Commission staff working document - accompanying the Report from the Commission to the European Parliament and the Council on the mid-term review of the external mandate of the EIB {COM(2010) 173 final}
Date: 2010-04-21
Institutions: European Commission
Subjects: ACP countries, European Investment Bank, activity report, foreign policy

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EUROPEAN COMMISSION 

Brussels, 21.4.2010 
SEC(2010) 442 final 

COMMISSION STAFF WORKING DOCUMENT 

accompanying the 

REPORT FROM THE COMMISSION 
TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 

ON THE MID-TERM REVIEW OF THE EXTERNAL MANDATE OF THE EIB 

{COM(2010) 173 final} 

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TABLE OF CONTENTS 

1. 

1.1. 

1.2. 

1.3. 

1.4. 

1.5. 

1.6. 

1.7. 

STATISTICAL DATA ................................................................................................ 4 

EIB operations by sector and region in the 2000-2007 mandate period ...................... 4 

EIB operations by sector and region in the current mandate period up to end 2009 ... 5 

EIB operations by country under the 2000-2007 external mandate (*) ....................... 6 

EIB operations by country under the 2007-2013 external mandate up to end 2009 (*)7 

EIB mandate and own risk operations from 2000 until end 2009 (net signatures)...... 8 

EIB Co-financing with the Commission and IFIs from 2000 until end 2009.............. 9 

Technical Assistance and Risk capital operations by the EIB from 2000 until end 
2009............................................................................................................................ 10 

1.8. 

Structured Finance Facility (SFF) and Special Femip Envelope (SFE) operations... 10 

2. 

2.1. 

2.2. 

2.3. 

2.4. 

2.5 

2.6 

2.7 

EIB EXTERNAL ACTIVITY IN 2009 IN THE REGIONS COVERED BY THE 
DECISION ................................................................................................................. 11 

Overview of EIB financing volume in the regions covered by the Decision............. 11 

Contribution to EU policy objectives......................................................................... 12 

Sectoral breakdown.................................................................................................... 13 

Impact and value added of EIB operations ................................................................ 16 

Cooperation with the Commission............................................................................. 17 

Cooperation with International Financial Institutions ............................................... 19 

Contribution of EIB lending activity by geographical region.................................... 20 

2.7.1 

Pre-Accession Countries ............................................................................................ 21 

2.7.2  Mediterranean Partner Countries ............................................................................... 24 

2.7.3 

Eastern Europe, Southern Caucasus and Russia ........................................................ 27 

2.7.4  Asia and Latin America ............................................................................................. 29 

2.7.5  Republic of South Africa ........................................................................................... 32 

2.8 

List of EC-EIB initiatives / partnerships in the regions covered by the external 
mandate ...................................................................................................................... 33 

2.9 

List of projects signed in 2009 and co-financed with the Commission and other IFIs37 

2.10 

List of projects signed in 2009 and co-financed with other IFIs ............................... 38 

2.11 

List of loans signed under the external mandate in 2009........................................... 41 

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INTRODUCTION 

The present Staff Working Document (SWD) is divided into two parts. 

–  The first part provides statistical tables underpinning the report to the European Parliament 

and the Council on the Mid-Term Review of the external mandate of the EIB1; 

–  The second part gives a detailed description of EIB external financing activities in 2009. 

1 

COM(2010) 173. 

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1. 

STATISTICAL DATA 

1.1. 

EIB operations by sector and region in the 2000-2007 mandate period 

Pre-Accession

Composite infrastructure
Energy
Financial
Health, education
Industry
Services
Telecommunications
Transports
Urban infrastructure
Water, sewerage

Mediterranean Countries

Agriculture, fisheries, 
forestry
Composite infrastructure
Energy
Financials
Health, education
Industry
Services
Telecommunications
Transports
Urban infrastructure
Water, sewerage

No
3
13
38
8
4
2
1
54
2
11

136

EURm

730
776
2.328
577
284
408
35
4.760
73
415
10.386

Share volume
7%
7%
22%
6%
3%
4%
0%
46%
1%
4%
100%

No

EURm

Share volume

2
1
23
13
5
8
1
1
23
1
14

92

90
230
2.613
810
350
385
14
100
1.513
71
749
6.924

1%
3%
38%
12%
5%
6%
0%
1%
22%
1%
11%
100%

Eastern Europe, the Southern Causasus and Russia

Composite infrastructure
Energy
Financials
Health, education
Industry
Services
Telecommunications
Transports
Urban infrastructure
Water, sewerage

Asia and Latin America

Agriculture, fisheries, 
forestry
Energy
Financials
Industry
Services
Telecommunications
Transports
Water, sewerage

Republic of South Africa

Composite infrastructure
Energy
Financials
Industry
Services
Transports
Urban infrastructure
Water, sewerage

No

1

2

3

No

1
10
10
13
1
5
3
2

No
2
2
8
1

1

2

6

45

16

EURm

Share volume

2

1%

230

83
315

73%

26%
100%

EURm

Share volume

33
496
405
674
38
408
117
80
2.251

1%
22%
18%
30%
2%
18%
5%
4%
100%

EURm

Share volume
6%
23%
43%
3%

5%

20%
100%

60
218
410
25

50

185
948

Total

20.824

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1.2. 

EIB  operations  by  sector  and  region  in  the  current  mandate  period  up  to  end 
2009 

Pre-Accession

Composite infrastructure
Energy
Financial
Health, education
Industry
Services
Telecommunications
Transports
Urban infrastructure
Water, sewerage

Mediterranean Countries

Agriculture, fisheries, 
forestry
Composite infrastructure
Energy
Financials
Health, education
Industry
Services
Telecommunications
Transports
Urban infrastructure
Water, sewerage

No

5
22
1

1

12
2
3

46

EURm

Share volume

752
1566
70

335

2072
375
92
5.262

14%
30%
1%

6%

39%
7%
2%
100%

No

EURm

Share volume

1
8
5
1
4

9

6

34

25
1171
627
200
390

971

476
3.860

1%
30%
16%
5%
10%

25%

12%
100%

Eastern Europe, the Southern Causasus and Russia

No

EURm

Share volume

Composite infrastructure
Energy
Financials
Health, education
Industry
Services
Telecommunications
Transports
Urban infrastructure
Water, sewerage

Asia and Latin America

Agriculture, fisheries, 
forestry
Energy
Financials
Industry
Services
Telecommunications
Transports
Water, sewerage

Republic of South Africa

Composite infrastructure
Energy
Financials
Industry
Services
Transports
Urban infrastructure
Water, sewerage

1
1

1
1

1

5

150
100

115
20

18
403

37%
25%

29%
5%

4%
100%

No

EURm

Share volume

19

1
4
3
2
1
5
2
1

No
0
1
2
2
1
1
1
0

8

Total

119
283
133
270
47
619
425
27
1.921

6%
15%
7%
14%
2%
32%
22%
1%
100%

EURm

Share volume

8%
25%
10%
1%
25%
31%
0%
100%

0
40
120
50
3
120
150
0
483

11.928

5 

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1.3. 

EIB operations by country under the 2000-2007 external mandate (*) 

Budget
period

Region

Country

Signed

Disbursed

Avg.
loan

no.

EUR m

EUR m

pct.

