession Faci lity, while industry and services represented 
19%, followed by energy (16%) and transports (11%). 
Under the Mediterranean Partnership Facility  II, an EIB loan amounting to EUR 185 million 
was signed to finance the capacity expansi on of one of the priority energy TENs. 
Finally, under the Facility for Energy Sust ainability and Secur ity, a highly visible 
EUR 500 million multi-investment scheme was signed in China to support investment 
projects in the energy and indus trial sectors that will help to prevent or reduce greenhouse 
gases and other polluting emissions.  
2.6. Impact and value added of  EIB external lending 
A major guiding principle for the EIB when fu lfilling its mission as a policy-driven public 
bank is to maximize the value added of its acti vity. The EIB assesses the value added of its 
operations on the basis of a framework st ructured along the follo wing three pillars: 
Pillar 1 - the consistency with and co ntribution to EU policy objectives; 
Pillar 2 - the quality and s oundness of the project; and 
Pillar 3 - the financial and non-financial cont ribution made by the EIB to the project. 
                                                
 
4 Council Decision 2005/48/EC of 22 December 2004. Loans granted under this Decision benefit from 
100% coverage by the Community guarantee in contrast to 65% applicable to the other mandates in 
force in 2007.  
EN 15   EN Each individual financing operation is assessed against this framework, using a set of relevant 
indicators. The framework applied to operati ons in the Pre-Accession countries, called the 
Value Added (VA) framework, is designed to reflect the EIB’s support to Pre-Accession 
countries’ economic development process and t hus also their preparation for potential 
transition to EU membership status. This framew ork is identical to the one used for financing 
operations within the EU. 
The framework that is applied to operations in all other re gions covered by the external 
lending mandate, called the Economic and Social Impact Assessment Framework (ESIAF), is 
adapted to reflect the different needs and ch aracteristics as well as the respective lending 
objectives of each of the geographical regions. In addition, the assessment of project quality and soundness, which constitutes the second pilla r, is significantly expanded under ESIAF to 
take account of a broader range of issues, notably in the social area. 
On the basis of facts and data collected dur ing project appraisal, the EIB project teams 
provide a qualitative performance rating fo r each of the three pillars, based on their 
professional judgement. Besides se rving as a tool to assess projects duri ng the selection and 
appraisal process, the framework provides valuable information and benchmarks for both monitoring and ex-post evaluation. It also play s a central role in providing information to 
stakeholders in a systematic manner on th e performance and impact of EIB activity. 
2.7. Performance indicators  
The EIB sets operational targets (measured by Pe rformance Indicators) fo r the value added of 
its lending activity. Thes e targets are defined as the mini mum proportion of operations with 
“high” or “medium” overall ratings, which repr esent the two highest categories of a total of 
four overall rating categories. Operations signed in 2007 under the external lending mandate 
met the value added targets in each of the three pillars. 
Table 3: Summary of value added ratings of operations signed in 2007 
Impact rating Pillar 1 Pillar 2 - Investment loan s Pillar 2 - Financial sector Pillar 3 
High 26 11 2 26 
Medium 5 9 9 5 
Moderate 0 1 0 1 
Low 0 1 0 0 
Total no. of operations5 31 22 11 32 
84% of EIB operations signed under mandate in 2007 are judged to be highly consistent with, 
and to make a strong contribution to, the mandate objectives and prio rities. This is reflected in 
the assignment of a “high” rating on Pillar 1. In turn, 16% of operations were rated “medium” 
on Pillar 1. The interpretation of the “medium” ra ting is that the EIB contributes to a project 
that is, in the reasonable and ju stified opinion of th e project team, compliant with the key EU 
criteria on political eligibility and consistency with EU external policie s and strategies, which 
in turn also imply consistency with national st rategies. More specifically, such a project is 
deemed to meet one or more of the mandate-s pecific core objectives, which can be either 
                                                 
