Proposal for a Decision of the European Parliament and of the Council granting an EU guarantee to the European Investment Bank against losses under loans and guarantees for projects outside the European Union {SEC(2010) 443 final}
Date: 2010-04-21
Institutions: European Commission
Subjects: European Investment Bank, credit guarantee, foreign policy, operation of the Institutions

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EUROPEAN COMMISSION 

Brussels, 21.4.2010 
COM(2010)174 final 

2010/0101 (COD) 

Proposal for a 

DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

granting an EU guarantee to the European Investment Bank against losses under loans 
and guarantees for projects outside the European Union 

{SEC(2010) 443 final} 

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EXPLANATORY MEMORANDUM 

1. 

CONTEXT OF THE PROPOSAL 

The European Union provides a budgetary guarantee to the European Investment Bank (EIB) 
covering  risks  of  a  sovereign  and  political  nature  in  connection  with  its  loan  and  loan 
guarantee operations carried out outside the EU in support of EU external policy objectives. 
The  EU  guarantee  for  the  EIB's  external  operations  is  an  effective  means  to  combine  EU 
budgetary funds (through the provisioning of the Guarantee Fund for external actions which 
backs  the  EU  guarantee)  with  EIB  own  resources,  building  on  the  EIB's  financial  strength, 
while ensuring that the EIB's financial health is not affected. 

The  overall  scope  and  general  conditions  of  the  EU  guarantee  coverage  for  EIB  external 
operations  have  previously  been  set  out  in  Council  decisions,  the  so-called  EIB  external 
mandates. Most recently, the EIB external mandate for the period 2007-2011 was established 
by Decision No 633/2009/EC of the European Parliament and of the Council of 13 July 20091 
(the  ‘Decision’).  Article  9  of  the  Decision  requires  the  Commission  to  present  a  mid-term 
report on its application accompanied by a proposal for its amendment, drawing, inter alia, on 
an external evaluation (see Section 2). 

On the basis of findings of the mid-term review, this proposal aims to ensure the continuation 
of  the  EU  guarantee  for  EIB  external  financing  for  the  remainder  of  the  current  financial 
perspectives 2007-2013, whilst introducing a number of new elements in the mandate. 

The introduction of these new elements necessitated a number of modifications to the current 
mandate  Decision.  For  the  sake  of  clarity,  it  was  therefore  chosen  to  replace  the  mandate 
Decision  with  a  new  decision  rather  than  presenting  a  proposal  for  amendments.  The 
proposed decision will cover EIB financing operations signed during the period beginning on 
1 February 2007 and ending on 31 December 2013. 

The new elements to be introduced in the new decision are the following: 

* Activation of the EUR 2 billion "optional mandate", which was placed in reserve by the 
Decision.  This  optional  mandate  will  be  activated  not  as  an  increase  of  individual  regional 
ceilings, but as a mandate dedicated to projects which contribute to the fight against climate 
change across all regions covered by the decision.  

* Replacing the current system of regional objectives for operations under EU guarantee with 
horizontal high-level objectives covering all regions under the external mandate. These high-
level objectives will be included in the Articles of the proposed decision and will cover the 
areas  of  climate  change,  social  and  economic  infrastructure  and  local  private  sector 
development.  

*  Development  by  the  Commission,  together  with  the  EIB,  and  in  consultation  with  the 
European  External  Action  Service  (EEAS),  of  operational  guidelines  for  each  region  under 
the external mandate, reflecting EU regional strategies in order to strengthen the link between 

1 

Decision granting a Community guarantee to the European Investment Bank against losses under loans 
and loan guarantees for projects outside the Community (OJ L 190, 22.7.2009, p. 1). 

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the implementation of EIB activities in line with the general high-level objectives under the 
external mandate and EU regional priorities. 

* Strengthening of the capacity of the EIB to support EU development objectives through  

– 

– 

enhancing  the  EIB's  appraisal  and  monitoring  of  social  and  development 
aspects of projects. 

increasing  the  focus  of  EIB  intervention  in  sectors  which  will  further  the 
development of third countries, such as environmental infrastructure including 
water and sanitation, sustainable transportation and climate change mitigation 
and  adaptation.  The  EIB  should  also  progressively  increase  its  activity  in 
support of health and education. 

* Activation of the EIB external mandate for Iceland, Belarus, Libya, Iraq and, Cambodia. 

The  Staff  Working  Document2  accompanying  the  proposal  provides  further  details  on  the 
possible EIB activity in support of climate change under the EUR 2 bn optional mandate as 
well  as  on  the  rationale  to  support  the  proposal  to  activate  the  EIB  external  mandate  for 
Iceland, Belarus, Libya, Iraq and Cambodia. 

2. 

RESULTS OF CONSULTATIONS WITH THE INTERESTED PARTIES AND 
IMPACT ASSESSMENTS 

As mentioned in the previous section, the current external mandate Decision required a mid-
term  review  of  the  operation  of  the  mandate.  This  review  builds  on  an  external  evaluation 
supervised and managed by a Steering Committee of Wise Persons (SCWP), on an evaluation 
carried out by an external consultancy (COWI), and on specific evaluations carried out by the 
evaluation department of the EIB. The terms of reference of the mid-term review are set out in 
Annex 2 to the Decision.  

During  the  course  of  the  evaluation  process,  which  started  in  October  2008  and  ended  in 
February 2010, the SWCP organised hearing sessions with Commission and EIB senior staff 
as  well  as  with  representatives  of  civil  society,  the  European  Parliament,  International 
Financial  Institutions  (IFIs)  and  European  bilateral  finance  institutions3  (EBFIs)  as  well  as 
European  think  tanks.  SWCP  members  also  visited  selected  beneficiary  countries  and  held 
discussions with government and private sector representatives, and with COWI and the EIB 
evaluation  department.  COWI's  evaluation  included  interviews  with  Commission  and  EIB 
staff and specific country and project case studies. 

of 

the 

report 

The 
http://www.eib.org/about/documents/mtr-external-mandate-report-steering-committee.htm. 
The COWI report is available at the following address: 
http://ec.europa.eu/economy_finance/evaluation/completed/index_en.htm.  

following 

available 

SCWP 

the 

at 

is 

address: 

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SEC(2010) 443. 
Financial institutions in the Member States engaged in development and investment in projects outside 
of their own country. 

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The  findings  of  the  evaluation  reports  are  summarised  and  analysed  in  the  Commission 
report4  on  the  mid-term  review  which  accompanies  the  present  proposal.  The  proposals  for 
modifications of the current mandate put forward in the proposed decision are based on this 
report. 

The SCWP also provided a number of different suggestions for future reform of EU external 
actions including the external activities of the EIB. These suggestions will be further explored 
in a process, involving the Commission, the EEAS, the EIB, other IFIs and EBFIs, in time for 
the Commission's new proposals for the next Financial Framework. 

3. 

LEGAL ELEMENTS OF THE PROPOSAL 

The  proposal  for  a  decision  of  the  European  Parliament  and  of  the  Council  is  based  on  the 
dual  legal  basis  of  Articles  209  and  212  of  the  Treaty  on  the  Functioning  of  the  European 
Union. 

The  proposal  falls  under  the  exclusive  competence  of  the  EU.  The  subsidiarity  principle 
therefore does not apply.  

The proposal complies with the proportionality principle, as the EU guarantee has proved to 
be an efficient and inexpensive means of covering the political and sovereign risks relating to 
EIB external operations carried out in support of EU external policies. The extension of the 
EU guarantee will allow the existing efficient and economically sound practice to continue. 

4. 

BUDGETARY IMPLICATION 

The Guarantee Fund for external actions (the "Guarantee Fund") set up by Council Regulation 
(EC,  Euratom)  No  480/20095,  provisioned  by  yearly  transfers  from  the  general  EU  budget, 
provides a buffer for the EU budget against shocks due to inter alia losses on EIB external 
financing operations.  

The budgetary implications as regards the provisioning of the Guarantee Fund as well as the 
human and administrative resources involved in the administration of the EU guarantee are set 
out in the financial statement accompanying the proposal. 

5. 

OPTIONAL ELEMENTS 

Detailed explanation of the proposal 

Article  1  extends  the  EU  guarantee  to  the  remaining  period  of  the  current  financial 
perspective 2007-2013, with the possibility of a six-month extension to ensure the continuity 
of EIB financing operations. The EU guarantee is limited to 65% of the aggregate amount of 
the EIB outstanding disbursed amounts plus related amounts (i.e. interest, commissions, and 
other possible charges that are due by a guaranteed obligor to the EIB pursuant to a loan or 
guarantee agreement), in line with the current Decision. It stresses that the EIB uses its own 
rules and procedures when granting financing covered by the EU guarantee, but also makes 

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COM(2010) 173. 
OJ L 145, 10.6.2009, p. 10. 

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the guarantee coverage conditional on the EIB financing being carried out in support of EU 
external policy objectives.  

Article  2  sets  out  the  ceilings  for  EIB  financing  under  EU  guarantee.  The  current  regional 
ceilings are maintained in an Annex to the proposed decision. The optional mandate of EUR 2 
billion  –  which  was  reserved  for  possible  activation  following  the  mid-term  review  –  is 
activated as a specific envelope dedicated to the financing of projects in the field of climate 
change.  The  Article  also  contains  a  definition  of  the  projects  which  can  be  considered  as 
contributing to the fight against climate change. 