EUR m

2000-2007 SEN

(EUR 9,185m)

Albania
BiH
Bulgaria

Croatia
FYROM

Hungary
Lithuania

Montenegro
Romania
Serbia
Slovak ia

Slovenia
Turkey

Total

Mediterranean
(EUR 6,520m)

Algeria
Egypt

Gaza-W est Bank
Israel

Jordan
Lebanon

Morocco
Syria
Tunisia

Total

Asia:
China
India

Indonesia
Laos

Maldives
Pak istan

Philippines
Sri Lanka
Thailand
Viet Nam

Latin Amer ica:
Argentina

Brazil
Colom bia

Ecuador
Honduras
Mexico
Panama

Peru
Regional - C&LA

Total

South Africa

ALA
(EUR 2,480m)

2000-2007 South Africa
(EUR 825m)
Total

8
13
13

12
2

1
2

2
23
23
9

1
24
133

8
19

2
1

5
6

23
7
26
97

1
1

4
1

1
2

4
3
1
2

5

16
1

1
1
2
2

2
3
53

17

214
654
492

491
23

40
60

35
1.952
1.160
498

35
3.809
9.462

787
1.960

55
75

226
320

1.358
735
1.658
7.174

56
50

189
42

50
79

219
160
26
68

219

840
100

40
20
86
95

128
356
311

474
23

40
18

35
1.390
788
429

35
2.997
7.023

380
1.716

3
0

186
161

975
326
1.135
4.882

56
0

124
38

50
79

175
125
0
68

187

684
100

40
0
86
90

100
106
2.545

100
26
2.028

948

716

300

20.129

14.649

60
54
63

97
98

100
30

100
71
68
86

100
79
74

48
88

5
0

82
50

72
44
68
68

100
0

66
90

100
100

80
78
0
100

85

81
100

100
0
100
95

100
24
80

76

73

27
50
38

41
12

40
30

18
85
50
55

35
159
71

98
103

28
75

45
53

59
105
64
74

56
50

47
42

50
39

55
53
26
34

44

53
100

40
20
43
48

50
35
48

56

67

(*) The signed am ounts include also loans that have been eventually cancelled. Signatures net of cancellations 
did not exceed regional ceilings established under the m andate

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1.4. 

EIB  operations  by  country  under  the  2007-2013  external  mandate  up  to  end 
2009 (*) 

Budget
period

2007-2013

Region

Country

Signed

Disbursed

Avg.
loan

no.

EUR m

EUR m

pct.

EUR m

Pre-acc ession
(EUR 8,700m)

ENP-Med

(EUR 8,700m)

Eastern Partners

(EUR 3,700m)

Asia

(EUR 1,000 m)

Latin America
(EUR 2,800m)

Albania
BiH

FYROM
Montenegro

Serbia

Sub-total

Turkey

Total

Egypt

Israel
Jordan

Lebanon
Morocco
Syria
Tunisia

Total

Moldova

Russia 
Uk raine

Total

China
India

Pak istan
Vietnam

Total

Argentina
Brazil

Colom bia
Mexico

Nicaragua
Panama

Paraguay
Uruguay

Total

South Africa

South Africa

2
9

2
8

13
34

12
46

4

2
3

4
9
4
8
34

1

2
2
5

1
2

1
2
6

1
2

1
1

1
2

1
1
10

7

33
410

110
158

1.124
1.835

3.428
5.263

500

145
253

417
1.140
510
945
3.910

20

133
250
403

119
250

100
147
616

170
450

100
50

15
424

69
28
1.305

483

(EUR 900m)
Total

11.980
(*) The signed amounts include also loans that have been eventually cancelled.

108

12
36

22
40

40
150

929
1.079

230

116
81

128
185
112
178
1.030

0

115
0
115

0
75

0
17
92

170
416

42
0

0
0

32
28
688

39

3.043

36
9

20
25

4
8

27
21

46

80
32

31
16
22
19
26

0

86
0
29

0
30

0
12
15

100
92

42
0

0
0

47
100
53

8

25

17
46

55
20

86
54

286
114

125

73
84

104
127
128
118
115

20

67
125
81

119
125

100
74
103

170
225

100
50

15
212

69
28
131

69

111

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1.5. 

EIB mandate and own risk operations from 2000 until end 2009 (net signatures) 

Co untries of operation
(EU R  m illion )

Pre -Accession

South ern Neighbours

Eas te rn Europe, Southern 
C aucasus and R ussia

Asia and Latin Ame ric a

South  Africa

Total

Co untries of operation
(EU R  m illion )

Pre -Accession

South ern Neighbours

Eas te rn Europe, Southern 
C aucasus and R ussia

South  Africa

Total

To tal (C om m unity 
gu arantee)

Co untries of operation
(EU R  m illion )

South ern Neighbours

Eas te rn Europe, Southern 
C aucasus and R ussia

Asia and Latin Ame ric a

South  Africa

Total

To tal

C om p re hensive gu arantee

T otal

2 000

2 001

2 002

2 003

20 04

200 5

2006

2007 old

2007 new

2008

2009

2 000-2 007 2 007-2 013

1 .692

428

70

50

832

910

56

150

1 .225

1 .290

1.014

1.089

870

1.080

1.330

905

70

25

79

230

66

100

60

72

145

975

699

190

80

1.241

0

230

88

389

840

27

1.094

2.6 15

9.35 8

4.09 7

1.103

1.0 88

6.22 2

3.03 1

170

200

73

7 30

2 40

31 5

60 3

84 3

17 0

95 7

31 3

2.240

1.948

2.165

2.704

2.510

2.271

1.944

1.559

1.256

2.640

4.6 73

17.34 1

8.56 8

2 000

2 001

2 002

2 003

20 04

200 5

2006

2007 old

2007 new

2008

2009

2 000-2 007 2 007-2 013

Political risk co ver

T otal

131

160

30

85

80

55

50

129

187

145

30

491

70

107

160

167

173

131

167

90

293

344

417

597

120

120

25

265

315

278

915

92

269

130

2 50

4 22

233

4 17

40

1.02 8

1.16 5

70 2

0

1.64 8

10 5

82 9

23 3

96 3

17 0

593

1.406

1.3 62

3.48 3

3.36 1

490

609

270

2.730

2.557

2.435

3.196

2.854

2.688

2.541

1.824

1.849

4.045

6.0 35

20.82 4

11.92 9

2 000

2 001

2 002

2 003

20 04

200 5

2006

H1-2007 H 2-2007

2008

2009

2 000-2 007 2 007-2 013

EIB  o wn  risk 

T otal

Asia and Latin Ame ric a

300

478

Pre -Accession

1 .112

2 .045

2 .868

3 .347

1.203

152

94

262

117

500

1.824

150

1.026

1.441

1475

12.81 1

3.94 2

269

185

33

56

500

141

63 2

0

50 0

0

27 4

0

64 1

0

1.112

2.045

2.868

3.499

1.297

879

2.093

150

1.711

1.474

1.6 72

13.94 3

4.85 7

3.842

4.602

5.303

6.695

4.151

3.567

4.634

1.974

3.560

5.519

7.7 07

34.76 7

16.78 6

(*) In contrast to Table 2 of the main report, signatures in the new Member States prior to their EU accession are included in this table. 

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1.6. 

EIB Co-financing with the Commission and IFIs from 2000 until end 2009 

(EUR m)
Pre-Accession
Mandate
EIB own risk
Southern Neighbours
Mandate
EIB own risk
Total

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Total

585
160

75
0
820

343
663

0
0
1006

352
325

20
0
697

27
880

376
0
1283

169
690

290
0
1149

549
0

795
0
1344

291
80

435
0
806

456
0

330
0
786

89
80

158
0
327

750
25

285
0
1060

3611
2903

2764
0
9278

Cofinancing with IFIs and bilaterals (EURm)

(EUR m)
Pre-Accession
Mandate
EIB own risk
Southern Neighbours
Mandate
EIB own risk
Eastern Neighbours and Russia
Mandate
Asia and Latin America
Mandate
South Africa
Mandate
Total

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Total

490
 -

50
 -

0

276

0
816

206
 -

225
 -

0

338

0
769

730
 -

390
 -

0

0

0
1120

281
 -

300
 -

25

101

0
707

110
 -

550
 -

0

127

0
787

846
 -

80
 -

60

96

978
 -

324
 -

0

20

783
121

470
0

230

87

1364
135

719
0

170

0

1629
55

1121
0

133

782

7417
311

4229
0

618

1827

0
1082

0
1322

0
1691

13
2401

0
3720

13
14414

(*) The tables include signatures in new Member States prior to their EU accession

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1.7. 