5 In 2007, loans signed under mandate represented 34 projects. One project was appraised in 2003, i.e. 
prior to the introduction of VA, and has therefore not been rated. Several projects were appraised prior to the formal introduction of ESIAF in the second half of 2007; they have been assessed according to a 
preliminary framework that was at the time in test ph ase. Due to this, overall ratings are not available 
for Pillar 1 in the case of two projects and for Pillar 3 in the case of one project 
EN 16   EN sectoral or thematic. (The mandate-specific objectives and EIB contribution to them are 
summarised in section 2.8 below and further de tailed by geographical regions in section 2.12). 
In contrast, the “high” rating means that in addition to unambiguously meeting the foregoing, 
it can be evidenced that the project has additi onal strengths based on clear confirmation of 
other indicators, classified as non-core. No proj ects were rated “moderate” or “low” in Pillar 1 
thereby reflecting the EIB’s upfront screenin g of operations and clear focus on their 
consistency with, and contribu tion to, EU policy objectives. 
Pillar 2 measures the expected quality of the pr oject, i.e. the extent to which the project 
represents a rational allocation of  resources and meets the needs of  its beneficiaries, including 
its final customers, and of the society at large.  The assessment of proj ect quality takes into 
consideration possible EIB input in projec t definition, preparation and implementation 
arrangements, which may have contributed to improve the project quality and mitigate risks. Particular value added can arise from project co nditionality (e.g. those related to tariff studies 
or environmental, social and governance is sues) or from technical assistance elements 
provided during project concepti on or appraisal. These usually  push or commit promoters to 
reach standards beyond their usual practice. Su ch EIB contribution towards an improvement 
in project quality is separa tely reported under Pillar 3. 
Project quality is assessed according to extens ive criteria covering th e economic, technical, 
financial and environmental soundness of the pr oject, as well as mana gement capability to 
design, implement and operate the project. The key quality criteria co ncern essentially: the 
economic and financial sustainability, the envi ronmental sustainability, the quality of the 
promoter’s management and, if relevant, speci fic technological, soci al, governance and/or 
institutional aspects. 
For indirect financial sector operations, where the individual sub-projects are not known at the 
time of appraisal, a distinct set of indicators is used. These incorporate assessments of the 
operating (macro-financial and regulatory) environment, the financial intermediaries within 
that environment and the development impact of the operation. 
18% of financial sector operations signed in 2007 were rated “high” in Pillar 2, while 82% 
received “medium”. The higher proportion of “med ium” ratings notably reflects the quality of 
financial intermediaries used in some global loans, either in terms of their financial performance or their experience in the sect or or the objective targeted by the operation.  
For investment loans, the proportion of “high” ra tings in Pillar 2 repres ented 50% of projects; 
“medium” was attributed to 41% of projects. 
Only one "low" rating was attributed to Pillar 2 for a desalination plant in Israel. The quality 
and soundness of this project is justified on strategic grounds, th e benefits of which cannot be 
quantified. Desalination is perhaps the only met hod under Israel's control to increase security 
of water supply during Israel's extreme drought events, the frequency of  which is increasing. 
Pillar 3 provides an assessment of the EIB’s contribution to a project. It covers the financial 
benefits obtained by a borrower from EIB partic ipation in the project,  such as the longer 
maturities and grace periods, attracti ve interest rates, and risk capital instrument s. In addition, 
the EIB provides non-financial be nefits that improve the sustainability of the project through 
changes to project design and features, project conditionality and technical assistance. 
81% of projects were assessed to benefit from  “high” EIB contribution (Pillar 3), while 16% 
were rated “medium”. 
EN 17   EN 2.8. Support for EU policies 
The EIB’s role as a public policy-driven bank is to contribute, by fi nancing sound investment , 
to the implementation of the EU policy a nd objectives. As mentioned earlier, Council 
Decision 2006/1016/EC in its preamble provides so me specific policy goals to be addressed 
through EIB external financing. In alignment, the EIB’s Corporate Operational Plan defines 
parallel priority strategic operational objectives for th e period 2008-2010 in the regions 
covered by the 2007-2013 General Mandate. 
Table 4: Summary of key lending objectives  
Lending Objectives Asia & 
Latin 
America Eastern 
Neighbours 
& Russia Mediterranea
n Countries Pre-
Accession 
Countries South 
Africa 
Energy - Security of Supply X X X X X 
Environmental Protection and Improvement X X X X X 
Private Sector Development, 
SMEs   X  X X 
Infrastructure Development, 
including extension of TENs  X X X X 
Pre-Accession support    X  
Support of EU presence (FDI, 
transfer of technology and know-how) X     
As shown in Table 4 above, the protection of  the environment and energy security are 
common objectives throughout the regions cove red by the external lending mandate. The 
specific regional orientations and the correspond ing financing activity in 2007 are detailed for 
each geographical region in the sections below. 
For all the projects it finances, the EIB mu st pay special attention to the issue of 
environmental sustainability , focusing on the environmenta l impact assessment of the 
investments proposed and the adequacy of m itigating measures as well as on the energy 
efficiency of proposed technologies or processes.  Furthermore, an increasingly large part of 
the EIB’s lending is specifically targeted at protecting and improving the natural and built environments and fostering social well-being in  the interest of sust ainable development. 
Many transport projects also have positive contribu tions to the environment. This is typically 
the case with investment in public transport in frastructure. The constr uction of light rail and 
tramway systems featured prominently in the EI B financing, reflecting the trend towards more 
cost-effective and flexib le mass transport systems. Moreove r, the Bank supports a range of 
transport projects where the expl icit project aim is to achieve environmentally friendly and 
sustainable transport systems leading to a substantial reduction in emissions of CO
2 and other 
pollutants. 
In Pre-Accession countries, projects financed in 2007 under mandate with specific 
environmental protection as the main lendi ng objective accounted for EUR 731 million or 
42% of total lending in the region. These consiste d of public transport projects in Turkey and 
a renewable energy project in Bosnia-Herzegov ina. In the Mediterranean, EUR 120 million 
EN 18   EN was advanced for environmental schemes in Israel, namely for the improvement of 
environment and health through provision of sa fe drinking water. Th is same objective was 
also targeted by a EUR 60 million project in As ia for the extension and upgrading of water 
supply and distribution infrastructure in Greater Manila, and by another EUR 27 million 
project in Latin America, for the improvement of sanitation and environmental conditions in 
Panama City. 
In total, EUR 938 million, or 25% of EIB fina ncing under mandate, contributed to the Bank’s 
overarching goal of promoting environmentally  sustainable development in the partner 
countries. 
Environmental consideration is taken into account at all stages of the EIB project cycle. The 
EIB applies a set of “safeguards” to ensure the application throughout its financing activities 
of good practice towards environmental issues, based on EU environmental principles and 
standards, that is the “European Principles  for the Environment” (EPE), defined as: 
– the guiding environmental princi ples in the EC Treaty, and 
– the practices and standards incorporated in  EU secondary environmental legislation. 
In 2007, the five EPE signatory financing inst itutions (Council of Europe Development Bank 
(CEB), European Bank for Reconstruction and Development (EBRD), Nordic Environmental 
Finance Corporation (NEFCO), Nordic Investme nt Bank (NIB) and the EIB), with the support 
of the European Commission and its DG ENV, decided to furthe r develop the concept of EPE 
by preparing a single reference document of EU environmenta l legislation, principles and 
standards most relevant to the projects the EPE institutions are financing. Through this 
common EU approach, the institutions provide a consistent and visible mechanism for engaging with project sponsors in addressing environmental issues. In turn, this will allow the institutions to better manage credit and pr oject risk related to the environment. 