Article  3  determines  the  horizontal  high-level  objectives  which  must  be  pursued  by  EIB 
financing  operations  covered  by  the  EU  guarantee.  This  will  give  the  mandate  a  clearer 
identity  by  focusing  it  on  areas  where  the  EIB  has  a  comparative  advantage  and  particular 
strengths,  i.e.  climate  change,  economic  infrastructure  and  local  private  sector  development 
(in  particular  SMEs).  Regional  integration  will  be  an  underlying  objective  for  all  EIB 
financing activity. 

Article  4  deals  with  the  list  of  countries  concerned  by  the  proposal  and  their  eligibility. 
Compared to the current mandate Decision, the eligibility of Iceland, Belarus, Libya, Iraq and 
Cambodia for EIB financing under EU guarantee is established. This reflects the progress that 
has been made in the EU's relations with these countries. The more detailed justification for 
extending the EU guarantee to EIB financing in these countries is set out in the Staff Working 
Document6 accompanying this  proposal.  It takes  into account the political situation in these 
countries  and  the  bilateral  relations  with  the  EU,  the  democracy,  human  rights  and 
fundamental freedoms situation as well as the macro-economic situation and investment needs 
at  country  level.  As  in  the  Decision  currently  in  force,  the  inclusion  of  new  countries  of 
operations or the suspension of EIB financing to a country covered by the mandate, in light of 
its  human  rights  record  or  for  other  reasons,  would  continue  to  be  taken  following  the 
ordinary legislative procedure. 

Article  5  details  the  requirements  relating  to  the  linkage  of  EIB  external  activities  with  EU 
policies. It aims to ensure that the high-level objectives outlined in the mandate are translated 
into  the  EIB's  implementation  of  the  mandate  and  that  EIB  financing  is  complementary  to 
corresponding  EU  assistance  policies,  programmes  and  instruments  in  the  different  regions. 
The translation of these objectives into operations would happen through the development of 
regional  operational  guidelines  for  EIB  financing  under  the  proposed  decision.  This  Article 
requires  the  Commission  to  inform  the  European  Parliament  and  the  Council  of  the 
operational  guidelines  established.  It  also  calls  on  the  EIB  to  develop  appropriate  financing 
strategies for the actual execution of EIB financing operations. Furthermore, it specifies that 
an  EIB  financing  operation  will  not  be  granted  the  cover  of  the  EU  guarantee  if  the 
Commission  delivers  a  negative  opinion  on  the  operation  within  the  framework  of  the 
procedure provided for in Article 19 of the Statute of the EIB. 

Article 6 aims to ensure that the EIB will carry out thorough due diligence on development-
related  aspects  of  projects  to  be  covered  by  the  EU  guarantee,  including  a  social  impact 
assessment,  so  that  only  projects  that  are  economically,  financially,  environmentally  and 
socially sustainable are supported under the mandate.  

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SEC(2010) 443. 

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Article  7  details  the  modalities  of  reinforced  cooperation  between  the  Commission  and  the 
EIB,  and  where  appropriate  the  EEAS.  It  aims  to  ensure  that  at  all  levels,  from  upstream 
strategic planning to downstream project development, that EIB external financing operations 
comply with and support EU external relations policies and the high-level objectives set out in 
this decision. 

Article 8 details the modalities of enhanced cooperation with other IFIs. 

Article  9  outlines  the  nature  of  the  EU  guarantee  which  will  cover  risks  of  a  political  or 
sovereign nature for financing operations entered into by the EIB. It also requires the EIB to 
establish a policy governing the decision on whether to submit eligible operations for cover 
under the EU guarantee or to finance them at the EIB's own risk. The aim of such a policy 
would  be  to  ensure  that  the  EU  guarantee  coverage  is  utilised  to  the  maximum  benefit  of 
beneficiaries,  e.g.  in  countries  and  for  operations  that  have  difficulties  in  obtaining  finance 
from the capital market on acceptable terms, while borrowers in investment grade countries, 
or investment grade structures in sub-investment countries may have access to EIB own risk 
facilities. 

Article  10  includes  the  reporting  and  accounting  information  requirements  for  both  the  EIB 
and the Commission.  

Article 11 specifies the responsibility of the EIB to pursue possible recovery claims on behalf 
of the Commission. 

Article 12 mentions that the detailed provisions and procedures relating to the EU guarantee 
shall be laid down in a guarantee agreement between the Commission and the EIB. 

Article  13  states  that  the  Commission  shall  present  to  the  European  Parliament  and  the 
Council a proposal for establishing the EU guarantee under the next Financial Framework , as 
appropriate.  

Article 14 mentions that the Commission shall present a final report on the application of the 
proposed decision by 31 October 2014. 

The 'Recitals' section includes, amongst other things, the political background for the proposal 
to maintain the EU guarantee and the main findings of the mid-term review.  

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2010/0101 (COD) 

Proposal for a 

DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

granting an EU guarantee to the European Investment Bank against losses under loans 
and guarantees for projects outside the European Union 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Articles 209 and 212 thereof, 

Having regard to the proposal from the European Commission, 

After transmission of the draft legislative act to the national Parliaments, 

Acting in accordance with the ordinary legislative procedure, 

Whereas: 

(1) 

In  addition  to  its  core  mission  of  financing  investment  in  the  European  Union,  the 
European  Investment  Bank  (EIB)  has  since  1963  undertaken  financing  operations 
outside the European Union in support of the EU’s external policies. This allows the 
EU budget funds available to the external regions to be complemented by the financial 
strength of the EIB for the benefit of beneficiary countries.  

(2)  With a view to supporting the EU's external action, and in order to enable the EIB to 
finance investments outside the EU without affecting its credit standing, the majority 
of  its  operations  in  external  regions  have  benefited  from  an  EU  budgetary  guarantee 
administered by the Commission.  

(3)  Most recently, the EU guarantee was established for the period 2007-2011 by Decision 
No  633/2009/EC  of  the  European  Parliament  and  of  the  Council  of  13  July  2009 
granting  a  Community  Guarantee  to  the  European  Investment  Bank  against  losses 
under loans and loan guarantees for projects outside the Community7.  

(4) 

(5) 

The  Guarantee  Fund  for  external  actions  (the  "Guarantee  Fund"),  established  by 
Council Regulation (EC, Euratom) No 480/20098, provides a liquidity cushion for the 
EU budget against losses on EIB financing operations and other EU external action. 

As required by Decision No 633/2009/EC, the Commission and the EIB have prepared 
a  mid-term  review  of  EIB  external  financing,  based  on  an  independent  external 
evaluation supervised by a steering group of "wise persons", a review by an external 

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OJ L 190, 22.7.2009, p. 1. 
OJ L 145, 10.6.2009, p. 10. 

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(6) 

(7) 

(8) 

(9) 

consultancy, and specific evaluations produced by the EIB. On 12 February 2010, the 
steering  group  submitted  a  report  to  the  European  Parliament,  the  Council,  the 
Commission and the EIB containing its conclusions and recommendations. 

The steering group report concluded that the EU guarantee to the EIB is an efficient 
and  forceful  policy  instrument  with  high  financial  and  political  leverage  and  that  it 
should be maintained in order to cover risks of a political or sovereign nature. Certain 
amendments to Decision No 633/2009/EC were proposed to ensure maximum added 
value and efficiency in the EIB’s external operations. 

The amounts covered by the EU guarantee in each region should continue to represent 
ceilings for financing by the EIB under the EU guarantee and not targets that the EIB 
is requested to meet.  

In  addition  to  the  regional  ceilings,  the  optional  mandate  of  EUR  2 000 000 000 
should be activated and allocated as an envelope to support EIB financing operations 
in the field of climate change mitigation and adaptation across the regions covered by 
the  mandate.  The  EIB  could  contribute  with  its  expertise  and  resources,  in  close 
cooperation with the Commission, to support public authorities as well as the private 
sector to address the challenge of climate change and to make the best possible use of 
available  financing.  For  mitigation  and  adaptation  projects,  the  resources  of  the  EIB 
should be complemented where possible with concessional funds available under the 
EU  budget,  through  the  efficient  and  consistent  blending  of  grants  and  loans  for 
climate change financing in the context of EU external assistance.  

Some flexibility on regional allocation under the Climate Change Mandate should be 
provided  to  allow  for  the  fastest  and  most  effective  possible  uptake  of  available 
financing  within  the  3-year  period  2011-2013.  In  the  event  that  the  total  amount  of 
financing  operations  under  consideration  would  exceed  the  available  EUR  2  billion, 
the Commission and the EIB should strive to ensure a balanced distribution across the 
regions covered, based on the established priorities for external aid under the General 
Mandate. 

(10)  Moreover,  the  evaluation  found  that  although  the  EIB  operations  carried  out  in  the 
period covered by the evaluation (2000-2009) were generally in line with EU external 
policies, the link between EU policy objectives and their operational implementation 
by the EIB should be strengthened and made more explicit and structured.  