Technical Assistance and Risk capital operations by the EIB from 2000 until end 2009 

(EUR m)
Technical Assistance (TA)
Pre-Accession
Mediterranean (FEMIP Support Fund)
Mediterranean (FEMIP Trust Fund)
Total TA

Risk Capital (RC)
Mediterranean (MEDA/ENPI)
Mediterranean (FEMIP Trust Fund)
Total RC

Total TA + RC

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

11,77

11,77

20,81
1,20
22,01

20,31
1,56
21,87

6,00

37,00

13,50

14,00

33,64

50,05

6,00

37,00

13,50

14,00

33,64

50,05

15,95
0,46
16,41

46,45
2,0
48,45

13,83
1,88
15,71

62,00

62,00

6,00

37,00

13,50

37,54

77,66

93,79

81,27

93,42

9,37

9,37

9,37

3,62
13,26
3,40
16,66

22,00
5,0
27,00

63,94  

1.8. 

Structured Finance Facility (SFF) and Special Femip Envelope (SFE) operations  

Pre-Accession (SFF)
Lending amount (EUR m)
Number of operations
Southern Neighbours (SFE)
Lending amount (EUR m)

Number of operations
South Africa (SFF)
Lending amount (EUR m)
Number of operations

Total amount (EUR m)

2004

2005

2006

2007

2008

2009

Total

0,00
0

0,00

0

2,03
1

35,00
1

21,25
1

584,64
3

35,00
2

677,92
8

80,00

0,00

365,00

52,00

369,73

866,73

2

0

5

2

5

14

0,00

82,03

35,00

386,25

676,64

404,73

1584,65

40,00
1

40,00
1

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2. 

EIB EXTERNAL ACTIVITY IN 2009 IN THE REGIONS COVERED BY THE 
DECISION 

2.1. 

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

Total  EIB  lending  signatures  in  the  regions  covered  by  the  Decision  increased  by  40%  to 
reach EUR 7.7 bn in 2009, of which EUR 6 bn under mandate and EUR 1.7 bn at the own risk 
of  the  Bank.  The  following  table  provides  an  overview  of  the  volume  of  EIB  financing  in 
2008 and 2009 in the regions covered by the external mandate. 

Table 1: EIB financing in 2008 and 2009 

Operations under mandate 

Countries of 
operation 
(EUR million) 

Comprehensive 
guarantee 

Political risk cover 
(1) 

Total 

EIB own risk 
operations (2) 

Total 

2008 

2009 

2008 

2009 

2008 

2009 

2008 

2009 

2008 

2009 

Pre-Accession 

1.094 

2.615 

915 

250 

2.009 

2.865 

1.444 

1.475 

3.453 

4.340 

Mediterranean (3) 

1.103 

1.088 

92 

422 

1.195 

1.510 

33 

56 

1.228 

1.566 

Eastern Europe, 
Southern Caucasus 
and Russia 

Asia and Latin 
America 

170 

0 

0 

233 

170 

233 

200 

730 

269 

417 

469 

1.147 

South Africa 

73 

240 

130 

40 

203 

280 

0 

0 

0 

0 

170 

233 

141 

469 

1.288 

0 

203 

280 

Sub-total 

2.640 

4.673 

1.406 

1.362 

4.046 

6.035 

1.477 

1.672 

5.523 

7.706 

(1) These operations were referred to as 'risk sharing' operations under the 2000-2007 mandate 
(2) EIB own risk operations were carried out under the following facilities 
- Pre-Accession Facility: financial envelope of EUR 19.5bn for the period 2000-2010, of which EUR 6.2bn for 
2007-10 
- Mediterranean Partnership Facility II: EUR 2bn for 2007-2013 
- Facility for Energy Sustainability and Security of Supply: EUR 3bn for 2007-2013 
- Eastern Partners Facility: EUR 1.5bn authorised in December 2009 until 2013. 
(3)  The  EIB  also  invested  EUR  27  mn  in  private  equity  under  the  ENPI  risk  capital  envelope  (EU  budgetary 
resources) and the FEMIP Trust Fund (direct contributions of 15 Member States and the Commission). 

EIB  lending  signatures  under  mandate  increased  by  49%  in  2009,  with  cumulative 
signatures  under  the  Decision  reaching  EUR  12  bn.  In  2009,  Pre-Accession  countries 
accounted for 47% of the total volume, followed by Mediterranean countries with 25%, and 
Asia and Latin America with 19%. 77% of the loans signed under mandate were covered by a 
Comprehensive Guarantee, while 23% benefited from Political Risk Guarantee cover.  

EIB  lending  at  its  own  risk  in  the  regions  covered  by  the  Decision  increased  by  13%  and 
represented 22% of EIB’s overall financing activities – mandate and EIB own risk facilities 
combined - in these regions. 88% of operations at the EIB’s own risk were carried out under 
the  EIB  Pre-Accession  Facility.  Turkey  was  by  far  the  largest  recipient  with  two  thirds  of 
lending  under  this  facility,  while  EUR  415  mn  was  allocated  to  Croatia,  and  a  EUR  25  mn 

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equity  participation  was  signed  to  the  South-East  Europe  Energy  Efficiency  Fund  (a  joint 
initiative of the EIB, the Commission and KfW to support small-scale investments in energy 
efficiency  and  renewable  energy  in  all  Pre-Accession  countries).  The  focus  of  EIB  activity 
was  on  private  sector  operations,  with  credit  lines  (notably  for  SMEs)  representing  89%  of 
total signatures under the Pre-Accession Facility. In the Mediterranean region, a EUR 56 mn 
own risk loan was signed in favour of private sector Research, Development and Innovation 
in  the  fields  of  industrial  chemicals  under  joint  Commission-EIB  Risk  Sharing  Finance 
Facility. 

2.2. 

Contribution to EU policy objectives  

The  objective  of  EIB  operations  under  the  Decision  is  to  support  the  external  policy 
objectives  of  the  Community.  In  particular,  the  Decision  provides  for  some  specific  policy 
goals to be addressed through EIB external operations. Table 2 below presents a summary of 
the key objectives for EIB financing operations in the regions covered by the Decision.  

Table 2: Summary of key objectives for EIB financing operations under the Decision 

Key Objectives under the 
Decision 

Energy - Security of Supply 

Protection of the Environment  

Private  Sector  Development, 
SMEs 

Infrastructure  Development, 
including extension of TENs 

Pre-Accession support 

Support of EU presence 

PA 

MED 

EAST 

ALA 

SA 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

Section 2.7 reviews in more detail the implementation of the EIB external mandate at regional 
and country level as well as the contribution of EIB financing operations to the fulfilment of 
EU external policy objectives, taking into account the operational objectives of the EIB.  

As  shown  in  the  table  above,  the  support  for  energy  security  and  the  protection  of  the 
environment are the only two objectives common to all regions covered by the Decision. As 
such, the table below provides the total volume of EIB operations signed in 2009 under the 
Decision in support of these objectives, as well as for sustainable communities.  

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Table  3:  EIB  operations  signed  in  2009  in  support  of  energy  security2,  protection  of  the 
environment and sustainable communities 

Energy security 

Protection of Environment 
- Tackling climate change 
- Water and waste water  
- Natural resources management 
- Reduction of industrial pollution 

Sustainable communities (for reference) 
- Sustainable urban public transport 
- Urban renewal and regeneration 

EUR m
25

1032
518
351
161
3

433
386
48

As far as the specific objective of energy security is concerned, the EIB provided EUR 25m 
financing to one project in Serbia which will contribute to the energy security of EU Member 
States through interconnections particularly with Bulgaria and Greece. 