In the energy  sector, the Bank generally seeks to contri bute to the key policy objectives of the 
EU as follows: 
• sustainability – by promoting renewable ener gy sources, to reduce both dependence on the 
outside world and the negative impact of  energy production and consumption on the 
natural environment, partic ularly through CO2 emissions; 
• competitiveness in energy supply – a key consideration for the economic development, 
given the central role played by energy in the modern economy; and 
• security of supply – by promo ting diversified sources of energy, reducing dependence on 
external supplies and the potential impact of th e many international risk factors that affect 
the energy market. 
As can be seen in table I of the report, energy represented the third most important sector in 
2007 with EUR 471 million directed towards th e aim of enhancing energy supply and 
stimulating economic development in Egypt, Morocco, Bosnia-Herzegovina and South Africa. This lending under mandate was complemented by another EUR 875 million lent in favour of 3 operations, one under each of the EIB-own risk facilities: 
– EUR 500 million multi-investment scheme in China, signed under the Facility for Energy 
Sustainability and Security of Supply, to s upport investment projects in the energy and 
industrial sectors that will he lp to prevent or reduce emission of greenhouse gases and 
other polluting emissions. This pilot operation will serve as a benchmark for other possible 
similar operations. 
EN 19   EN – EUR 185 million financing granted in Tunisi a, under the Mediterranean Partnership 
Facility II, to finance the cap acity expansion of one of the priority energy TENs, namely 
Transmed gas pipeline connecting Algeria to Italy via Tunisia. 
– EUR 190 million lent under the Pre-Accession Facility for the modernisation and 
expansion of the national gas transmission system in Croatia. 
Altogether, the EIB support fo r energy projects outside th e EU in 2007 consisted of 7 
operations amounting to total lending of EUR 1.35 billion. 
The contribution of EIB lending activity per geographical regi on can be found in section 2.4 
in the Annex. 
2.9. Cooperation with Internatio nal Financing Institutions 
During 2007, the EIB actively pursued its policy to enhance the effectiveness of its operations 
by further reinforcing and developing its operati onal partnerships with other International 
Financial Institutions (IFIs). Cooperation has continued to be an integral part of EIB’s activities, ranging from dialogue  on institutional matters to cooperation on operational lending 
and co-financing, to mutual cons ultation on horizontal topics a nd thematic issues. (A list of 
projects co-financed with other IFIs in the re gions covered by the exte rnal lending mandate is 
included in section 2.11 in the Annex). 
Council Decision 2006/1016/EC invites the EI B to further enhance coordination and 
cooperation with IFIs and with European bilateral in stitutions where releva nt. The objectives 
are to maximize synergies, to ensure reasonable risk sharing and coherent sector and project 
conditionality. This includes strengthening  coordination between the institutions, 
establishment of clear sector conditionality crit eria, increased use of co -financing of projects, 
participation in global initiatives such as t hose promoting aid coordi nation and efficiency. 
Regular meetings at senior management as well as at field level took place and the EIB also 
seeks to increase the number of jointly apprai sed and co-financed proj ects with other IFIs. 
A number of Memoranda of Understanding have  facilitated cooperation between the Bank 
and other IFIs, gradually covering more regions outside the EU. In this context, the EIB has 
participated in several working groups togeth er with the Commission and with other IFIs, 
notably for coordination in Pre- Accession countries, as well as in Neighbourhood and Partner 
countries. 
In the Pre-Accession region, the EIB has partic ipated, together with the Commission and 
other IFIs, in the work of the newly f ounded IFI-Advisory Group (which succeeds the 
Infrastructure Steering Group) and related work ing groups on transpor t, energy, environment 
and social sectors. 
Together with the Commission, the EBRD and th e CEB, the EIB is actively involved in the 
Infrastructure Project Facility (IPF) to channe l EC funds for technical assistance in support of 
priority infrastructure projects in the Pre-A ccession countries, primarily  focusing on potential 
candidate countries. This is part  of the Western Balkans Infras tructure Initiative, which will 
also include a Complementary Grant Financ ing Mechanism and a Lending Facility to be 
implemented by the end of 2008, and the broader Western Balkans Investment Framework to 
be developed by 2010.  
Within the framework of the European  Neighbourhood Policy, a Memorandum of 
Understanding for Eastern Europe, Southern Cau casus, Russia and Central Asia was signed in 
July 2007 (replacing a previous agreement si gned in 2000) between the co-signatories 
Commission, EIB, EBRD, Black Sea Trade and Development Bank (BSTDB), CEB, 
EN 20   EN International Bank for Reconstruction and De velopment (IBRD), International Finance 
Corporation (IFC) and NIB. 
The Tripartite Agreement between the Commissi on, the EBRD and the EI B, signed at the end 
of 2006, for operational cooperation activities in Eastern Europe , Southern Caucasus, Russia 
and Central Asia, has started to be implement ed in 2007, with a close dialogue between the 
three institutions and the establishment of a joint pipeline. The EIB and the EBRD are also 
closely associated in other initiatives and pa rtnerships (e.g. Joint Assistance to Support 
Projects in European Regions (JASPERS) techni cal assistance initiative in the framework of 
EU regional policy). 
In the Mediterranean region, a reinforced dial ogue with the World Bank (WB) has been re-
launched, with bilateral meetings taking place at end 2007. This dialogue may be extended in 
the future to European bilateral institutions (Kreditanstalt für Wiederaufbau (KfW), Agence 
française de Développement (AfD)) with whom the EIB has a long established cooperation in 
the region. In addition, the IF C has joined the EIB, the Commission and the IBRD in the 
strategic partnership for cooperation in th e Middle East and North Africa / Southern 
Mediterranean region. 
In the Eastern and Southern Neighbourhood regi on, the EIB is among the eligible Finance 
Institutions which participate in the Neighbourh ood Investment Facility (NIF) to provide EC 
grant support to investment pr ojects in the neighbourhood region.  
A new Memorandum of Understanding was signe d in 2007 between the EIB and the Asian 
Development Bank (ADB) to promote colla boration in the Asia and Pacific region. 
Furthermore, during 2007 the EIB has entered into  formal collaborations with other IFIs in 
the environmental field: the Multilateral Ca rbon Credit Fund (MCCF) with the EBRD, the 
Carbon Fund for Europe (CFE) set up with the World Bank and th e EIB-KfW Carbon 
Program. Finally, during the 2007 EIB Forum in  Ljubljana, the Post-2012 Carbon Credit Fund 
was launched, being the direct re sult of on-going cooperation in the field of climate change 
between the EIB and three leading European na tional financing institutions, namely Instituto 
de Crédito Oficial (ICO), KfW and the NIB. 
The EIB will continue its active involvement in the Northern Dimension Environmental 
Partnership (NDEP) Steering Committee (including also Ru ssia, the Commission, EBRD, 
NIB and the World Bank) to co-ordinate an d accelerate the implementation of important 
environmental and nuclear safety proj ects in the Northern Dimension region. 
Last but not least, it is recalled that EIB,  EBRD, CEB, NIB and NEFCO remained committed 
to the terms of the European Principles fo r the Environment (EPE) Agreement, strongly 
supported by the Commission. 
It shall be noted that the EIB participates in  several working groups and committees together 
with other IFIs on thematic i ssues, including, inter alia: envi ronment, social issues, risk 
management, ex-post evaluation, internal audit,  legal affairs, planni ng budget and control, 
financial control, trust f unds, funding issues, treasury  issues, human resources. 
In addition, the EIB: 
• Participates in the annual meeting of Head s of Multilateral Development Banks and the 
broader meeting of Heads of Multilateral Fina nce Institutions (inc luding the Commission). 
• Attends the annual meetings of EBRD, WB , African Development Bank (AfDB), ADB, 
Inter-American Development Bank (IADB). 
EN 21   EN • Participates, together with WB, IMF a nd Commission to the Luxembourg group (annual 
meeting), focusing on coopera tion in the Mediterranean. 
• Is a member of the Long Term Lenders Club. 
• Is a member, together with EDFI member s, KfW and AfD, of INTERACT informal 
network meeting annually. 
• Regularly participates in various conferences  and events organised by other IFIs, notably 
by the EBRD, World Bank, AfDB , ADB, NIB, BSTDB and CEB 
 