(11) 

In  order  to  enhance  the  coherence  of  the  mandate,  strengthen  the  focus  of  the  EIB 
external financing activity on supporting EU policies, and for the maximum benefit of 
beneficiaries,  this  decision  should  set  out  horizontal  high-level  objectives  in  the 
mandate  for  EIB  financing  operations  across  all  eligible  countries,  building  on  the 
comparative strengths of the EIB in areas where it has a well-proven track record. In 
all regions covered by this decision, the EIB should thus finance projects in the areas 
of  climate  change  mitigation  and  adaptation,  social  and  economic  infrastructure 
including  renewable  energy,  energy  security, 
(notably 
environmental infrastructure including water and sanitation, as well as information and 
communication technology (ICT)), and local private sector development, in particular 
in support of small and medium-sized enterprises (SMEs). Within these areas, regional 
integration  among  partner  countries,  including  economic  integration  between  pre-

transport,  energy 

in 

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accession  countries,  neighbouring  countries  and  the  EU,  should  be  an  underlying 
objective for EIB financing operations. 

(12)  Moreover,  EIB  financing  operations  should  contribute  to  the  general  principles 
guiding  the  EU's  external  action,  as  referred  to  in  Article  21  of  the  Treaty  on  the 
European  Union,  of  promoting  and  consolidating  democracy  and  the  rule  of  law, 
human  rights  and  fundamental  freedoms,  and  to  the  implementation  of  international 
environmental  agreements  to  which  the  EU  is  a  party.  In  relation  to  developing 
countries9 in particular, EIB financing operations should foster: sustainable economic, 
social  and  environmental  development  of  these  countries,  particularly  in  the  most 
disadvantaged  amongst  them;  their  smooth  and  gradual  integration  into  the  world 
economy;  the  campaign  against  poverty;  as  well  as  compliance  with  objectives 
approved  by  the  EU  in  the  context  of  the  United  Nations  and  other  competent 
international  organisations.  The  EIB  should  gradually  build  up  appropriate  means  to 
adequately meet these requirements. 

(13)  Under  this  decision,  the  EIB  should  increase  its  development  orientation  in  close 
coordination  with  the  Commission  and  following  the  principles  of  the  European 
Consensus  on  Development.  This  should  be  implemented  through  a  number  of 
concrete  measures,  in  particular  by  reinforcing  its  capacity  to  appraise  social  and 
development aspects of projects, including human rights and conflict related risks, and 
by  promoting  local  consultation.  Moreover,  it  should  increase  its  focus  on  sectors 
where it has sound expertise from financing operations within the EU and which will 
further  the  development  of  the  country  in  question,  such  as  environmental 
infrastructure  including  water  and  sanitation,  sustainable  transportation  and  climate 
change  mitigation,  particularly 
in  renewable  energy.  The  EIB  should  also 
progressively  strengthen  its  activity  in  support  of  health  and  education  as  well  as  of 
climate  change  adaptation,  where  appropriate  working  in  cooperation  with  other 
International  Finance  Institutions  (IFIs)  and  European  bilateral  finance  institutions 
(EBFIs). This will require access to concessional resources and a progressive increase 
in  human  resources  devoted  to  EIB  external  activities.  EIB  activity  should  also  be 
complementary  to  EU  objectives  and  priorities  relating  to  institution  building  and 
sector reforms. Finally, the EIB should define performance indicators which are linked 
to development aspects of the projects and their results. 

(14)  With the entry into force of the Lisbon Treaty, the function of High Representative of 
the  Union  for  Foreign  Affairs  and  Security  Policy,  which  is  at  the  same  time  Vice-
President of the Commission for External Relations, has been created with the aim of 
increasing the impact and coherence  of the EU's external  relations. A new European 
External  Action  Service  (EEAS)  will  be  created  under  the  authority  of  the  High 
Representative.  There  has  also  been  a  broadening  and  strengthening  of  the  EU’s 
external relations policies in recent years. This has notably been the case for the Pre-
Accession Strategy, the European Neighbourhood Policy, the EU Strategy for Central 
Asia, the renewed partnerships with Latin America and South-East Asia and the EU’s 
Strategic  Partnerships  with  Russia,  China  and  India.  It  is  also  the  case  for  the  EU’s 
development  policies,  which  have  now  been  extended  to  include  all  developing 
countries.  From  2007,  the  EU’s  external  relations  have  also  been  supported  by  new 

9 

As  defined  in  the  OECD  list  of  ODA  recipients  (which  include  Least  Developed  Countries,  Low 
Income Countries as well as Middle Income Countries). 

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financial  instruments,  i.e.  the  Instrument  for  Pre-Accession  Assistance  (IPA),  the 
European  Neighbourhood  and  Partnership  Instrument  (ENPI),  the  Development 
Cooperation  Instrument  (DCI),  the  European  Instrument  for  Democracy  and  Human 
Rights (EIDHR) and the Instrument for Stability. 

(15)  EIB activity in Pre-accession countries should take place in the framework established 
in  the  Accession  and  European  Partnerships  which  set  out  the  priorities  for  each 
country,  and  for  Kosovo  under  United  Nations  Security  Council  Resolution  1244 
(1999), with a view to making progress in moving closer to the EU, and which provide 
a framework for EU assistance. The Stabilisation and Association Process (SAP) is the 
EU policy framework for the Western Balkans. It is based on progressive partnership, 
in  which  the  EU  offers  trade  concessions,  economic  and  financial  assistance  and 
contractual  relationships  through  Stabilisation  and  Association  Agreements  (SAAs). 
Pre-accession financial assistance, through the IPA, helps the candidates and potential 
candidates prepare for the obligations and challenges of membership of the EU. This 
including  preparations  for  eventual 
assistance  supports 
membership. 
the  acquis 
communautaire and preparation for EU policies and instruments. 

institution-building,  alignment  with 

the  reform  process, 

focuses  on 

It 

(16)  EIB  activity  in  Neighbourhood  countries  should  take  place  in  the  framework  of  the 
European  Neighbourhood  Policy,  under  which  the  EU  aims  to  develop  a  special 
relationship  with  neighbouring  countries  with  a  view  to  establishing  an  area  of 
prosperity  and  good  neighbourliness,  founded  on  the  values  of  the  EU  and 
characterised by close and peaceful relations based on co-operation. To achieve these 
objectives  the  EU  and  its  partners  implement  jointly  agreed  bilateral  Action  Plans 
defining  a  set  of  priorities  including  on  political  and  security  issues,  trade  and 
economic  matters,  environmental  concerns  and  integration  of  transport  and  energy 
networks.  The  Union  for  the  Mediterranean,  the  Eastern  Partnership,  and  the  Black 
Sea  Synergy  are  multilateral  and  regional  initiatives  complementary  to  the  European 
Neighbourhood  Policy  aimed  at  fostering  co-operation  between  the  EU  and  the 
respective group of neighbouring partner countries facing common challenges and/or 
sharing  a  common  geographical  environment.  The  Union  for  the  Mediterranean 
supports  improved  socio-economic,  solidarity,  regional  integration,  sustainable 
development  and  knowledge  building,  underlining  the  need  to  increase  financial  co-
operation to support regional and trans-national projects. The Eastern Partnership aims 
to  create  the  necessary  conditions  to  accelerate  political  association  and  further 
economic  integration  between  the  EU  and  Eastern  Partner  countries.  The  Russian 
Federation  and  the  EU  have  a  wide-ranging  Strategic  Partnership,  distinct  from  the 
European  Neighbourhood  Policy  and  expressed  through  the  Common  Spaces  and 
Roadmaps.  This  is  complemented  at  multilateral  level  by  the  Northern  Dimension 
which  provides  a  framework  for  co-operation  between  the  EU,  Russia,  Norway  and 
Iceland.  

(17)  EIB  activity  in  Latin  America  should  take  place  in  the  framework  of  the  EU,  Latin 
America  and  the  Caribbean  Strategic  Partnership.  As  highlighted  in  the  September 
2009 Commission Communication "The European Union and Latin America: Global 
Players  in  Partnership"10,  the  EU  priorities  in  the  field  of  cooperation  towards  Latin 
America are the promotion of regional integration and the eradication of poverty and 

10 

COM(2009) 495. 

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social  inequality  in  order  to  promote  sustainable  economic  and  social  development. 
These  policy  objectives  should  be  fostered  taking  into  account  the  different  level  of 
development of Latin America countries. Bilateral dialogue should be pursued in areas 
of  common  interest  for  the  EU  and  Latin  America,  including  environment,  climate 
change,  disaster  risk  reduction  and  energy,  science,  research,  higher  education, 
technology and innovation. 

(18)  The  EIB  should  be  active  in  Asia  both  in  dynamic  emerging  economies  and  in  less 
prosperous  countries.  In  this  diverse  region,  the  EU  is  deepening  its  strategic 
partnerships with China and India and negotiations are progressing on new partnership 
and  free  trade  agreements  with  South-East  Asian  countries.  At  the  same  time, 
development  cooperation  remains  high  on  the  EU's  agenda  with  Asia;  the  EU 
development strategy for the Asian region aims at eradicating poverty by supporting 
broad-based  sustainable  economic  growth,  promoting  a  conducive  environment  and 
conditions  for  trade  and  integration  within  the  region,  enhancing  governance, 
increasing  political  and  social  stability,  and  supporting  the  achievement  of  the  2015 
Millennium  Development  Goals.  Policies  are  being  put  in  place  jointly  to  address 
common  challenges,  such  as  climate  change,  sustainable  development,  security  and 
stability, governance and human rights, as well as the prevention of, and response to 
natural and human disasters. 