The protection of environment was a significant focus of EIB activity in 2009. EIB financing 
for  investments  protecting  the  environment  amounted  to  EUR  1  bn  which  represents  an 
increase of 56% from the previous year. This amount corresponds to 15 projects in all regions 
of the mandate in the areas of climate change, nature and biodiversity protection, promoting 
the sustainable use of natural resources and dealing with the links between environment and 
health by addressing pollution and waste management. 

As  a  complement  to  the  protection  of  the  environment,  data  are  provided  for  reference  on 
lending  in  support  of  the  ‘Sustainable  Communities’,  covering  the  urban  environment  and 
sustainable transport systems. These investments aim at improving the environment and living 
conditions in the partner countries. Financing of investments in this category comprised five 
projects  in  the  Pre-Accession  and  Mediterranean  region.  Altogether,  24%  of  EIB  financing 
under  mandate  in  2009  contributed  to  the  protection  of  environment  and  sustainable 
communities.  

2.3. 

Sectoral breakdown 

Table  4  below  provides  an  overview  of  the  regional  and  sectoral  distribution  of  EIB 
operations under the Decision in 2009.  

2  

Overall energy sector financing is presented in the next section (which provides a sectoral breakdown of 
EIB operations). 

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Table 4: Sectoral breakdown of operations signed in 2009 (EUR mn) 

Sector

Pre-Accession Mediterranean

Transports

Energy

Telecommunications

Credit lines to SMEs

Industry & Services

Water & sanitation

Forestry, biodiversity

Education

Urban infrastructure

Grand Total

777
27%
450
16%
0
0%
1251
44%
0
0%
27
1%
0
0%
335
12%
25
1%
2865

544
36%
50
3%
0
0%
0
0%
335
22%
356
24%
0
0%
200
13%
25
2%
1510

Eastern 
Neighbours & 
Russia (EAST)
0
0%
0
0%
115
49%
100
43%
0
0%
18
8%
0
0%
0
0%
0
0%
233

Asia and Latin 
America

South Africa

Total

397
35%
182
16%
100
9%
33
3%
317
28%
0
0%
119
10%
0
0%
0
0%
1147

120
43%
40
14%
0
0%
60
21%
0
0%
0
0%
0
0%
0
0%
60
21%
280

1838
30%
722
12%
215
4%
1444
24%
652
11%
400
7%
119
2%
535
9%
110
2%
6034  

EIB support to the transport sector represented 30% of total signatures under mandate. The 
average loan size in the transport sector was double the overall average (of EUR 85 mn) of 
EIB  loans  signed  under  mandate  in  2009  reflecting  the  larger  size  of  investments  in  the 
transport sector. 

The largest transport investments co-financed by the EIB were TEN-T corridor extensions in 
the  Pre-Accession  countries  (EUR  707  mn  for  three  projects).  Investment  in  terrestrial  and 
maritime  highways  under  the  FEMIP  contributed  through  the  financing  of  two  large 
motorway  projects  representing  priority  economic  infrastructure  of  regional  importance.  In 
South  Africa,  a  EUR  120  mn  loan  was  signed  in  support  of  upgrading  key  toll  roads  of 
strategic importance to the country’s transport infrastructure. 

In a context of difficult access to finance by SMEs, EIB financing for credit lines to SMEs 
was significantly stepped up and reached EUR 1.4 bn in 2009, corresponding to one quarter of 
total  financing  under  mandate  in  this  year,  in  particular  under  the  "IFI  Joint  Action  Plan  in 
support of banking systems and lending to the real economy in Central and Eastern Europe" 
launched in February 2009. This increase represents a more than three-fold growth from the 
previous  year  (EUR  467  mn  in  2008).  The  majority  of  EIB  SME  activity  took  place  in  the 
Pre-Accession  region  where,  in  addition  to  lending  under  mandate,  EIB  provided  an 
additional EUR 1.3 bn through private sector banks under the Pre-Accession Facility on own 
risk. In 2009, the EIB rolled out its new lending instrument, the EIB Loan for SMEs, to the 
Pre-Accession  countries  and  Eastern  Neighbourhood.  This  instrument  enables  it  to  finance 
100% of individual SME projects, requires the intermediary bank to co-finance and match the 
EIB lending with equivalent amounts, allows the financing of working capital (essential in a 
time of crisis) and insists on the transfer of benefit to final beneficiaries, especially in terms of 
the increased maturity of the loans. 

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Following  the  invitation  to  extend  the  mandate  to  SMEs  under  the  Eastern  Partnership  in 
2009, the EIB signed its first intermediated loan for SMEs in Ukraine. In Vietnam, of an EUR 
100 mn intermediated framework loan, approximately one third is targeted at financing small 
or  medium  scale  investments  resulting  in  EU  presence,  while  the  remainder  of  the  loan  is 
aimed at supporting climate change mitigation (through projects in the renewable energy and 
energy efficiency sectors). In South Africa, a credit line of EUR 60 mn was extended to the 
Development Bank of South Africa for on-lending to SMEs. In line with the EU–South Africa 
Country Strategy, the operation contributes to the reduction of poverty and inequality, as well 
as the creation of an enabling environment for economic growth and development.  

The  energy  sector  represented  EUR  722  mn  of  EIB  financing  under  mandate  in  2009. 
Renewable  energy  accounted  for  60%  of  this  amount  and  comprised  the  financing  of 
hydropower plants rehabilitation in Nicaragua, the construction of a large-scale wind farm in 
Egypt, as well as dedicated framework loans in South Africa, Vietnam, Pakistan and Turkey 
for the financing of renewable energy, energy efficiency and pollution abatement investments. 
The  EIB  will  coordinate  with  intermediary  banks  to  facilitate  the  flow  of  information  on 
Clean Development Mechanism projects financed under the framework loans to managers of 
the  carbon  funds  in  which  the  EIB  participates.  The  potential  for  extending  EIB  Climate 
Change Technical Assistance either to intermediary banks or final beneficiaries will also be 
assessed.  

Besides the above projects, energy efficiency and renewable energy are expected to form part 
of the investments financed through certain global loans signed under mandate (The lending 
amounts  dedicated  to  these  projects  are  accounted  for  under  ‘credit  lines  for  SMEs’).  In 
particular,  a  EUR  400  mn  loan  for  SMEs  in  Turkey,  intermediated  by  three  state 
controlled/supported  intermediaries,  is  expected  to  include  eligible  schemes  meeting  the 
requirements  of  the  Commission’s  Energy  Efficiency  and  Renewable  Investments  Finance 
Facility allowing the blending of an EIB loan with EU grants. Finally, in Turkey and Serbia, 
the EIB financed the reinforcement of the electricity network, essential to cope with growing 
electricity  demand,  to  improve  safety  standards,  reduce  distribution  losses  and  to  enhance 
reliability of electricity supply and distribution.  

The  combined  industry  and  service  sectors  represented  11%  of  EIB  financing  under 
mandate. Private sector industrial projects received EUR 605 mn lending in the Mediterranean 
and in Asia and Latin America, while services comprised a EUR 47 mn loan supporting the 
international growth strategy of an EU-based wholesale chain in Vietnam. 

Education  sector  represented  9%  of  lending  under  mandate.  Important  national  education 
modernisation and academic R&D programmes received a total of EUR 535 mn in Morocco 
and Turkey.  

Financing  of  water  supply,  sanitation  and  related  environmental  investments  amounted  to 
EUR  400  mn  and  comprised  5  projects  in  the  Mediterranean,  one  in  Russia  and  one  in 
Montenegro.  In  alignment  with  the  Union  for  Mediterranean  priority  “De-pollution  of  the 
Mediterranean”, the EIB financed wastewater treatment investments in Lebanon and Egypt to 
protect  the  coastal  waters  and  inland  water  sources  from  contamination  and  exposure  to 
untreated sewage. Two water sector projects in Jordan and Israel will help optimise the scarce 
water  resources  in  the  Mediterranean.  Both  projects  additionally  promote  private  sector 
involvement  through  a  PPP  structure.  In  Russia,  the  EIB  financed  a  priority  project  of  the 
Northern  Dimension  Environmental  Partnership  (NDEP)  that  will  result  in  the  reduction  of 
pollution  of  the  Baltic  Sea.  In  Montenegro,  EIB  financed  investments  whose  objective  is  to 

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develop an EU standard Integrated Sustainable Solid Waste Management scheme, including 
construction of new sanitary landfills, recycling and composting facilities. 