EN 22   EN 2.10. List of projects signed under mandate in 2007 co-financed with other IFIs  
EUR million 
 
Region 
(mandate)   
Country   
Project   
Project 
cost  
EIB loan 
signed in 
2007   
Multilate-
ral 
Financial 
Instituti-
ons  
European 
Bilateral 
Financial 
Instituti-
ons  
Other6 
ALA IV  Panama  Improvement of sanitation and environmental conditions in Panama City 
through construction of sewerage network, collectors, interceptor and 
wastewater treatment plant  210 27 32  151 
ENP/MED  Egypt  Construction of two natural gas-fire d combined-cycle power generation 
units in El Atf and Sidi Krir  753 130 81  542 
ENP/MED  Morocco  Construction of Fez - Taza section of toll motorway linki ng Fez to Oujda  517 180 172  165 
ENP/MED  Morocco  Construction of hydro-powered electricity projects and setting up of an 
automated network management system.  381 150 75 76 80 
RUS/WNIS  Republic of 
Moldova  Rehabilitation of trunk road network along main east-west and north-
south routes  100 30 42  28 
RUS/WNIS  Ukraine  Rehabilitation of the final section of the 4-lane M-06 highway between 
Kiev and Brody, with a length of 427 km, on Pan-European Corridor III.  505 200 200  105 
SEN  Bosnia and 
Herzegovi-
na Rehabilitation of hydropower plants and distribution facilities  213 103 60 47 3 
                                                 
6 Including i.a. further EIB financing signed or to be signed, borrower own funds, financing by non-European bilateral financial  institutions or commercial banks. 
 
EN 23   EN  
Region 
(mandate)   
Country   
Project   
Project 
cost  
EIB loan 
signed in 
2007   
Multilate-
ral 
Financial 
Instituti-
ons  
European 
Bilateral 
Financial 
Instituti-
ons  
Other6 
SEN  Bosnia and 
Herzegovi-
na Rehabilitation of pavement of number of sections of main and regional 
road network  100 50 48  2 
SEN  Serbia  Rehabilitation of E70/E75 motorway crossing Belgrade and of R251 ring 
road  77 33 25  19 
SEN  Serbia  Rehabilitation of roads and bridges throughout Serbia  145 33 12 3 98 
SEN  Turkey  Construction of first line of modern tramway system in Antalya  122 41 41  40 
SEN+Pre-
Acc.  Turkey  Construction of high-speed railway line between Istanbul and Ankara  2 566  437  322 1 807  
Pre-Acc.  Serbia  Construction of 47 km bypass, of which 27 km of motorway and 20 km of 
road, on Pan-European Transport Corridor X, west and south of Belgrade  137 60 55  22 
Pre-Acc.  Albania  Construction of new expressway between Levan and Vlorë  63 26 22  15 
   5 888  1 500  865 448 3 077  
 
EN 24   EN 2.11. Cooperation with the Commission 
The EIB and the Commission have close ins titutional and operational links. While the 
Commission is responsible for the preparation, development and implementation of EU 
policies, the role of the EIB, as a policy-dr iven EU financing inst itution, is to support – 
through long-term lending – investment projects furthering the EU policy objectives. Only a 
joint approach can deliver greater efficiency  and visibility for th e EU and satisfactory 
leverage of EU budget funds through EIB loans. 
Existing formal EC-EIB cooperation includes, inter alia , a consultation procedure in 
accordance with Article 21 of the Bank’s Statute, whereby all applications for loans are 
submitted to the Commission for an opinion on th e conformity of the investment concerned 
with EU policies, before the financing is  approved by the EIB Board of Directors. 
Also, under the terms of the Bank’s Statute,  the Commission nominates a member to the 
Bank’s Board of Directors. 
In addition to formal cooperation, informa tion between the EIB and the Commission is 
exchanged, inter alia , during the early preparation phase  of Annual Action Programmes with 
a view to including references to EIB activitie s in the regions concerned. Furthermore, when 
preparing its Corporate Operatio nal Plan, which covers a three- year planning perspective and 
is updated annually on a rolling basis, the EIB tailors its opera tional lending priorities to 
reflect EU policy developments. 
Council Decision 2006/1016/EC invites the Comm ission and the EIB to strengthen the 
consistency of EIB actions with EU policie s, mainly through a regular and systematic 
dialogue and early consulta tion on policies, strategies and pr oject pipelines. To this end, the 
EIB and the Commission signe d a Memorandum of Understa nding defining the terms and 
conditions of this strengthened cooperation, on 26 May 2008. A Steering Group set up under 
the Memorandum of Understanding will monitor its implementation. 
With a view to enhancing the coherence of overall EU support in the regions covered by the 
external lending mandate , opportunities are sought  to combine EIB financing with EU 
budgetary resources as appropriate, through, inte r alia, the Instrument for Pre-Accesssion 
Assistance (IPA), the European Neighbourhood a nd Partnership Instrument, the Instrument 
for Stability and, for South Africa, the Development and Cooperation Instrument. 
In 2007, the Commission and the EIB cooperate d in establishing the EU’s Neighbourhood 
Investment Facility, which will mobilise additiona l funding for infrastructure projects mainly 
in the energy, transport and environment sect ors in the entire ar ea of the European 
Neighbourhood Policy by providing grant support for lending operations of public European 
financial institutions. The facility is open to cont ributions from all EU Member States so that 
resources from the Community budget and of the EU countries a nd public financial 
institutions will be pooled and be tter streamlined for the benef it of partner countries. Close 
coordination between the Commissi on and the EIB is also taking place in the context of EU 
financial instruments in support of the West ern Balkans under the IPA.Moreover, for the 
benefit of the Mediterranean region, the EI B manages EU budgetary resources in three 
domains: technical assistance, ri sk capital and interest subsidie s attributed to selected EIB 
loans. 
In 2007, 24 technical assistance operations w ith an overall value of EUR 17.5 million were 
contracted in the Mediterranean under the FEMIP TA Support Fund . Over 84% of these 
were allocated to the infrastruc ture, environment, water and wast ewater sectors, reflecting, to 
a large extent, the traditional areas of EIB activity in the region. Su pport to the financial 
 