(19)  The  EU  Strategy  for  a  new  partnership  with  Central  Asia  adopted  by  the  European 
Council  in  June  2007  has  strengthened  regional  and  bilateral  dialogue  and  EU 
cooperation  with  Central  Asian  countries  on  major  issues  facing  the  region,  such  as 
poverty  reduction,  sustainable  development  and  stability.  The  implementation  of  the 
strategy has made important advances in the fields of human rights, rule of law, good 
governance and democracy, education, economic development, trade and investment, 
energy and transport and environmental policies. 

(20)  EIB  activity  in  South  Africa  should  take  place  in  the  framework  of  the  EU-South 
Africa  Country  Strategy  Paper.  The  focal  areas  identified  in  the  Strategy  Paper  are 
employment  creation  and  capacity  development  for  service  delivery  and  social 
cohesion.  EIB  activities  in  South  Africa  have  taken  place  in  high  complementarity 
with the Commission's development cooperation programme, namely through the EIB 
focus  on  private  sector  support  and  investments  in  expansion  of  infrastructure  and 
social services (housing, electric power and municipal infrastructure). The Mid-Term 
Review of the Country Strategy Paper for South Africa has proposed the strengthening 
of  actions  in  the  area  of  climate  change through  activities  supporting  the  creation  of 
green jobs. 

(21)  With  a  view  to  enhancing  the  coherence  of  overall  EU  support  in  the  regions 
concerned,  opportunities  should  be  sought  to  combine  EIB  financing  with  EU 
budgetary  resources  when  and  as  appropriate,  in  the  form  e.g.  of  guarantees,  risk 
capital  and  interest  rate  subsidies,  investment  co-financing,  alongside  technical 
assistance for project preparation and implementation, through the IPA, the ENPI, the 
Instrument for Stability, the EIDHR and the DCI.  

(22)  At all levels, from upstream strategic planning to downstream project development, it 
should be ensured that EIB external financing operations comply with and support EU 
external policies and the high-level objectives set out in this decision. With a view to 
increasing  the  coherence  of  EU  external  actions,  dialogue  on  policy  and  strategy 

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should be  further  strengthened  between  the Commission, the EEAS  and the EIB. To 
the  same  end,  there  should  be  enhanced  cooperation  and  early  mutual  exchange  of 
information  between  the  EIB  the  Commission  at  operational  level.  It  is  of  particular 
importance to have an early exchange of views between the EIB, the Commission and  
the  EEAS,  as  appropriate,  in  the  process  of  preparing  programming  documents  in 
order  to  maximise  synergies  between  EIB  activities  and  those  implemented  by  the 
Commission. 

(23)  The  practical  measures  for  linking  the  general  mandate  objectives  and  their 
implementation  will  be  set  out  in  regional  operational  guidelines  developed  by  the 
Commission  together  with  the  EIB,  in  consultation  with  the  EEAS  on  policy  issues, 
appropriate.  These  guidelines  should  take  as  a  starting  point  the  wider  EU  policy 
framework for each region, reflect EU country strategies and aim to ensure that EIB 
financing is complementary to corresponding EU assistance policies, programmes and 
instruments  in  the  different  regions.  The  guidelines  should  be  provided  to  the 
European Parliament and Council in the framework of the annual reporting exercise on 
the EIB external mandate of the Commission. 

(24)  The  EIB  should  prepare,  in  consultation  with  the  Commission,  an  indicative  multi-
annual  programme  of  the  planned volume of signatures of EIB financing operations, 
so as to ensure appropriate budgetary planning for provisioning the  Guarantee  Fund. 
The Commission should take account of this plan in its regular budget programming 
transmitted to the budgetary authority. 

(25)  The  Commission  should  study  the  development  of  an  "EU  platform  for  cooperation 
and  development"  with  a  view  to  optimising  the  functioning  of  mechanisms  for  the 
blending of grants and loans in the external regions. In its reflections the Commission 
should consult the EIB as well as the other European multilateral and bilateral finance 
institutions. Such a platform would continue to promote mutual reliance arrangements, 
based on the comparative advantage of  the different institutions while respecting the 
role  and  prerogatives  of  the  EU  institutions  in  the  implementation  of  the  EU  budget 
and of EIB loans. 

(26)  The  EIB  should  be  encouraged  to  increase  its  operations  outside  the  EU  without 
recourse  to  the  EU  guarantee  in  order  to  support  EU  external  policy  objectives, 
particularly in pre-accession countries and neighbourhood countries and in investment 
grade countries in other regions, but also in sub-investment grade countries when the 
EIB has the appropriate third party guarantees. In consultation with the Commission, 
the  EIB  should  develop  a  policy  for  deciding  between  the  allocation  of  projects  to 
either  the  mandate  under  EU  guarantee  or  to  EIB  own  risk  financing.  Such  a  policy 
would  notably  take  into  account  the  creditworthiness  of  the  countries  and  projects 
concerned. 

(27)  The  EIB  should  expand  the  range  of  new  and  innovative  financing  instruments 
offered, including by focusing more on developing guarantee instruments. Moreover, 
the EIB should be encouraged to provide loans in local currencies and issue bonds in 
local  markets,  provided  that  partner  countries  put  in  place  the  necessary  structural 
reforms, in particular in the financial sector, as well as other measures to facilitate EIB 
activity. 

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(28) 

(29) 

In order to ensure that the Bank meets the requirements of the mandate across regions 
and sub-regions, sufficient human and financial resources will need to be devoted to 
the EIB's external activities. This would notably include having sufficient capacity to 
support EU development cooperation objectives, to increase focus on ex ante appraisal 
of  the  environmental,  social  and  development  aspects  of  its  activities,  and  to 
effectively monitor projects during implementation. 

In  its  financing  operations  outside  the  EU  that  fall  within  the  scope  of this  decision, 
the EIB should endeavour to further enhance coordination and cooperation with IFIs 
and  EBFIs  where  relevant,  including,  where  appropriate,  cooperation  on  sector 
conditionality  and  mutual  reliance  on  procedures,  use  of  joint  co-financing  and 
participation  in  global  initiatives,  such  as  those  promoting  aid  coordination  and 
effectiveness. The above efforts are to be based on reciprocity between EIB and other 
institutions and require an equivalent effort by the EIB and other financial institutions 
to be implemented effectively. In particular, the modalities for the implementation of 
EIB  financing  in  the Eastern Neighbourhood and  Partnership  countries, Central Asia 
and  Turkey  are  set  out  in  tripartite  Memoranda  of  Understanding  between  the 
Commission, the EIB and the European Bank for Reconstruction and Development. 

(30)  The reporting and transmission of information by the EIB to the Commission should 
be strengthened in order to allow the Commission to enhance its annual report to the 
European  Parliament  and  the  Council  on  the  EIB  financing  operations  carried  out 
under  this  decision.  The  report  should  in  particular  assess  the  compliance  of  EIB 
financing operations with this decision, taking into account the operational guidelines, 
and  include  sections  on  added  value  in  line  with  EU  policies  and  sections  on 
cooperation  with  the  Commission,  other  IFIs  and  bilateral  donors,  including  co-
financing.  Where  necessary,  the  report  should  include  references  to  significant 
changes in circumstances that would justify further amendments to the mandate before 
the end of the period. 

(31)  EIB financing operations should continue to be managed in accordance with the EIB’s 
own rules and procedures, including appropriate control measures and measures taken 
to avoid tax evasion, as well as with the relevant rules and procedures concerning the 
Court of Auditors and the European Anti-Fraud Office (OLAF), 

HAVE ADOPTED THIS DECISION: 

Article 1 
EU guarantee 

1. 
The  European  Union  shall  grant  the  European  Investment  Bank  (EIB)  an  EU 
budgetary  guarantee  for  operations  carried  out  outside  the  EU  (the  EU  guarantee).  The  EU 
guarantee shall be granted as a global guarantee in respect of payments not received by the 
EIB, but due to it, in connection with loans and loan guarantees for EIB investment projects 
that are eligible in accordance with paragraph 2.  

2. 
Eligible  for  EU  guarantee  shall  be  EIB  loans  and  loan  guarantees  for  investment 
projects  carried  out  in  countries  covered  by  this  decision,  granted  in  accordance  with  the 
EIB’s  own  rules  and  procedures  in  support  of  the  relevant  external  policy  objectives  of  the 

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EU,  where  the  EIB  financing  has  been  granted  according  to  a  signed  agreement  which  has 
neither expired nor been cancelled (EIB financing operations). 

3. 
The  EU  guarantee  shall  be  restricted  to  65%  of  the  aggregate  amount  of  credits 
disbursed and guarantees provided under EIB financing operations, less amounts reimbursed, 
plus all related amounts. 

4. 
The  EU  guarantee  shall  cover  EIB  financing  operations  signed  during  the  period 
beginning 1 February 2007 and ending 31 December 2013. EIB financing operations signed 
under  Council  Decision  2006/1016/EC  of  19  December  2006  granting  a  Community 
guarantee to the European Investment Bank against losses under loans and loan guarantees for 
projects outside the Community11, Council Decision 2008/847/EC of 4 November 2008 on the 
eligibility  of  Central  Asian  countries  under  Decision  2006/1016/EC  granting  a  Community 
guarantee to the European Investment Bank against losses under loans and loan guarantees for 
projects  outside  the  Community12  and  Decision  No  633/2009/EC  shall  continue  to  benefit 
from the EU guarantee under this Decision. 