Operations  in  the  remaining  sectors  of  Telecommunications  (4%),  Forestry  /  biodiversity 
(2%)  and  Urban  and  Municipal  infrastructure  (2%  of  EIB  financing  under  mandate)  are 
presented in sections 2.7 and 2.11. 

2.4. 

Impact and value added of EIB operations 

The review of the value added of EIB operations is based on the ex-ante assessments which 
the  EIB  services  routinely  carry  out  for  each  individual  operation,  under  a  framework 
structured  along  the  following  three  pillars,  which  are  based  on  a  number  of  criteria  and 
indicators: 

Pillar 1: the contribution to overall mandate objectives and priorities; 
Pillar 2: the quality and soundness of the project, i.e., the economic, technical, financial and 
environmental  soundness  of  the  project,  as  well  as  management  capability  to  design, 
implement and operate the project; 
Pillar  3:  the  financial  and  non-financial  contribution  made  by  the  EIB  to  the  project,  i.e., 
longer maturities and grace periods, attractive interest rates, and risk capital instruments as 
well as changes to project design, project conditionality and technical assistance. 

The framework applied to operations in the Pre-Accession countries, called the Value Added 
(VA)  framework,  allows  an  evaluation  of  the  potential  impact  of  EIB  support  to  Pre-
Accession  countries’  economic  development  process  and  thus  also  their  preparation  for 
potential transition to EU membership status. This framework is identical to the one used for 
financing  operations  within  the  EU.  For  all  other  regions  covered  by  the  Decision,  the  EIB 
introduced in 2007 the Economic and Social Impact Assessment Framework (ESIAF), which 
reflects  the  different  needs  and  characteristics  as  well  as  the  respective  lending  objectives 
under the Decision of each of the geographical regions. 

The  assessment  is  performed  by  the  EIB  ex-ante  on  the  basis  of  facts  and  data  collected 
during  project  appraisal.  The  framework  is  designed  so  that  it  can  provide  information  and 
benchmarks throughout the life of the project, in  particular  for  both  monitoring  and  ex-post 
evaluation.  In  2009,  a  comprehensive  review  of  the  VA  framework  was  undertaken  and  a 
revised methodology is applied to operations in the EU and in Pre-Accession countries from 
2010 onwards. The ESIAF qualitative tool is being updated during 2010. 

Table 5: Value added ratings of operations approved (not signed) under the Decision in 2009 

Impact rating 

Pillar 1 

Pillar 2 - 
Investment loans 

Pillar 2 – 
Intermediated 
loans (SMEs) 

Pillar 3 

High 

Medium 

Moderate 

Low 

Total 

58 (88%)

8 (12%)

0

0

26 (59%)

18 (41%)

0

0

7 (32%) 

14 (64%) 

1 (5%) 

0 

52 (79%)

13 (20%)

1 (2%)

0

66 (100%)

44 (100%)

22 (100%) 

66 (100%)

According  to  the  above  table,  66  operations  under  the  Decision  were  approved  in  2009. 
Highest  ratings  are  typically  observed  in  Pillar  1,  reflecting  the  EIB’s  upfront  selection  of 

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operations  that  are  highly  consistent  with  the  mandate  objectives  and  priorities  (88%  of 
operations approved in 2009).  

With  respect  to  Pillar  2,  all  investment  loans  were  rated  “high”  or  “medium”.  Among 
intermediated loans to SMEs, the dominance of “medium” ratings in Pillar 2 usually reflects 
the  quality  of  the  financial  intermediaries,  either  in  terms  of  their  financial  performance, 
governance  or  their  experience  in  the  sector  or  the  objective  targeted  by  the  operation.  All 
except  one  such  operation  scored  “high”  in  both  Pillars  1  and  3.  One  operation  scored 
“moderate” on Pillar 2, given the particularly hard effects of the financial crisis on some of 
the participating intermediaries, most of which do not have previous experience with the EIB 
eligibility criteria. The EIB’s involvement in this operation was justified by the “high” ratings 
in  the  other  two  value-added  pillars  (contribution  to  mandate  objectives  and  financial  and 
non-financial contribution made by the EIB to the operations). 

In  general,  as  reflected  in  the  aggregate  ratings  of  Pillar  3,  the  EIB  focuses  its  activity  on 
operations where its contribution is likely to be high (79% of operations). The only operation 
where the EIB contribution was assessed as likely to be “moderate” relates to a rail transport 
project with relatively modest EIB financing (EUR 15 mn). 

2.5 

Cooperation with the Commission 

The  Decision  invites  the  Commission  and  the  EIB  to  strengthen  the  consistency  of  EIB 
actions  with  the  EU's  external  policies,  including  with  a  view  to  maximising  synergies 
between EIB financing and EU budgetary resources, mainly through a regular and systematic 
dialogue  and  early  consultation  on  policies,  strategies  and  project  pipelines.  To  this  end,  in 
May  2008  the  Commission  and  EIB  signed  a  specific  Memorandum  of  Understanding 
defining  the  terms  and  conditions  of  this  strengthened  cooperation.  The  EC-EIB  Steering 
Committee established under the MoU has met twice and the meetings have allowed planning 
the  implementation  of  the  MoU  as  well  as  to  exchange  views  on  policy  developments  and 
priorities relating to the cooperation of the two institutions in the regions concerned. 

With a view to enhancing the coherence of overall EU support in the regions covered by the 
external mandate, the Commission and EIB are actively cooperating in instruments where EIB 
financing  is  blended  with  EU  budgetary  resources,  notably  under  the  Instrument  for  Pre-
Accession  Assistance  (IPA)  and  the  European  Neighbourhood  and  Partnership  Instrument 
(ENPI).  A  list  of  the  existing  frameworks  under  which  the  EIB  and  the  Commission 
cooperated in 2009 in the regions covered by the external mandate is included in section 2.8. 

Cooperation between the Commission and the EIB outside the EU intensified during 2009 in 
response to the economic and financial crisis. This led to initiatives such as: 

•  Following  the  Commission's  communication  on  “Supporting  developing  countries  in 
coping  with  the  crisis”,  the  GAERC  invited  the  EIB  to  focus  on  counter-cyclical  actions 
such  as  quicker  and  more  flexible  lending  to  the  financial  and  infrastructure  sectors, 
frontloading of lending activity and speeding-up disbursements. Moreover, it requested the 
EIB to reinforce its support to SMEs in the Neighbourhood3 and welcomed the intention of 
the EU to provide an additional EUR 200 mn to the EU-Africa Infrastructure Trust Fund. 

3 

Other  recommendations  concerned  ACP  countries,  such  as  the  reinforcement  of  the  EU-Africa 
Infrastructure Fund and the ACP water and energy facilities. 

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•  In the context of the IPA Crisis Response Package, the Commission and the EIB worked 
closely  together,  as  well  as  with  other  IFIs  such  as  EBRD,  to  coordinate  actions  and 
provide  support  to  SMEs  and  energy  efficiency  investments  in  the  Western  Balkans  and 
Turkey. The EIB has established the “South East Europe Energy Efficiency Fund”, which 
involves a contribution from the EU budget. 

•  In the framework of the Eastern Partnership Summit that was held in Prague in May 2009, 
the  EIB  was  invited  to  start  working  on  investment  support  for  SMEs  in  the  Eastern 
Neighbourhood, in full cooperation with the EBRD and the other IFIs. Moreover, to enable 
the  stepping  up  of  efforts  to  assist  the  Eastern  Partners,  the  EIB  Board  of  Governors 
authorised  in  December  2009  the  creation  of  an  EIB  own  risk  Eastern  Partners  Facility 
(EUR  1.5bn)  for  financing  investments  of  EU  interest  in  the  Eastern  Neighbours  and 
Russia. 