EN 25   EN sector absorbed 10% of technical assistance fu nds in 2007, while human capital (the health 
sector) received 7%. 
In this framework, it is noteworthy to mention EIB’s active contribution to the Commission’s 
Horizon 2020 initiative to reduce the level of pollution in the Medite rranean Sea. A study 
committed in 2007 focuses on identifying 3-5 of the most regionally polluting industrial and/or municipal sources and creat ing a pipeline of investment pr ojects, in close collaboration 
with the Commission, the World Bank and the United Nations Environment Programme (UNEP) / Mediterranean Action Plan (MAP). 
The FEMIP Trust Fund (FTF), with a financial envelope of EUR 34.5 million funded by 
contributions of 15 Member States and th e Commission, provides resources to upstream 
technical assistance and risk capi tal operations in certain priority sectors in order to foster 
private sector development in the region. In  2007, the FTF Assembly of Donors approved 5 
new operations for a total volume of EUR 0.75 million. 
A first EUR 2 million risk capital operation was signed under FTF in 2007. The EIB initiated 
and promoted the first privately managed start- up fund in Tunisia. This investment fund is 
focused on innovative Tunisian companies that are in the process of being set up or have been 
established for less than five years. 
As the main provider of risk capital in the Me diterranean, the EIB con tinued its active support 
to the development of the nascent pr ivate equity industry in the region. 
In 2007, the EIB signed seven risk capital operations under MEDA II  for a total 
commitment of EUR 46.5 million. The MEDA-mandate  being now fully depleted, future risk 
capital operations will be carried out under the ENP instrument through multi-annual budget 
contributions as well as through additional reso urces which are expected to be provided from 
reflows on previous operations. 
Three broad trends emerge from  the 2007 risk capital operations: 
1. Increased geographical coverage: in line  with the recommendations made by the 
Member States through the FEMIP Committee of  April last year, the reach of 2007 risk 
capital operations was broadened to include Le banon for the first time (2 operations). Also, a 
direct operation in support of the modernizatio n and expansion of a family-owned fruit juice 
producer was performed in Algeria, despite the difficult environment. 
2. Regional integration: a total of 63% of operations were regional initiatives that are not 
only good for private sector development, but can  also be front runners in terms of policy 
objectives. 
3. Innovation: the 2007 operations  included several innovative f eatures or “firsts” in 
terms of investment policy. 
The risk capital operations signed in 2007 included  an EUR 8 million equity participation in a 
fund investing in minority shares of private SMEs in the Mediterranean region, including 
Morocco and Tunisia. The fund di splays several innov ative features such  as investing in 
leveraged buy-outs in Morocco, th ereby supporting a niche not fu lly covered by other funds in 
the country. In Tunisia, th e fund supports companies aimed at a listing on the Tunisian 
alternative market. This initiat ive, implemented at the end of 2007, is strongly supported by 
the Tunisian government as an opportunity to su bstantially increase the capitalisation of the 
stock market. 
The EIB also supported the first move in private equity of a major Lebanese commercial bank 
by taking a EUR 7.5 million partic ipation in a multi-s ector investment fu nd. This operation is 
 
EN 26   EN accompanied by technical assistance that will co ntribute towards developing local governance 
and documentation standards in line w ith best international practices. 
Furthermore, the EIB made a (EUR 2 million) local currency loan to the Tunisian 
microfinance association to realise its grow th objectives by financ ing itself on the local 
market, which will help the sustainability of the institution in the long run. The loan will allow the granting of more than 50,000 micro cred its that will contribute, inter alia, to job 
creation in local SMEs. EIB participation in this  operation is also likely to play a significant 
catalyst role with local investors. 
One credit line, signed in 2007 to assist Leba nese SMEs with reconstruction efforts, is 
accompanied by an EC interest rate subsidy . Table 2.20 lists the progr ammes which are still 
under way and the amount of interest s ubsidy paid during the years under review. 
In support of South Africa,
 the EIB continued assis ting the Commission in the 
implementation of a dedicated EU-funded (EUR 50 million) second  Risk Capital Facility for 
South African SMEs  that provides employment opportuniti es to historically disadvantaged 
persons. 
Furthermore, work is underway to appraise th e feasibility and operating modalities of another 
programme sponsored and financed by the Commi ssion with the objective to support diverse 
investments with a high developm ent impact in South Africa. 
 
EN 27   EN 2.12. Contribution of EIB lending acti vity per geographical region 
2.12.1.  Asia and Latin America 
Mandate-specific core objectives Number 
of operations 
Support for EU presence in ALA (Europ ean FDI, transfer of European 
technology or know-how) 4 
Support of environmental sustaina bility (including climate change 
mitigation) 2 
Support for energy security projects7 - 
Total number of operations signed in 2007 5 * 
Total EIB financing (EUR million) 425 
To ensure that the EIB can better support the EU ’s cooperation strategy in ALA, the sectoral 
and geographical coverage of the new mandate was broadened. In particular, new areas of 
EIB intervention in ALA now include projects that  contribute to environmental sustainability, 
including climate change mitigation, or to th e energy security of the EU. Furthermore, the 
Bank should expand the range of countries benef iting from EIB financing, including the less 
prosperous countries. The EIB al so continues to support the EU ’s presence in the countries 
concerned through foreign direct investment and the transfer of technology and know-how. 
EU presence in ALA was supported by all mandate operations signed in 2007 except one. 
This one project with a public  borrower provides, in tur n, significant support to the 
environmental sustainability objective by improvi ng public water and sanitation infrastructure 
in Panama. It will improve the quality of life for lo cal residents, in particular in poor areas that 
so far have not been served w ith sanitation services , reduce sanitary and health hazards, and 
develop tourism and fishing activ ities in the region. Furthermor e, the technical assistance 
provided in support of this pr oject aims at promoting wate r demand management measures 
and improving the efficiency of water ne tworks in Panama City, thereby having a 
demonstration effect on the rest of the count ry. The project conditiona lity will contribute to 
the implementation of major institutional refo rms necessary to guarantee the financial 
sustainability of the sector. 
Another operation contributing to  environmental sustainability, and supporting also European 
presence in ALA, was signed in Philippines. The project components financed by the EIB are 
part of a comprehensive invest ment programme for the expans ion and improvement of water 
supply and distribution network in East Z one of Manila, which counts some 5 million 
customers. This project will improve the quality  of life and reduce health risks of more than 
600 000 people who will benefit from the safe wa ter supply services pr ovided by the project. 
Positive environmental effects also result from the more efficient use of existing water resources, particularly through the upgrading and extension of exis ting facilities and the 
                                                
 
7 To be noted that these tables take into account only mandate operations, and do not therefore include 
operations signed under the EIB ow n risk facilities without the suppor t of the Community Guarantee. 
* The numbers above cannot be added, as a single operation may contribute to several objectives. 
 