5. 
If, on expiry of the period referred to in paragraph 4, the European Parliament and the 
Council have not adopted a decision granting a new EU guarantee to the EIB for its financing 
operations  outside  the  EU  on  the  basis  of  a  proposal  presented  by  the  Commission  in 
accordance with Article 13, that period shall be automatically extended by six months. 

Article 2 
Mandate ceilings 

1. 
The maximum ceiling of the EIB financing operations under EU guarantee throughout 
the period 2007-2013, less amounts cancelled, shall not exceed EUR 27 800 000 000, broken 
down into two parts: 

(a) 

a General Mandate of EUR 25 800 000 000 

(b) 

a Climate Change Mandate of EUR 2 000 000 000 

2. 
The  General  Mandate  shall  be  broken  down  into  binding  regional  ceilings  and 
indicative  sub-ceilings  as  laid  down  in  Annex  I.  Within  the  regional  ceilings,  the  EIB  shall 
progressively  ensure  a  balanced  country  distribution  within  the  regions  covered  by  the 
General Mandate. 

EIB Financing Operations covered under the General Mandate shall be those pursuing 

3. 
the objectives set out in Article 3 of this Decision. 

The  Climate  Change  Mandate  shall  cover  EIB  financing  operations  in  all  countries 
4. 
covered  by  this  decision,  where  such  EIB  financing  operations  support  the  key  EU  policy 
objective of tackling climate change by supporting projects in climate change mitigation and 
adaptation  which  contribute  to  the  overall  objective  of  the  United  Nations  Framework 
Convention on Climate Change (UNFCCC), in particular by avoiding or reducing greenhouse 
gas emissions in the areas of renewable energy, energy efficiency and sustainable transport, or 

11 
12 

OJ L 414, 30.12.2006, p. 95. 
OJ L 301, 12.11.2008, p. 13. 

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by  increasing  resilience  to  the  adverse  impacts  of  climate  change  on  vulnerable  countries, 
sectors  and  communities.  The  Climate  Change  Mandate  shall  be  implemented  in  close 
cooperation with the Commission, combining where possible and appropriate EIB financing 
with EU budget funds. 

5. 
For  the  Climate  Change  Mandate,  the  EIB  shall  nevertheless  endeavour  to  ensure  a 
balanced distribution of financing operations signed across the regions covered by Annex II of 
this decision, by the end of the period referred to in Article 1(4). In particular, the EIB will 
ensure that the region referred to under point A of Annex II does not receive more than 40% 
of  the  amount  allocated  to  this  Mandate,  the  region  under  point  B  not  more  than  50%,  the 
region under point C not more than 30% and the region under point D not more than 10%. 

Article 3 
General mandate objectives 

The  EU  guarantee  shall  be  granted  for  EIB  financing  operations  which  support  the 

1. 
following general objectives: 

(a) 

Climate change mitigation and adaptation, as defined in Article 2(4). 

Development  of  social  and  economic  infrastructure,  including  transport,  energy, 

(b) 
environmental infrastructure and information and communication technology (ICT).  

Local  private  sector  development,  in  particular  support  to  small-  and  medium-sized 

(c) 
enterprises. 

Regional integration among partner countries, including economic integration between 
2. 
pre-accession countries, neighbouring countries and the EU, shall be an underlying objective 
for EIB financing operations within the areas covered by paragraph 1. 

The EIB shall progressively increase its activity in social sectors, such as health and 

3. 
education. 

Article 4 
Countries covered 

The  list  of  countries  eligible  or  potentially  eligible  for  EIB  financing  under  EU 

1. 
guarantee is set out in Annex II. 

2. 
For countries listed in Annex II and marked with "*" and for other countries not listed 
in  Annex  II,  eligibility  for  EIB  financing  under  EU  guarantee  shall  be  decided  by  the 
European Parliament and the Council on a case-by-case basis in accordance with the ordinary 
legislative procedure. 

The  EU  guarantee  shall  cover  only  EIB  financing  operations  carried  out  in  eligible 
3. 
countries  that  have  concluded  a  framework  agreement  with  the  EIB  establishing  the  legal 
conditions under which such operations are to be carried out. 

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4. 
In the event of serious concerns over the political or economic situation in a specific 
country, the European Parliament and the Council may decide to suspend new EIB financing 
under EU guarantee in that country in accordance with the ordinary legislative procedure. 

The EU guarantee shall not cover EIB financing operations in a specific country where 
5. 
the  agreement  concerning  such  operations  has  been  signed  after  that  country’s  accession  to 
the European Union. 

Article 5 
Contribution of EIB operations to EU policies 

The Commission shall develop, together with the EIB, regional operational guidelines 
1. 
for EIB financing under this decision. In drawing up these guidelines the Commission and the 
EIB  will  consult  with  the  European  External  Action  Service  (EEAS)  on  policy  issues,  as 
appropriate.  The  operational  guidelines  aim  to  ensure  that  EIB  financing  supports  EU 
policies, and shall take as a starting point the wider EU regional policy framework set by the 
Commission and the  EEAS, as  appropriate.  Notably, the operational guidelines  will ensure 
that  EIB  financing  is  complementary  to  corresponding  EU  assistance  policies,  programmes 
and instruments in the different regions, taking into account European Parliament resolutions 
and Council decisions and conclusions. The Commission will inform the European Parliament 
and the Council of the guidelines established. Within the framework set out by the operational 
guidelines,  the  EIB  shall  define  corresponding  financing  strategies  and  ensure  their 
implementation. 

The consistency of EIB financing operations with the external policy objectives of the 

2. 
EU shall be monitored in accordance with Article 10. 

3. 
An EIB financing operation shall not be included under the cover of the EU guarantee 
in the event that the Commission delivers a negative opinion on such an operation within the 
framework of the procedure provided for in Article 19 of the Statute of the EIB. 

Article 6 
EIB assessment of development related aspects of projects 

1. 
The  EIB  shall  carry  out  thorough  due  diligence  on  development-related  aspects  of 
projects covered by the EU guarantee. The EIB's own rules and procedures shall include the 
necessary  provisions  on  assessment  of  environmental  and  social  impact  of  projects  and  of 
aspects related to human rights, to ensure that only projects that are economically, financially, 
environmentally and socially sustainable are supported under this Decision.  

Where  appropriate,  the  appraisal  shall  include  an  assessment  of  how  the  capacities  of  the 
beneficiaries of EIB financing can be reinforced throughout the project cycle with technical 
assistance. 

In addition to the ex-ante assessment of development-related aspects, the EIB should 
2. 
strengthen  its  monitoring  during  project  implementation,  inter  alia,  on  the  development 
impact of the project. 

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Article 7 
Cooperation with the Commission and the European External Action Service 

1. 
The consistency of EIB external actions with the external policy objectives of the EU 
shall  be  strengthened,  with  a  view  to  maximising  synergies  between  EIB  financing  and  EU 
budgetary  resources,  in  particular  through  the  establishment  of  the  operational  guidelines 
referred to in Article 5 as well as through regular and systematic dialogue and early exchange 
of information on: 

(a) strategic documents prepared by the Commission and/or the EEAS as appropriate, such as 
country and regional strategy papers, indicative programmes, action plans and pre-accession 
documents; 

(b) the EIB’s strategic planning documents and project pipelines; 

(c) other policy and operational aspects. 

The  cooperation  shall  be  carried  out  on  a  region-by-region  basis,  taking  into 

2. 
consideration the EIB’s role as well as the policies of the EU in each region. 

Article 8 
Cooperation with other international financial institutions 

EIB  financing  operations  shall  increasingly  be  carried  out,  where  appropriate,  in 
1. 
cooperation  with  other  international  financial  institutions  or  European  bilateral  finance 
institutions,  in  order  to  maximize  synergies,  cooperation  and  efficiency  and  to  ensure 
reasonable sharing of risks and coherent project and sector conditionality. 

2. 
The cooperation referred to in paragraph 1 shall be facilitated by coordination, carried 
out notably in the context of Memoranda of Understanding or other EU regional cooperation 
frameworks, where appropriate, between the Commission, the EIB and the main international 
financial  institutions  and  European  bilateral  finance  institutions  operating  in  the  different 
regions. 

Article 9 
Coverage and terms of the EU guarantee 

For EIB financing operations entered into with a State, or guaranteed by a State, and 
1. 
for  other  EIB  financing  operations  entered  into  with  regional  or  local  authorities,  or 
government-owned  and/or  government-controlled  public  enterprises  or  institutions  where 
such  other  EIB  financing  operations  have  an  appropriate  EIB  credit  risk  assessment  taking 
into account the credit risk situation of the country concerned, the EU guarantee shall cover 
all payments not received by the EIB, but due to it (the "Comprehensive Guarantee"). 

For the purposes of paragraph 1, the West Bank and Gaza Strip is represented by the 
2. 
Palestinian  Authority  and  Kosovo  under  United  Nations  Security  Council  Resolution  1244 
(1999)  by  the  United  Nations  Mission  in  Kosovo  or  an  administration  designated  in  the 
guidelines referred to under Article 5 of this Decision. 