•  The  G-20  working  group  on  IFIs,  where  the  EIB  contributed  in  particular  to  the 

benchmarking exercise on capital situation and requirements. 

A  major  objective  of  increased  cooperation  between  the  Commission  and  the  EIB  is  to 
optimise the combination of scarce EU grant funds with EIB and other IFI loan resources so 
as to achieve a maximum leverage effect and consequently the best value for EU taxpayers’ 
money. At the request of the Council, an experts’ working group was set up in 2009 to reflect 
on mechanisms blending EU grants and IFI and bilateral agency loans, in order to guide donor 
decisions on the use of blending mechanisms. The Commission and the EIB representatives, 
together  with  representatives  of  Member  States  and  European  multilateral  and  bilateral 
finance  institutions,  collaborated  closely  in  this  context  which  led  to  a  final  report  in 
December  2009  identifying  the  positive  and  negative  aspects  of  the  use  of  grants  in 
combination with loans, and parameters to assess the related value added. 

In the Western Balkans, the Western Balkans Investment Framework (WBIF) was launched in 
December 2009 by the Commission, the EIB, the EBRD and the CEB. The WBIF includes a 
joint grant and loan facility to finance priority projects in the Western Balkans. The objective 
is  to  pool  and  coordinate  different  sources  of  finance  and  to  leverage  grants  with  loans  for 
projects  that  are  a  priority  for  the  Western  Balkan  beneficiaries,  such  as  infrastructure 
investments,  loans  for  SMEs  and  for  energy  efficiency.  The  Steering  Committee  under  the 
WBIF has already approved EUR 26 mn of technical assistance in support of 26 projects that 
will mobilise IFI loans of EUR 2.2 bn, of which EUR 1.4 bn is expected from the EIB. 

In  the  Mediterranean  region,  EU  budgetary  resources  were  used  by  the  EIB  to  finance  17 
technical assistance operations for a total value of EUR 12.2 mn while risk capital operations 
signed under this envelope amounted to EUR 22 mn in 2009. Under the FEMIP Trust Fund (a 
financial  envelope  of  EUR  34.5  mn  funded  by  contributions  of  15  Member  States  and  the 
Commission),  6  new  technical  assistance  operations  amounting  to  EUR  3.3  mn  were 
contracted.  Additionally,  an  (EUR  5  mn)  equity  participation  in  a  regional  venture  capital 
fund was signed. 

Regular policy and institutional dialogue between the Commission, EIB and peer institutions 
is  particularly  important  in  the  activities  of  FEMIP,  as  illustrated  by  activities  under  two 
priority sectors of the Union for the Mediterranean: the De-pollution of the Mediterranean and 
the  Mediterranean  Solar  Plan  aiming  to  develop  all  renewable  energy  sources  in  the 
Mediterranean region. 

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•  Concerning  the  De-pollution  of  the  Mediterranean,  the  EIB  organised  two  coordination 
meetings with the Commission, AFD, KfW, the World Bank and UNEP-MAP in 2009 to 
present  the  work  of  the  Mediterranean  Hot  Spot  Investment  Programme  -  Project 
Preparation  and  Implementation  Facility  funded  by  EU  budgetary  resources  through  the 
FEMIP Support Fund. 

•  With  respect  to  the  Mediterranean  Solar  Plan,  the  EIB  announced  in  June  2009 
coordination  with  KfW  and  AFD  in  the  development  of  the  MSP  under  the  MSP 
Cooperation  Mechanism.  The  EIB  is  also  working  closely  with  the  Commission  and  the 
World Bank in order to find other suitable coordination and cooperation means. 

In the domain of climate change adaptation, the EIB worked closely with the other European 
Finance Institutions (FIs) in order to maintain a dialogue on strategies and initiatives taken. A 
workshop and brainstorming session on “Assessing and managing Climate Risks” was hosted 
by  the  EIB  in  September  2009.  The  brainstorming  session  involved  the  Commission  (DG 
ENV  and  DG  ECFIN),  EBRD,  AFD,  NIB,  KfW  and  GTZ.  All  involved  institutions  have 
taken  or  plan  to  take  internal  action  to  gradually  mainstream  climate  risk  management  into 
their  operations.  In  addition,  the  participating  institutions  agreed  to  establish  a  Climate 
Change  Adaptation  Working  Group  in  2010,  chaired  by  the  EIB,  so  as  to  continue  the 
dialogue, and share knowledge on climate change adaptation. 

The  EIB  also  led  the  organisation  of  a  side  event  co-hosted  with  the  Commission,  EBRD, 
AFD,  KfW  and  NIB  at  the  United  Nations  Framework  Convention  on  Climate  Change 
(UNFCCC)  COP15  in  Copenhagen  in  December  focusing  on  the  role  of  European  FIs  in 
financing adaptation. This will be followed by an inter-institutional working group in 2010. 

In  support  of  South  Africa,  the  EIB  has  assisted  the  Commission  in  the  design  and 
implementation  of  dedicated  EU  funded  risk  capital  facilities  for  South  African  SMEs.  The 
second  Risk  Capital  Facility,  set  up  for  an  amount  of  EUR 50 mn  and  for  a  period  of  five 
years, is being implemented according to schedule. 

2.6 

Cooperation with International Financial Institutions 

The  Bank  strengthened  its  close  cooperation  with  other  International  Financial  Institutions 
and  European  bilateral  institutions  in  2009,  representing  an  integral  feature  of  the  EIB 
response to the crisis outside the EU. Cooperative actions in response to the crisis resulted in 
several initiatives that materialised throughout the year. They included an increased level of 
financing activity, reaching EUR 8.8 bn outside the EU of which 60% was co-financed with 
other  IFIs  and  European  bilateral  finance  institutions  (up  from  55%  in  2008  and  42%  in 
2007). 

In this context, a “Joint IFI Action Plan in support of the banking systems and lending to the 
real economy in Central and Eastern Europe” was developed jointly by EIB, EBRD, and the 
World Bank Group under which the IFIs coordinate their respective financing activity for and 
their dialogue with the banks most active in the region.  

In December, the NIF Framework Arrangement was signed by the Commission and the nine 
Eligible  Finance  Institutions  including  the  EIB.  This  document  defines  the  role  and  the 
responsibilities of the Lead Finance Institution in the framework of the NIF. 

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The  EIB  has  launched  a  Mutual  Reliance  Initiative  with  AFD  and  KfW  whereby  the  three 
institutions  seek  to  enhance  their  collective  effectiveness  and  efficiency,  by  mutually 
recognising  and  relying  on  the  procedures  and  standards  applied  by  each  institution  on  co-
financed projects. Experience will be gained during the ongoing pilot phase, with a view to 
implement it with a wider range of institutions. 

As regards ACP countries, the EIB closely cooperates with European finance institutions and 
the AfDB in the framework of the EU-Africa Infrastructure Trust Fund, and participates to the 
IFC Infrastructure Crisis Facility with lending of up to EUR 1 bn, as well as contributing USD 
100 mn to the IFC Microfinance initiative. 