EN 28   EN reduction of water losses. Part of the extension of the coverage of water services focuses on 
deprived communities through “Water for the Poor Communities” projects, thus further 
contributing to the water Millennium Development Goals in the Philippines. 
2.12.2.  Eastern Europe, Southern Caucasus and Russia  
Mandate-specific core objectives 
 Number of 
operations  
Support for project with si gnificant interest to the EU in transport, energy, 
telecommunications and envir onmental infrastructure  2 
Support for projects extending major Trans European Network axes 2 
Support for project with cross-border im plications for one or more Member 
States 2 
Support for major project favouring re gional integration through increased 
connectivity 2 
Support for environmental projects in Russia, within the framework of the 
Northern Dimension Environmental Partnership - 
Support for strategic energy supply and energy transport projects - 
Close cooperation with the EBRD 2 
Total number of operations signed in 2007 2 8 
Total EIB financing (EUR million) 230 
EIB financing operations in Eastern Europe, the Southern Caucasus and Russia are carried out 
in close cooperation with the EBRD accordi ng to the terms set out in a tripartite 
Memorandum of Understanding between the Eu ropean Commission, the EIB and the EBRD, 
which aims to bring together the expertise, capacity and comparative advantages of each 
participant for the successful implementation of the European Neighbourhood Policy and the 
EU-Russia Strategic Partnership. 
The 2007-2013 General Mandate expands the EIB’ s activities to in clude the Southern 
Caucasus. Consequently, Framework Agreements  were signed by the EIB with Georgia in 
2007 and Armenia in early 2008. Negotiations with Azerbaijan are still on-going. 
In the first half of 2007, the EIB signed ( under the 2004-2007 Russia/WNIS mandate) its first 
loans in Ukraine and in the republic of Mol dova. Both loans support the extension of Trans-
European transport Network axes. In the republ ic of Moldova, the EUR 30 million loan will 
improve road connections of the Pan European Corridor IX (Moscow-Kiev-Bucharest) linking the capital Chisinau to the western border of the EU. In Ukraine, EUR 200 million 
was lent for the rehabilitation of the major rout e, the Pan-European Corridor III, linking the 
capital of Ukraine with Hungary, Slovakia and Poland. 
                                                
 
8 The numbers above cannot be added as a single operation and may contribute to several objectives.  
 
EN 29   EN Both projects will contribute to eliminating road bottleneck s and improving the quality and 
security of existing infrastructure. These financings will have a direct impact in terms of closer connectivity, harm onisation and integration between th e enlarged EU and its Eastern 
Neighbours, with the ultimate goa l of building an area of prospe rity, stability and security. 
2.12.3.  Mediterranean Partner Countries 
Mandate-specific core objectives Number 
of operations 
Support for enabling environment for priv ate sector through  strengthening of 
economic and social infrastructure  6 
Direct support for private s ector, SMEs or micro-finance9 6 
Protection of environment/ene rgy security of supply 2 
Total number of operations signed in 2007 9 10 
Total EIB financing (EUR million) 1 205 
More than half (52%) of th e lending volume signed in th e Mediterranean under the new 
mandate provides support to the private sector in  the form of credit lin es channelled through 
local financial intermediaries in Jordan, Lebanon, Syria and Tunisia. This type of operation, 
frequently supported by grant-f unded technical assistance, also frequently contributes to the 
reform of the financial sect or and the strength ening of the economic infrastructure. 
As part of the EIB pledge made at the Paris III conference to underpin the Lebanese recovery 
and reconstruction programme, credit lines to SMEs for a total of EUR 295 million were signed in Lebanon. Quick support from the Lebanese government, in conjunction with the commercial banks and IFIs including the EIB,  significantly increase the chances that 
companies decide to re-invest in Lebanon and re start operations after suffering large losses as 
a result of the recent conflict. In coopera tion with the central bank of Lebanon, FEMIP 
technical assistance is provided to strengthen th e financial intermediaries’ approach to credit 
analysis and structuring of long-term loans unde r the targeted SME reconstruction facility. 
Additionally, the EIB increased its direct co operation with leading Lebanese financial 
institutions in the form of “stand-alone” credit  lines, in contrast to the traditional state-
guaranteed form of operations. 
Another EUR 200 million credit line was signed in Tunisia in order to continue to provide, 
through selected financial intermediaries, long- term finance to local SMEs. This operation 
fosters a more diversified market economy that  will benefit all the country’s sectors of 
activity by encouraging enterprises to undertake th e necessary investment. It will also help 
Tunisian companies to adjust to the intens ified competition arising from a liberalised 
economy and progressive implementation of th e free trade area with the European Union. 
                                                
 
9 To be noted that further support for the private sector was provided by risk capital operations funded by 
the Community budget as well as one EUR 185 million operation signed under the Mediterranean 
Partnership Facility II. Including these, the proporti on of financing in support of the private sector 
reached 68% of total EIB financin g in the Mediterranean in 2007. 
10 The numbers above cannot be added as a single operation may contribute to several objectives.  
 
EN 30   EN One loan was made directly with  a private sector company to support an Israeli PPP project in 
the water sector. This project, consisting of the construction of a reverse osmosis seawater 
desalination plant, also suppor ts the objectives of protecting and improving the quality of the 
environment and protecting human health throu gh the provision of drinking water. Quality 
and quantity of water is indeed considered to  be one of the most serious environmental 
problems currently facing the region. 
The general lending priority of  energy security of supply is supported in the Mediterranean 
region by two projects with total financing of  EUR 280 million. In Morocco, the EIB finances 
the expansion and optimisation of the use of  renewable energy, namely hydropower. This 
project helps also to address the impacts of climate change by promoting energy efficiency and reducing air pollution. The other operation c onsists of the construction of two modern 
natural gas-fired combined-cycle power plants, producing electricity at a competitive cost and 
with a relatively low environmental imp act, to meet growing demand in Egypt. 
2.12.4.  Pre-Accession Countries  
Mandate-specific core objectives (aligned with the objectives for EIB 
lending within the EU) Number 
of operations 
Implementation of the Innovati on 2010 Initiative (i2i) 1 
Extension of Trans-European Networks (TENs) 5 
Support for SMEs 6 
Environmental Protection and Sustainable Communities 4 
Support to Sustainable, Comp etitive and Secure Energy 1 
Total number of operations signed in 2007  16 11 
Total EIB financing (EUR million) 1 750 
EIB financing in Pre-Accession countries supports  the countries’ preparation for accession to 
the EU. This driving principle is reflected in the lending objectives which – in addition to 
covering the external lendi ng objectives set out in C ouncil Decision 2006/1016/EC – are 
aligned with the objectives for EIB lending within the EU. Furthermore, EIB activity in the Pre-Accession countries reflects the priorities established in the Accession and European 
Partnerships, in the Stabilisati on and Association agreements a nd in negotiations with the EU. 
Pre-Accession countries’ private sector led economic growth was supported by a total of 
EUR 420 million in credit lines in Turkey, Bosnia-Herzegovina and Kosovo. The latter was the first EIB loan in this part of the Western Balkans. The expected be nefits of most of the 
credit lines include support for the development of the countries’ financial system and of the 
SME sector, improved competitiveness of the industry, contribution to environmental protection and to the rational use of energy, improvement of infrastructure of local and 
regional interest. 
                                                