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3. 
For  EIB  financing  operations  other  than  those  indicated  in  paragraph  1,  the  EU 
guarantee  shall  cover  all  payments  not  received  by  the  EIB,  but  due  to  it,  where  the  non-
receipt has been caused by the realization of one of the following political risks (the "Political 
Risk Guarantee"): 

(a) non-transfer of currency; 

(b) expropriation; 

(c) war or civil disturbance; 

(d) denial of justice upon breach of contract. 

4. 
The EIB shall, in consultation with the Commission, develop a clear and transparent 
allocation  policy  for  deciding  upon  the  source  of  financing  of  operations  which  are  eligible 
both for coverage by the EU guarantee and for EIB own risk financing. 

Article 10 
Annual reporting and accounting 

1. 
The Commission shall report annually to the European Parliament and the Council on 
EIB  financing  operations  carried  out  under  this  decision.  The  report  shall  include  an 
assessment of EIB financing operations at project, sector, country and regional level as well 
as the contribution of the EIB financing operations to the fulfilment of the external policy and 
strategic  objectives  of  the  EU.  The  report  shall  in  particular  assess  the  compliance  of  EIB 
financing  operations  with  this  Decision,  taking  into  account  the  operational  guidelines 
referred to in Article 5, and shall include sections on added value for the achievement of EU 
policy  objectives  as  well  as  on  cooperation  with  the  Commission  and  other  international 
financial institutions and bilateral institutions, including co-financing. 

For  the  purposes  of  paragraph  1,  the  EIB  shall  provide  the  Commission  with  yearly 
2. 
reports on EIB financing operations carried out under this decision at project, sector, country 
and regional level and on the fulfilment of the external policy and strategic objectives of the 
EU, including cooperation with the Commission, other international financial institutions and 
bilateral institutions. 

3. 
The EIB shall provide the Commission with statistical, financial and accounting data 
on  each  of  the  EIB  financing  operations  which  are  necessary  to  fulfil  the  Commission’s 
reporting  duties  or  requests  by  the  European  Court  of  Auditors  as  well  as  with  an  auditor’s 
certificate on the outstanding amounts of the EIB financing operations. 

For  the  purposes  of  the  Commission’s  accounting  and  reporting  of  the  risks  covered 
4. 
by the Comprehensive Guarantee, the EIB shall provide the Commission with the EIB’s risk 
assessment and grading information concerning  EIB  financing  operations with  borrowers or 
guaranteed obligors other than States. 

The EIB shall provide the information referred to in paragraphs 2, 3 and 4 at its own 

5. 
expense. 

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Article 11 
Recovery of payments made by the Commission 

1. 
Where the Commission makes any payment under the EU guarantee, the EIB shall, in 
the  name  and  on  behalf  of  the  Commission,  pursue  the  recovery  of  claims  for  the  amounts 
paid. 

2. 
The EIB and the Commission shall enter into an agreement laying down the detailed 
provisions and procedures relating to recovery of claims no later than the date of conclusion 
of the agreement referred to in Article 12. 

Article 12 
Guarantee agreement 

The EIB and the Commission shall enter into a guarantee agreement laying down the detailed 
provisions and procedures relating to the EU guarantee. 

Article 13 
Review 

The  Commission  shall  present  to  the  European  Parliament  and  the  Council  a  proposal  for 
establishing the EU guarantee under the next Financial Framework, as appropriate. 

Article 14 
Final reporting 

The Commission shall present a final report on the application of this decision by 31 October 
2014. 

Decision No 633/2009/EC is repealed. 

Article 15 
Repeal 

Article 16 
Entry into force 

This  decision  shall  enter  into  force  on  the  third  day  following  that  of  its  publication  in  the 
Official Journal of the European Union. 

Done at Brussels, 

For the European Parliament 
The President 

For the Council 
The President 

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ANNEX I 

REGIONAL CEILINGS OF THE GENERAL MANDATE 

A. Pre-accession countries: EUR 8 700 000 000; 

B. Neighbourhood and Partnership Countries: EUR 12 400 000 000; 

broken down into the following indicative sub-ceilings: 

(i) Mediterranean countries: EUR 8 700 000 000; 

(ii) Eastern Europe, Southern Caucasus and Russia: EUR 3 700 000 000; 

C. Asia and Latin America: EUR 3 800 000 000; 

broken down into the following indicative sub-ceilings: 

(i) Latin America: EUR 2 800 000 000; 

(ii) Asia (including Central Asia): EUR 1 000 000 000; 

D. Republic of South Africa: EUR 900 000 000. 

Within  the  regional  ceilings  of  the  General  Mandate,  the  governing  bodies  of  the  EIB  may 
decide to reallocate an amount of  up  to 10 %  of the regional ceiling between the indicative 
sub-regional ceilings. 

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REGIONS AND COUNTRIES ELIGIBLE OR POTENTIALLY ELIGIBLE 

ANNEX II 

A. Pre-accession countries  

1. Candidate countries  

Croatia, Turkey, the former Yugoslav Republic of Macedonia.  

2. Potential candidate countries  

Albania,  Bosnia  and  Herzegovina,  Montenegro,  Serbia,  Kosovo  under  United  Nations 
Security Council Resolution 1244 (1999), Iceland.  

B. Neighbourhood and Partnership Countries  

1. Mediterranean countries  

Algeria, Egypt, the West Bank and the Gaza Strip, Israel, Jordan, Lebanon, Libya, Morocco, 
Syria, Tunisia.  

2. Eastern Europe, Southern Caucasus and Russia  

Eastern Europe: Republic of Moldova, Ukraine, Belarus;  

Southern Caucasus: Armenia, Azerbaijan, Georgia;  

Russia. 

C. Asia and Latin America  

1. Latin America  

Argentina,  Bolivia,  Brazil,  Chile,  Colombia,  Costa  Rica,  Cuba  (*),  Ecuador,  El  Salvador, 
Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela.  

2. Asia  

Asia (excluding Central Asia): Afghanistan (*), Bangladesh, Bhutan (*), Brunei, Cambodia, 
China (including Hong Kong and Macao Special Administrative Regions), India, Indonesia, 
Iraq,  South  Korea,  Laos,  Malaysia,  Maldives,  Mongolia,  Nepal,  Pakistan,  the  Philippines, 
Singapore, Sri Lanka, Taiwan (*), Thailand, Vietnam, Yemen.  

Central Asia: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan. 

D. South Africa: Republic of South Africa.  

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LEGISLATIVE FINANCIAL STATEMENT 

1. 

NAME OF THE PROPOSAL 

Proposal for a Decision of the European Parliament  and of the Council granting an 
EU  guarantee  to  the  European  Investment  Bank  against  losses  under  loans  and 
guarantees for projects outside the EU 

2. 

ABM / ABB FRAMEWORK 

Policy Area(s) concerned and associated Activity/Activities: 

Policy Area: Economic and Financial Affairs 

ABB Activity: Financial operations and instruments 

3. 

BUDGET LINES 

3.1. 

Budget  lines  (operational  lines  and  related  technical  and  administrative 
assistance lines (ex- B.A lines)) including headings 

01 04 01 06 - "EC guarantee for EIB loans to third countries" 

01 04 01 14 – "Provisioning of the Guarantee Fund" 

3.2. 

Duration of the action and of the financial impact 

EIB  loans  and  loan  guarantees  under  EU  guarantee  cover  ("EIB  Financing 
Operations")  can  be  signed  by  the  EIB  from  2007  to  2013.  An  extension  of  six 
months  is  foreseen  if  the  European  Parliament  and  the  Council  have  not  adopted  a 
decision granting a new EU guarantee to the EIB for its financing operations outside 
the EU at the end of 2013. The total duration of the action and of its financial impact 
will  be  determined,  however,  by  the  maturity  of  the  signed  EIB  Financing 
Operations. As foreseen in the guarantee agreement signed between the Commission 
and the EIB, disbursements of signed operations should take place within seven years 
from the end of the mandate. 

3.3. 

Budgetary characteristics 

Budget line 

Type of 
expenditure 

01 04 01 06 

01 04 01 14 

Diff.13 

Diff.14 

New 

NO 

NO 

EFTA 
contribution 

Contributions 
from applicant 
countries 

Heading in 
financial 
perspective 

NO 

NO 

NO 

NO 

4 

4 

13 

Differentiated appropriations. 

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4. 

SUMMARY OF RESOURCES 

4.1. 

Financial Resources 

4.1.1. 

Summary of commitment appropriations (CA) and payment appropriations (PA) 

•  01 04 01 06 - "EC guarantee for EIB loans to third countries'" 

The budget entry ("p.m.") reflecting the budget guarantee for the EIB loans to third 
countries  will  be  activated  only  in  the  case  of  an  effective  call  on  the  guarantee 
which cannot be wholly covered by the Guarantee Fund. 

•  01 04 01 14 – "Provisioning of the Guarantee Fund" 

The  Guarantee  Fund  for  external  actions  has  to  be  provisioned  according  to  the 
Guarantee Fund Regulation15. In line with this Regulation, loans are provisioned on 
the basis of the outstanding amount at the end of a year. The provisioning amount is 
calculated  at  the  beginning  of  the  year  "n"  as  the  difference  between  the  target 
amount (9% of the outstanding amount) and the Fund's net assets at the end of the 
year  "n-1".  This  provisioning  amount  is  introduced  in  the  year  "n"  to  the  "n+1" 
preliminary  budget  and  effectively  paid  in  one  transaction  at  the  beginning  of  the 
year "n+1" from budget line 01 04 01 12. 