In  addition,  during  2009,  the  EIB  cooperated  with  other  IFIs  in  the  context  of  several 
initiatives, e.g.: 

–  in March, in the framework of their annual visit to the EU institutions, the World Bank’s 

EU Executive Directors visited the EIB for the second time; 

–  in June, the Bank and IFC established the Global Emerging Markets Risk Consortium with 
views  to  a  comprehensive  database  of  credit  risk  information  for  MDBs  and  IFIs.  Since 
then, the AfDB, EBRD, IADB, and ADB have also joined; 

–  in  October,  the  EIB  organised  its  first  Heads  of  MDB  and  Heads  of  MFIs  meeting  in 
Istanbul  in  conjunction  with  the  WB/IMF  annual  meeting,  inter  alia  to  discuss  the 
coordination among MFIs in the response to the crisis; 

–  in November, the Bank and the OECD signed a Joint Statement on cooperation; 

–  via  inter-institutional  participation  in  horizontal  initiatives  such  as  the  Joint  Multilateral 

Development Banks Statement on Climate Change issued in December; 

–  cooperation with EBRD and CEB has intensified, notably with the launch of the Western 

Balkans Investment Framework, as well as in the Neighbourhood; 

–  the  EIB  also  signed  a  co-financing  agreement  with  the  Asian  Development  Bank  on  the 
Pakistan  Renewable  Energy  programme,  involving  delegation  of  selected  administrative 
tasks. 

2.7 

Contribution of EIB lending activity by geographical region 

This section reviews the implementation of the EIB external mandate at regional and country 
level as well as the contribution of EIB financing operations to the fulfilment of EU external 
policy objectives, taking into account the operational objectives of the EIB. It is to be noted 
that lending under the previous mandate (for 2000-2007) continued until 31 July 2007 while 
the tables that follow cover financing operations signed under the current mandate only. 

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2.7.1 

Pre-Accession Countries 

Summary of loan signatures by Country 

Country 

Albania 

Bosnia and Herzegov. 

FYROM 

Montenegro 

Serbia 

Turkey 

TOTAL 

2007 

2008 

2009 

Cumulative 
Total 

N° ops  EURm N° ops  EURm N° ops  EURm  N° ops  EURm

1 

- 

- 

- 

1 

1 

3 

23

-

-

-

60

305

388

-

5

1

6

3

7

-

260

10

50

1

4

1

3

10 

150 

100 

108 

2 

9 

2 

8 

33

410

110

158

170

10

894 

13 

1124

1519

6

1603 

12 

3427

22

2,009

25

2,865 

46 

5,262

In  2009,  EIB  activity  in  the  Pre-Accession  countries  reached  EUR  2.9  bn  under  mandate. 
With  a  signature  volume  of  EUR  1.6  bn  in  Turkey  and  EUR  894  mn  in  Serbia,  the  two 
countries together absorbed 87% of the amount lent under mandate. 

Under the EIB own risk Pre-Accession Facility, an additional EUR 1.5 bn was signed in 2009, 
of which 1 bn in favour of Turkey and 415 mn in favour of Croatia. Moreover, a EUR 25 mn 
equity  participation  was  signed  for  the  South-East  Europe  Energy  Efficiency  Fund,  a  joint 
initiative of the EIB, the Commission and KfW to support small-scale investments in energy 
efficiency and renewable energy in all Pre-Accession countries.  

Summary of signatures by region-specific key lending objectives 

Objective 

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

2007 

2008 

2009 

Cumulative Total

Knowledge  economy 
ICT, Education) 

(RTD, 

Extension  of  Trans-European 
Networks (TENs) 

Support for SMEs 

Environmental  Protection  and 
Sustainable Communities 

Support 
Sustainable, 
Competitive and Secure Energy 

to 

TOTAL 

-

2

-

1

-

3

0

83

0

305

0

1

3

7

9

2

70

86

1 

3 

335 

707 

315

15 

1251 

715 

1,504

103

5 

3 

2

6

22

14

405

876

1566

2524

450 

4

553

388

22*

2,009*

25* 

2,865* 

46*

5,262*

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*  The  above  numbers  cannot  be  added  as  a  single  operation  may  contribute  to  several 
objectives 

EIB support extended to all of the 6 key lending objectives in the Pre-Accession region with 
main  focus  on  SMEs,  environment  and  TENs,  which  together  absorbed  more  than  80%  of 
lending under mandate in 2009.   

As  part  of  the  co-ordinated  anti-crisis  efforts  in  the  framework  of  an  IPA  Crisis  Response 
Package and the call for co-ordinated EC-IFI Action for the Western Balkans and Turkey, the 
EIB significantly stepped up its SME lending to reach EUR 2.6 bn in 2009, half of which was 
signed under mandate and half under the Pre-Accession Facility. The operations ranged from 
a large (EUR 400 mn) SME development facility through 3 state-supported intermediaries in 
Turkey to the first (EUR 10 mn) credit line in Albania, to an innovative microfinance facility 
in Bosnia and Herzegovina intended to benefit projects undertaken by very small businesses 
in the sectors of agriculture, trade, manufacturing and services. The impact of this increased 
SME lending was reinforced by the introduction of the new lending instrument, the EIB Loan 
for SMEs. 

Support  to  environmental  protection  and  sustainable  communities  were  provided  by  5 
operations totalling EUR 715 mn located in Turkey, Serbia and Montenegro.  

•  In  Turkey,  a  EUR  300  mn  dedicated  framework  loan  targets  the  financing  of  renewable 
energy, energy efficiency and pollution abatement investments as well as other investments 
with a significant positive environmental impact in the field of energy. 

•  Sustainable transport, contributing to improved urban environment, received support with 
the signature of two further tranches (bringing total EIB signed contribution to EUR 850 
mn)  for  the  financing  of  Istanbul-Ankara  high  speed  railway  project.  The  project  is  of 
strategic importance for Turkey, aiming at connecting the two most populous cities of the 
country.  The  Turkish  high-speed  railway  line  project  is  also  strongly  supportive  of  key 
strategic objectives of EU policy. It is on the South-Eastern axis defined by the High Level 
Group  on  Extension  of  the  major  trans-European  transport  axes  to  the  neighbouring 
countries  and  regions.  Furthermore,  the  technical  project  characteristics  will  ensure 
interoperability with the European rail network.  

•  Another operation supported sustainable transport in Serbia; the EIB signed a first tranche 
of  EUR  70  mn  to  finance  a  new  bridge  and  associated  roads  to  improve  the  transport 
network of Belgrade contributing to alleviating its growing traffic and reducing congestion, 
pollution and noise in the inner city.  

•  Another  loan  in  Serbia  (EUR  25  mn)  was  extended  in  support  of  urban  renewal  and 
regeneration, in particular for the improvement and upgrading of municipal infrastructure 
covering e.g. transport and local/regional roads, education, cultural and historical heritage 
and  public  buildings  rehabilitation.  The  expected  benefits  include  improved  quality  of 
public facilities, increased traffic safety and reduction of congestion on the road network. 

•  In Montenegro, a EUR 27 mn loan contributed to the creation of national sustainable waste 
management  system.  The  project  is  expected  to  lead  to  improved  local  amenities,  an 
improved quality of life for citizens and consequently to reduced risks to public health.  

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22 

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The  extension  and  development  of  corridors  connecting  to  Trans-European  transport 
Networks was supported by three operations for a total EIB lending of EUR 707 mn.  

•  In  Serbia,  EUR  384  mn  was  provided  for  the  design  and  construction  of  75  km  of  2x2 
motorway on Pan European Corridor X. This is the largest single loan signed by the EIB in 
Serbia to date. The project benefits from coordinated EC-IFI support in the framework of 
Western  Balkans  Investment  Framework.  Corridor  X  may  be  considered  as  the  core 
element of the transport network in the Western Balkans and this project improves one of 
the few remaining bottlenecks on the 1,500 km long road corridor. The project is consistent 
with  Serbian  National  Plan  for  Road/Rail  Infrastructure  Development  2008-2012,  which 
identifies the completion of the road portion of Corridor X as a first priority.  

•  Other  projects  connecting  to  TENs  include  the  above-mentioned  Istanbul-Ankara  high 
speed  railway  project  in  Turkey  and  a  EUR  30  mn  tranche  signed  in  Montenegro 
contributing to addressing the backlog of road maintenance along major arteries and other 
sections of the network feeding into them. 