 
11 The numbers above cannot be added as a single operation may contribute to several objectives. 
 
EN 31   EN The extension and development of Trans-Euro pean transport Networks in the region was 
supported by 5 projects for a tota l EIB lending of EUR 199 million.  A loan of EUR 60 million 
went to the construction of a motorway bypass for the Serbian capital Belgrade. The project 
will help to increase transport safety and capacity  in Serbia, which is on the crossroads of the 
crucial trans-European corridors in the Western Balkans. Another loan in Serbia went to the 
rehabilitation of Belgrade’s G azela Bridge. The project is co-f inanced with the EBRD and the 
European Agency for Reconstruction. Othe r projects extending TENs included road 
rehabilitation programmes both in Serbia and in Bosnia-Herzegovina an d the construction of 
an expressway between Leva n and Vlorë in Albania. 
More than three quarters (EUR 1.33 billion) of  total lending to Pre- Accession countries under 
mandate was absorbed by Turkey. Almost half of this volume went to large transport infrastructure projects, namely for the constr uction and rehabilitation of rail infrastructure. 
Two of these supported sustainable urban public tr ansport, in Izmir and in Antalya, while one 
project concerns the constructi on of Turkey’s first high-spe ed train line along the Istanbul-
Ankara corridor. The latter is implemented in parallel to assistance of the Commission in the context of the Turkish Rail Sector Re-Structu ring and Strengthening Project, which aims at 
establishing the legislative and institutional framework of the Turkish rail sector in 
accordance with the EU rules and regulations. E ach of these transport projects encompasses 
significant environmental benefits. 
The Innovation 2010 Initia tive, namely research, develo pment and innovation programmes, 
was supported by one EUR 400 million loan in Turk ey. Programmes eligible under this loan 
comprise the key areas for promoting scienc e and technology in Turkey and range from 
academic research programmes to R&D facilities programmes such as laboratories and scientific equipment. 
Environmental protection was the main lendi ng objective of 42% of total lending under 
mandate in Pre-Accession countries. The proj ects financed include the above-mentioned 
public transport projects in Turkey and a rene wable energy project in Bosnia-Herzegovina for 
the rehabilitation of hydropower plants and electric power distribution systems. This 
investment will result in better energy efficien cy and increased quality and reliability of 
power supply in the country. 
Bosnia-Herzegovina was the second recipient country in the region with 15% of lending 
under mandate, Serbia received 8%, followed by Albania (1%). 
As explained in section 2.5, in 2007 the EIB Bo ard of Governors authorised an additional 
indicative lending envelope of  EUR 5.5 billion under the Pre- Accession Facility until 2010, 
which favours the objective set out in Counc il Decision 2006/1016/EC that financing to 
candidate countries should increasingly take place under the Pre-Accession Facility. 
Moreover, in accordance with Recital 10 of Council decision 2006/1016/EC, the EIB seeks to 
encourage the institution building aspect, where re levant, in cooperation with the other IFIs 
active in the Pre-Accession regi on. In particular, as mentio ned in section 2.9, the EIB was 
actively involved in the work of the IFI-Advisory Group and its four sectoral working groups 
covering transport, energy, environment and soci al sectors. Together with the Commission, 
the EBRD and the CEB, the EIB is also actively involved in the Infrastruc ture Project Facility 
(IPF) to channel EC funds for tech nical assistance in support of pr iority infrastructure projects 
in Pre-Accession Countries. 
 
EN 32   EN 2.12.5.  South Africa 
Mandate-specific core objectives Number 
of operations 
Support for infrastructure proj ects of public interest  1 
Direct support for private sector, SMEs 1 
Protection of environment/ene rgy security of supply - 
Total number of operations signed in 2007 2 
Total EIB financing (EUR million) 113 
EIB financing in South Africa focuses on prior ity infrastructure investment programmes and 
the promotion of private sector growth. 
In 2007, two loans were signed in South Africa. The first loan, EUR 25 million equivalent in 
ZAR, finances the expansion of a particle boa rd and medium density fibreboard factory, to 
meet the strong growth in domestic demand aris ing from the furniture and construction sector. 
The operation directly supports private sector development and hence viable employment 
creation in one of the poorer provinces of the country.  
The other loan, EUR 88 million equivalent in ZAR, is the second tranche of a larger EIB 
financing contribution foreseen  for the construction of a hi gh voltage power transmission 
interconnection between Johannesburg and Ca pe Town. This project will increase 
transmission capacity to meet the growing de mand in the Western Ca pe and contribute to 
reducing transmission constraints in the Southern African Power Pool. 
Although no signatures were made under th e new lending mandate, 38% of the 
EUR 900 million regional ceiling had, by end-2007, b een attributed to projects approved by 
the Board. 
 
EN 33   EN 2.13. List of loans signed under the Co mmunity-supported mandates in 2007 
2.13.1.  Loans signed in Asia  
– - under ALA III (2000-2007) mandate 
     
  
Country  
Project Description Loan 
amount (EUR 
million) Political 
Risk Guarantee 
 Philippines Extension and upgrading of water supply and 
distribution infrastructure in Greater Manila 60.00 Yes 
  Total Asia: 60.00  
     
2.13.2.  Loans signed in Latin America 
– - under ALA III (2000-2007) mandate   
  
Country  
Project Description Loan 
amount 
(EUR 
million) Political 
Risk 
Guarantee 
 Peru Purchase and installation of systems for provision of 
telephony, high-speed internet, data transmission, cable 
and satellite pay-TV and VSAT services 60.00 Yes 
– - under ALA IV (2007-2013) mandate 
 Brazil Installation, commissioning and operation of GSM 
overlay network operating in 850 MHz frequency range 
in areas of Brazil covered by promoter in order to 
migrate from CDMA to GSM network 250.00 Yes 
 Panama Improvement of sanita tion and environmental conditions 
in Panama City through construction of sewerage network, collectors, interceptor and wastewater 
treatment plant 27.14 No 
 Uruguay Expansion of private co ntainer terminal at port of 
Montevideo 27.97 Yes 
  Total Latin America: 365.11  
     