The  following  table  summarizes  the  estimated  budgetary  resources  needed  for 
funding  the  Guarantee  Fund  between  2007  and  2013.  Data  regarding  2007-2010 
represent the actual budgetary execution. The calculations are based on the proposed 
EIB lending mandate of EUR 27.8 billion between 2007 and 2013, of which EUR 2 
billion for the optional mandate. 

It  should  be  noted  that  the  Guarantee  Fund  also  covers  Macro-financial  Assistance 
and Euratom loans which fall outside the scope of the proposed Decision. Therefore, 
the budgetary needs take into account existing signed operations as well as potential 
new operations under these two activities. 

•  The forecast needs for provisioning of the Guarantee Fund in 2012-2013 are based 
on the volume of signatures and disbursements estimated by the EIB. It should be 
noted that this annual data will vary according to the actual rhythm of signatures, 
disbursements and reimbursement of the loans. The forecasts take into account the 
impact  of  the  EUR  2  billion  "optional  mandate"  on  the  provisioning  of  the 
Guarantee Fund. On the basis of the 9% provisioning rate, the financial impact of 
the allocation of the EUR 2 billion on the provisioning of the Fund will amount to 
a  maximum  of  EUR  180  million  over  the  period  2012-2020,  on  the  assumption 
that the corresponding loans are fully disbursed. 

An envelope of EUR 1.4 billion has been set aside in the financial programming of 
Heading  4  with  a  flat  profile  of  EUR  200  million  per  year.  The  total  programmed 

14 
15 

Differentiated appropriations. 
Council Regulation (EC, Euratom) No 480/2009 (OJ L 145, 10.6.2009, p. 10). 

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23 

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amount of EUR 1.4 billion shall be maintained as the "maximum budgetary needs". 
This  annual  amount  of  EUR  200  million  initially  envisaged  could  be  exceeded  in 
2012 and 2013, taking into account the evolution of disbursement volumes, as well 
as  negative  developments  such  as  accumulation  of  defaults16  and  adverse  assets 
valuation17, in order to cope with extreme situations as shown in the total “Maximum 
budgetary needs” (see table below) 

The budgetary needs estimated on the basis of "normal" and exceptional provisioning 
of the Guarantee Fund are detailed in the table below (actual figures for 2007-2011). 

EUR Million 

2007 

2008 

2010 

2011 

2012 

2013 

Total 

2009 
(**) 

Budgetary revenues 

260,9
*** 

125.7 

0 

0 

0 

0 

0 

386.6 

Budgetary  needs  for  normal 
provisioning 

Possible  adjustments  in  the 
market valuation of the assets 
of the Guarantee Fund (*) 

Potential  impact  of  possible 
calls  

Maximum  budgetary  needs 
(**) 

0 

0 

0 

0 

0 

92.5 

93.8 

138.9 

326 

271 

922.2

0 

0 

0 

0 

0 

0 

0 

57 

68 

125 

0 

100 

100 

200 

0 

92.5 

93.8 

138.9 

483 

439 

1247.2 

* These figures are estimated on the total amount of the Guarantee Fund. 
** In 2009, an additional amount of EUR 0.5 million was reserved from the Guarantee Fund for the 
external evaluation under the mid-term review. 
***  Return  of  the  surplus  of  the  Guarantee  Fund.  The  surplus  of  EUR  260.94  million  in  2007 
stemmed from the enlargement of the European Union. 

The table below provides an estimate of the budgetary needs for normal provisioning 
of the Fund at the 9% target rate for the period 2011-2013. In contrast to the previous 
table,  it  does  not  take  into  account  the  maximum  and  exceptional  budgetary  needs 
such as the defaults on payments which may occur during the year, or adjustments of 
the valuation of the Fund's assets. When such elements are included, they represent 
the worst case scenario as regards the risks incurred by the EU budget. 

16 

17 

EUR  100  million/year  stem  from  the  activation  of  the  guarantee  in  case  of  major  defaults  (see 
"smoothing mechanism" in the Guarantee Fund Regulation). 
In order to evaluate implications for the provisioning of possible fluctuations in the asset valuation of 
the Guarantee Fund, the following assumptions have been made: 
- a portfolio duration of 3.3 years;   
- 1% increase in interest rates per year; 
- A Guarantee Fund assets' evolution resulting from the estimated 'normal provisioning'.  
There are no implications for 2007 and 2008 due to the transition period. 

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Expenditure type 

Sectio
n no. 

Operational expenditure18 

Commitment Appropriations 
(CA) 

8.1. 

Payment 
(PA) 

Appropriations 

EUR million 

2011 

2012 

2013 

Total 

138.9 

326.0 

271.0 

138.9 

326.0 

271.0 

a 

b 

Administrative expenditure within reference amount19 

Technical  &  administrative 
assistance (NDA) 

8.2.4. 

c 

TOTAL REFERENCE AMOUNT 

Commitment 
Appropriations 

Payment Appropriations 

a+c 

b+c 

138.9 

326.0 

271.0 

138.9 

326.0 

271.0 

Administrative expenditure not included in reference amount20 

Human 
associated 
(NDA) 

resources 

and 
expenditure 

8.2.5. 

Administrative  costs,  other 
than  human  resources  and 
associated costs (NDA) 

8.2.6. 

d 

e 

0.9 

0.9 

0.9 

0.9 

0.9 

0.9 

Total indicative financial cost of intervention 

TOTAL  CA  including  cost 
of Human Resources 

TOTAL  PA  including  cost 
of Human Resources 

139.8 

326.9 

271.9 

139.8 

326.9 

271.9 

a+c+
d+e 

b+c+
d+e 

Co-financing details 

No co-financing is foreseen. 

4.1.2.  Compatibility with Financial Programming 

Proposal is compatible with existing financial programming. 

4.1.3.  Financial impact on Revenue 

Proposal has financial impact – the effect on revenue is as follows: 

18 
19 
20 

Expenditure that does not fall under Chapter xx 01 of the Title xx concerned. 
Expenditure within article xx 01 04 of Title xx. 
Expenditure within chapter xx 01 other than articles xx 01 04 or xx 01 05. 

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If the Guarantee Fund is above the target amount, the exceeding amount is reversed 

to the general budget. 

4.2. 

Human Resources FTE (including officials, temporary and external staff) – see 
detail under point 8.2.1. 

Annual requirements 

2010 

2011 

2012 

2013 

Total  number  of  human 
resources 

7

7

7

7 

5. 

CHARACTERISTICS AND OBJECTIVES 

5.1. 

Need to be met in the short or long term 

According to Decision No. 633/2009 of the European Parliament and of the Council 
the EU guarantee covers EIB Financing Operations signed between 1 February 2007 
and  31  October  2011.  It  is  therefore  necessary  to  submit  a  proposal  for  a  new 
decision  if  the  EU  wishes  to  continue  to  grant  a  guarantee  for  EIB  Financing 
Operations in support of the EU's policy objectives until 31 December 2013. 

5.2. 

Value-added  of  EU  involvement  and  coherence  of  the  proposal  with  other 
financial instruments and possible synergy 

EIB  Financing  Operations  outside  the  EU  represent  a  highly  visible  and  effective 
tool in support of EU's external action. The main benefits of EIB intervention in such 
countries include the passing on to project promoters of expertise and the application 
of EU environmental and procurement standards to the projects financed. In addition 
to  the  above  benefits,  the  EIB  passes  on  in  full  the  financial  advantages  resulting 
from  the  EU  guarantee  and  the  attractive  funding  costs  of  the  EIB  to  final 
beneficiaries in the form of competitive interest rates. 

The  mandate  under  EU  guarantee  cover  provides  for  the  necessary  political  and 
financial backing by the EU for countries and projects which would not normally fit 
within EIB's standard guidelines and criteria. 

EIB Financing Operations will complement the activities carried out under the new 
external assistance instruments. In order to further increase support for EU external 
policies in each specific region, the linkage between EIB priorities and EU policies 
will  be  strengthened.  This  will  be  achieved  through  a  stronger  framework  for 
dialogue and cooperation between the EIB and the Commission in the definition of 
regional policies, country strategies, and at a project level. EIB Financing Operations 
may  be  usefully  combined  with  EU  budget  resources  in  the  form  of  grant  support, 
risk capital alongside technical assistance for project preparation and implementation 
or enhancement of the legal and regulatory framework. 

5.3. 

Objectives, expected results and related indicators of the proposal in the context 
of the ABM framework 

The  main  objective  of  the  proposal  is  to  further  the  contribution  of  the  EIB  to  the 
fulfilment of EU policy objectives, through the financing of investment projects. The 

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26 

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objectives to be sought by EIB Financing Operations under the mandate are detailed 
in the proposed legal act. 

The  attainment  of  objectives  will  be  measured  by  the  volume  of  EIB  Financing 
Operations  by  regions  and  by  sector,  as  well  as  by  the  volume  of  EIB  Financing 
Operations co-financed with other IFIs and/or Commission programmes, as well as 
by  other  indicators  in  the  context  of  ex-ante  and  ex-post  assessments  of  EIB 
Financing Operations. 

5.4.  Method of Implementation (indicative) 

Joint management with international organisations. 

Relevant comments: 

In  line  with  existing  provisions,  the  proposal  foresees  that  the  EIB  finances 
investment  projects  in  accordance  with  its  own  rules  and  procedures.  The 
Commission  is  responsible  for  managing  the  EU  guarantee.  The  EIB  and  the 
Commission  enter  into  an  agreement  laying  down  the  detailed  provisions  and 
procedures relating to the implementation of the proposed Decision. 

6. 

MONITORING AND EVALUATION 

6.1.  Monitoring system 

EIB  Financing  Operations  under  EU  guarantee  will  be  managed  by  the  EIB  in 
accordance  with  the  EIB's  own  rules  and  procedures,  including  appropriate  audit, 
control  and  monitoring  measures.  As  foreseen  in  the  EIB  Statute,  the  Audit 
Committee  of  the  EIB,  which  is  supported  by  external  auditors,  is  responsible  for 
verifying  the  regularity  of  the  EIB  operations  and  accounts.  The  EIB  accounts  are 
approved annually by its Board of Governors. 

Furthermore, the EIB Board of Directors, where the Commission is represented by a 
Director  and  an  alternate  Director,  approves  each  EIB  Financing  Operation  and 
monitors that the EIB is managed in accordance with its Statute and with the general 
directives laid down by the Board of Governors. 

The existing tripartite agreement between the Commission, the Court of Auditors and 
the EIB of October 2003, renewed for another four-year period in 2007, details the 
rules  under  which  the  Court  of  Auditors  is  to  carry  out  its  audits  on  the  EIB 
Financing Operations under EU guarantee. 

As  per  Article  10  of  the  proposal,  the  Commission  shall  report  to  the  European 
Parliament  and  the  Council  each  year  on  the  EIB  Financing  Operations  carried  out 
under the mandate, drawing upon yearly reports prepared by the EIB. 

Furthermore,  the  EIB  shall  provide  the  Commission  with  statistical,  financial  and 
accounting  data  on  each  of  the  EIB  Financing  Operations  as  necessary  to  fulfil  its 
reporting duties or requests by the European Court of Auditors as well as an auditor’s 
certificate on the outstanding amounts of the EIB Financing Operations. 

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6.2. 

Evaluation 

6.2.1.  Ex-ante evaluation 

In  line  with  Decision  No  633/2009/EC,  the  Commission  is  presenting  to  the  European 
Parliament  and  the  Council  a  mid-term  report,  drawing  upon  an  external  evaluation.  The 
external  evaluation  has  been  supervised  and  managed  by  a  steering  committee  comprising 
several ‘wise persons’ appointed by the EIB Board of Governors, an EIB representative and a 
Commission  representative.  This  external  evaluation  has  been  also  transmitted  to  the 
European  Parliament  and  the  Council.  The  conclusions  of  the  mid-term  review  provide  the 
basis for the main features of the present proposal. 

Furthermore,  the  Report  from  the  Commission  to  the  European  Parliament  and  the 
Council on borrowing and lending activities of the European Communities in 2008 
(COM(2010) 69) include an assessment of the existing EU Guarantee to EIB extra-
EU operations. Another report of relevance is the Report to the budgetary authority 
on  guarantees  covered  by  the  general  budget  –  Situation  at  31  December  2008 
(COM(2009)  398)  and  the  Commission  Staff  Working  Paper  annexed  to  it 
(SEC(2009) 1063). 

6.2.2.  Measures taken following an intermediate/ex-post evaluation (lessons learned from 

similar experiences in the past) 

The  findings  of  the  evaluation  report  are  summarised  and  analysed  in  the 
Commission  report  on  the  mid-term  review  which  accompanies  the  present 
proposal21.  

6.2.3.  Terms and frequency of future evaluation 

The  Commission  will  prepare  a  final  report  on  the  implementation  of  the  EIB 
external mandate by 31 October 2014. 

7. 

ANTI-FRAUD MEASURES  

The EIB has  the main responsibility for  the adoption  of  fraud  prevention  measures,  notably 
through  the  application  to  the  financed  operations  of  the  "EIB’s  Policy  on  preventing  and 
deterring  Corruption,  Fraud,  Collusion,  Coercion,  Money  Laundering  and  the  Financing  of 
Terrorism in European Investment Bank activities" as adopted in April 2008. 

The  EIB's  rules  and  procedures  include,  among  the  detailed  arrangements  to  fight  against 
fraud  and  corruption,  the  competence  of  OLAF  to  carry  out  internal  investigations.  In 
particular, in July 2004, the EIB Board of Governors has approved a decision "concerning the 
terms  and  conditions  for  internal  investigations  in  relation  to  the  prevention  of  fraud, 
corruption and any illegal activity detrimental to the Communities' financial interests". 

21 

COM(2010) 173. 

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8. 

DETAILS OF RESOURCES 

8.1. 

Objectives of the proposal in terms of their financial cost 

The  costs  are  based  on  an  estimate  of  the  financial  flows  stemming  from  the  execution  of  the  mandate  (volume  of  signatures  and 
disbursements of loans), taking into account the smoothing mechanism which applies in the exceptional case that defaults should exceed EUR 
100  million  in  one  year.  It  is  difficult  to  estimate  potential  defaults  on  payments.  However,  the  semi-annual  Commission  reports  on  the 
guarantees covered by the budget allows for the factoring in of the maximum risks covered by the budget (cf. the report COM(2009)398 and 
the accompanying staff working document SEC(2009) 1063). 

Objectives 
and actions 

Type of 
output 

Indicative volume of signed EIB 
Financing Operations (new 
mandate) 
Total = EUR 27,800 million 

Outstanding amount based on 
estimated disbursements and 
amortizations of EIB operations 
(Old and new mandates) 

Outstanding amount based on 
estimated disbursements and 
amortizations of other operations 
(MFA+ Euratom) * 

Total outstanding amount based 
on estimated disbursements and 
amortizations 

Target amount @ 9% 

2007 

2008 

2009 (**) 

2010 

2011 

2012 

2013 

EIB 
Financing 

Total 
cost 

EIB 
Financing 

Total 
cost 

EIB 
Financing 

Total 
cost 

EIB 
Financing 

Total 
cost 

EIB 
Financing 

Total 
cost 

EIB 
Financing 

Total 
cost 

EIB 
Financing 

Total 
cost 

1.898 

4.045 

6.034 

4.573 

4.409 

4.494 

2.347 

(EUR million) 

11.854 

13.609 

15.810 

18.820 

21.989 

24.645 

26.356 

573 

575 

551 

1.625 

1.996 

1.912 

1.831 

12.427 

14.184 

16.361 

20.445 

23.985 

26.557 

28.187 

1.118 

1.277 

1.472 

1.840 

2.159 

2.390 

2.537 

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Budgetary revenues 

Normal provisioning needs 

Maximum budgetary needs 

0 

0 

0 

125,8 

0 

0 

0 

92,46 

92,46 

0 

93,81 

93,81 

0 

138,9 

138,9 

0 

326 

483 

0 

271 

439 

* It includes new possible MFA and Euratom loans. 
** In 2009, an additional amount of EUR 0.5 million has been reserved from the Guarantee Fund for the external evaluation under the mid-term review. 

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8.2. 

Administrative Expenditure 

8.2.1.  Number and type of human resources 

Staff to be assigned to management of the action 
using existing and/or additional resources 
(number of posts/FTEs) 

2010 

2011 

2012 

2013 

4 

3 

4 

3 

4 

3 

4 

3 

Types of post 

Officials or 
temporary 
staff22 (XX 01 
01) 

A*/AD 

B*, 
C*/AST 

Staff financed23 by art. XX 
01 02 

Other  staff24  financed  by 
art. XX 01 04/05 

TOTAL 

7 

7 

7 

8.2.2.  Description of tasks deriving from the action 

The main tasks arising from the management of the EU guarantee are the following: 

- Preparation of legislative proposals and guarantee agreements; 

- Management of the approval procedure; 

- Administration of the annual budgetary procedure; 

- Annual reporting to the Council and Parliament; 

- Handling of calls; 

- Monitoring of the management of the Guarantee Fund; 

- Accounting; 

- Relations with the Court of Auditors, Parliament and Council. 

8.2.3. 

Sources of human resources (statutory) 

(cid:58) 

Posts currently allocated to the management of the programme to be replaced 
or extended 

22 
23 
24 

Cost of which is NOT covered by the reference amount. 
Cost of which is NOT covered by the reference amount. 
Cost of which is included within the reference amount. 

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8.2.4.  Other  Administrative  expenditure  included  in  reference  amount  (XX  01  04/05  – 

Expenditure on administrative management) 

Not relevant 

8.2.5.  Financial cost of human resources and associated costs not included in the reference 

amount 

Type of human resources 

2010 

2011 

2012 

2013 

EUR million  

Officials  and  temporary  staff 
(XX 01 01) 

Staff  financed  by  Art  XX  01 
02  (auxiliary,  END,  contract 
staff, etc.) 

(specify budget line) 

0.854 

0.854 

0.854 

0.854 

- 

- 

- 

- 

cost 

of  Human 
Total 
Resources  and  associated 
costs 
in  reference 
amount) 

(NOT 

0.854 

0.854 

0.854 

0.854 

8.2.6. Other administrative expenditure not included in reference amount 

Not relevant 

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