 
EN 34   EN 2.14. Loans signed in the Eastern Europe, Southern Caucasus and Russia 
– - under 2004-2007 (EUR 500 million) mandate  
  
Country  
Project Description Loan 
amount 
(EUR million) Political 
Risk 
Guarantee 
 Republic of 
Moldova,  Rehabilitation of trunk road network along main east-
west and north-south routes 30.00 No 
 Ukraine Rehabilitation of the final section of  the 4-lane M-06 
highway between Kiev and Brody, with a length of 427 
km, on Pan-European Corr idor III. This highway 
represents the most important arterial route of Ukraine 
to the European Union. 200.00 No 
  Total E. Europe, S. Caucasus and Russia: 230.00  
     
2.15. Loans signed in the Mediterranean Partner Countries 
– - under ENP-MED (2007-2013) mandate   
  
Country  
Project Description Loan 
amount 
(EUR 
million) Political 
Risk 
Guarante
e 
 Egypt Construction of two na tural gas-fired combined-cycle 
power generation units in El Atf and Sidi Krir 130.00 No 
 Israel Construction and operation of desalination plant in 
Hadera on Mediterranean coast (about 50 km north of 
Tel Aviv) 120.00 Yes 
 Jordan Financing for small and medium-scale ventures 50.00 Yes 
 Lebanon Financing of small and medium-scale projects 195.00 Yes 
  Financing, through Banque de Liban, of investment 
aimed at supporting SMEs affected by recent conflict 100.00 No 
 Morocco Construction of Fez - Taza section of toll motorway 
linking Fez to Oujda 180.00 No 
  Construction of hydro-powered electricity projects and 
setting up of an automated network management system 150.00 No 
 Syria Co-financing of invest ment projects implemented by 
private sector SMEs 80.00 No 
 Tunisia Financing of small and medium-scale projects 200.00 No 
  Total Mediterranean: 1 205.00  
 
EN 35   EN 2.16. Loans signed in the Pre-Accession Countries 
– - under the South-Eastern Ne ighbours (2000-2007) mandate   
  
Country  
Project Description Loan 
amount 
(EUR million) Political 
Risk 
Guarantee 
 Bosnia- 
Herzegovina Rehabilitation of hydropower plants and distribution 
facilities 103.00 No 
  Financing for small and medium-scale ventures 75.00 Yes 
  Financing for small and medium-scale ventures 10.00 Yes 
  Financing for small and medium-scale ventures 5.00 Yes 
  Rehabilitation of pavement of number of sections of 
main and regional road network 50.00 No 
  Financing of small and medium-scale infrastructure 
schemes 20.00 Yes 
 Serbia Rehabilitation of E70/ E75 motorway crossing Belgrade 
and of R251 ring road 33.00 No 
  Financing for small and medium-scale ventures (in 
Kosovo) 10.00 Yes 
  Rehabilitation of roads and bridges throughout country 33.00 No 
 Turkey Construction of first line of modern tramway system in 
Antalya 40.50 No 
  Construction of high-speed railway line between 
Istanbul and Ankara 132.36 No 
  Upgrading of 80 km section of suburban railway 
network to surface metro linking Izmir centre to Aliaga 
(north) and Cumoavasi (south) 150.00 No 
  Strengthening of Turkey's science and research 
capabilities 400.00 No 
  Financing of small and medium-scale ventures 300.00 No 
 
EN 36   EN  
– - under the Pre-Accession (2007-2013) mandate   
  
Country  
Project Description Loan 
amount 
(EUR million) Political 
Risk 
Guarantee 
 Albania Construction of new expressway between Levan and 
Vlorë 23.00 No 
 Serbia Construction of 47 km bypass, of which 27 km of 
motorway and 20 km of road, on Pan-European 
Transport Corridor X, west and south of Belgrade 60.00 No 
 Turkey Construction of high-speed railway line between Istanbul 
and Ankara 304.86 No 
  Total Pre-Accession Countries: 1 749.72  
    
2.17. Loans signed in South Africa 
– - under the RSA (2000-2007) mandate   
  
Country  
Project Description Loan 
amount 
(EUR million) Political 
Risk 
Guarantee 
 South 
Africa Construction of high voltage power transmission 
interconnection between Johannesburg and Cape Town 88.00 No 
  Expansion of a particle board and medium density 
fibreboard factory in White River 25.00 Yes 
  Total South Africa: 113.00  
 
EN 37   EN 2.18. EIB lending in ACP/OCT in 2007 (incl uding funding from own resources and 
by EDF) 12 
2.18.1.  Breakdown by region (EUR million) 
  EIB Own 
resourcesEDF 
resources Total 
ACP/OCT total 432 325 756
Africa 432 254 686
Regional - Africa  8 8
West Africa & Sahel 128  128
Central & East Africa  222 222
Southern Africa & Indian Ocean 304 25 328
Caribbean  56 56
Pacific  2 2
OCT  10 10
Regional ACP  3 3
                                                 
12 Amounts stated in this section rounded to the nearest EUR million. 
 
EN 38   EN 2.18.2.  Breakdown by sector (EUR million) 
Total   Energy Telecom Water, 
sewerageIndustry 
& 
Services Credit 
lines 
  
ACP/OCT total 99 15 42 511 90 756
Africa 99 15 42 462 68 686
Regional - Africa       8   8
West Africa & Sahel   28 100   128
Central & East Africa 99   55 68 222
Southern Africa & Indian 
Ocean  15 14 299   328
Caribbean    46 10 56
Pacific      2 2
OCT      10 10
Regional ACP    3   3
 
EN 39   EN  
2.19. Interest subsidies paid under the various  Community mechanisms from 1995 to 
2007 
ECU/EUR million 
 EC-subsidies EIB-subsidies 
Financial 
year Natural 
disasters Trans-European 
Networks EDF MEDA BOSNIA FYROM 
1995 6.1 25.0 28.1 15.2  
1996 4.3 18.0 28.6 22.4   
1997 4.0 37.0 56.9 48.2  
1998 2.8 20.0 24.5 30.3  2.7
1999 2.2 71.0 27.1 29.2  4.0
2000 1.7 54.0 18.7 17.4  1.1
2001 1.3 15.0 14.5 26.6  2.3
2002 0.9 14.3 19.9 19.1 1.0 2.5
2003 0.6 4.0 7.75 29.65  
2004 0.3 13.26(1)9.0 23.98 2.76 1.31
2005 0.2 0.39 21.95 5.5 
2006 0.1 2.45 20.80 0.63 
2007  2.20 10.90  
(1) Revised figure.