Support to sustainable, competitive and secure energy was targeted by 3 projects benefiting 
from  total  EIB  financing  of  EUR  450  mn.  These  comprised,  in  Turkey,  the  dedicated 
framework  loan  mentioned  in  the  above  section  presenting  the  operations  benefiting  the 
environment and a EUR 125 mn loan for the rehabilitation and expansion of mostly urban low 
and  medium  voltage  electricity  distribution  networks.  Expansion  and  upgrading  of  the 
existing electricity network are essential to cope with growing electricity demand, to improve 
safety  standards,  reduce  distribution  losses  and  to  enhance  reliability  of  the  electricity 
distribution services provided.  Finally, in Serbia, EUR 25 mn will contribute to upgrading the 
electricity  network,  thus  indirectly  supporting  the  energy  security  of  EU  Member  States 
through interconnections particularly with Bulgaria and Greece.   

Knowledge  Economy  received  support  through  a  EUR  335  mn  facility  assisting  Turkey  in 
improving R&D infrastructure and strengthening research capacity at the top Turkish public 
universities.  OECD  studies  conclude  that  Turkey’s  capacity  to  acquire,  develop,  share  and 
apply knowledge has become a key factor in determining its ability to compete regionally and 
globally  and  to  create  high-wage,  high-value-added  jobs  for  a  rapidly  growing  young 
population.  Recognising  the  challenge,  the  Turkish  government  has  set  competitiveness, 
human  capital,  R&D  and  ICT  at  the  heart  of  the  country’s  Ninth  Development  Plan  (2007-
2013) as it aims for the transition towards a knowledge-based economy.  

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2.7.2  Mediterranean Partner Countries 

Summary of signatures by Country 

2007 

2008 

2009 

Cumulative 
Total 

Country 

N° ops  EURm N° ops EURm N° ops EURm  N° ops  EURm

Egypt 

Israel  

Jordan 

Lebanon 

Morocco 

Syrian Arab Republic 

Tunisia 

TOTAL 

1 

1 

1 

2 

2 

1 

1 

9 

130

120

50

295

330

80

200

1

-

1

1

3

1

4

250

0

37

52

270

275

311

2

1

1

1

4

2

3

120 

25 

166 

70 

540 

155 

434 

4 

2 

3 

4 

9 

4 

8 

500

145

253

417

1140

510

945

1,205

11

1,195

14

1,510 

34 

3,910

In the Mediterranean, lending under mandate represented EUR 1.5 bn in 2009. Morocco and 
Tunisia remained the most important recipients of financing and received 65% of the amount 
signed under mandate. The remaining 35% went to 4 countries in the Near East.  

In addition to EIB lending under mandate, one loan of EUR 56 mn was granted to Israel at 
EIB  own  risk  under  the  Mediterranean  Partnership  Facility  II.  This  loan  supports  private 
sector  Research,  Development  and  Innovation  in  the  fields  of  industrial  chemicals  and  falls 
under  the  EIB  window  of  the  Risk  Sharing  Finance  Facility  with  the  Commission. 
Investments  in  Research,  Development  and  Innovation  remain  key  to  securing  the  future 
competitiveness  of  the  chemical  industry.  These  investments  are  typically  aiming  at  the 
adaptation  to  and  the  development  of  more  efficient  and  environmentally-friendly  process 
technologies and products.  

Moreover, EUR 27 mn was provided in private equity under the ENPI risk capital envelope 
and  the  FEMIP  Trust  Fund.  These  comprised  equity  participations  in  three  Mediterranean 
regional funds (including the first venture capital fund targeting the Palestinian territories) 
and a local currency loan for a micro-finance association in Egypt.  

Finally, private sector development was underpinned by the 23 technical assistance operations 
amounting to EUR 15 mn that were contracted by FEMIP in 2009. 

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Summary of signatures by region-specific key lending objectives 

Objective 

2007 

2008 

2009 

Cumulative Total

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

6

905

10

1,143

11 

1,175 

27

3223

Support 
enabling 
for 
environment  for  private  sector 
of 
through 
social 
economic 
infrastructure 

strengthening 
and 

Direct 
sector, SMEs or micro-finance 

for  private 

support 

6

745

2

107

5 

526 

13

1378

TOTAL 

9*

1,205*

11*

1,195*

14* 

 1,510* 

 34* 

 3,910* 

*  The  above  numbers  cannot  be  added  as  a  single  operation  may  contribute  to  several 
objectives 

Of  the  14  loans  signed  under  mandate  in  2009,  11  contributed  towards  an  enabling 
through  strengthening  of  economic  and  social 
environment  for 
infrastructure. Five of the loans provided direct support for the private sector. 

the  private  sector 

In  alignment  with  the  priorities  of  the  Union  for  Mediterranean,  the  financing  of  economic 
and social infrastructure comprised the following: 

•  “Land (and sea) motorways”: EUR 234 mn for the construction of a toll motorway section 
between  Sfax  and  Gabès  in  Tunisia  and  EUR  225  mn  for  the  widening  of  the  Rabat-
Casablanca  motorway  in  Morocco.  Further  financing  in  the  transport  sector  comprised 
EUR 70 mn for the construction of Enfidha international airport in Tunisia, managed under 
a  concession  awarded  to  a  Turkish  operator,  and  EUR  15  mn  for  the  construction  of  a 
tramway link between Rabat and Salé. 

•  “De-pollution  of  the  Mediterranean”:  EUR  70  mn  was  extended  to  Lebanon  for  the 
construction of wastewater treatment plants in the densely populated and touristic Kesrwan 
region in order to prevent untreated water from being discharged into the sea. This project 
is included in the priority list for Lebanon under the "Horizon 2010" initiative and is part 
of the National Action Plan for pollution reduction in line with the Barcelona Convention. 
FEMIP also provided EUR 70 mn to improve access to drinking water and the sanitation 
system for four million people in the Nile Delta in Egypt. Both projects received a grant 
from the NIF. 

•  In the water sector, Jordan received a loan of EUR 165 mn for drinking water supply to the 
city  of  Amman  and  a  EUR  25  mn  loan  for  Israel  served  to  increase  the  capacity  of  the 
Hadera desalination plant. Both  operations promote private sector involvement  through a 
PPP structure bringing additional expertise to design, construction and operation.  

•  “Renewable energy”: EUR 50 mn financing supported the construction of a new wind farm 
in Gabal el Zait in Egypt. Located on the Red Sea coast, this wind farm with a capacity of 
200 MW is part of an ambitious programme undertaken by Egypt to further expand power 
generation  from  renewable  energy  sources.  In  order  to  facilitate  the  development  of 

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renewables, the EIB, AfD and KfW set up a tripartite initiative to harmonise their sectoral 
strategies and project evaluation criteria and thus enable them to combine their financing 
efforts  and  mobilise  the  concessionary  funds  available  for  this  type  of  investment.  This 
project is also cofinanced by the NIF and the EU-Egypt National Indicative Plan. 

•  Education:  a  EUR  200  mn  framework  loan  supports  the  implementation  of  the  strategic 
plan for the development of the Moroccan education system over the period 2009-2012. It 
is  a  joint  operation  where  the  EIB  coordinates  its  contribution  with  the  Commission 
(involved both directly via the EU-Morocco National Indicative Plan and indirectly via the 
NIF), the World Bank, African Development Bank and AFD. 

•  Urban development: a EUR 50 mn framework loan was provided to Syria to finance urban 
renewal  investment  programmes,  mainly  in  the  following  sectors:  transport  and  traffic, 
public  tourist  infrastructure,  sanitation,  industrial  effluent  treatment  and  solid  waste 
management.  The  project  is  complementary  to and  is  built  on  results  achieved  under  the 
Municipal  Administration  Modernisation  Programme  initiated  by  the  Commission  to 
support the needs of cities for administrative improvements.  

•  In  addition  to  the  two  PPP  water  sector  projects  mentioned  above,  direct  support  to  the 
private sector was provided by three large-scale industrial projects in Tunisia, Morocco and 
Syria (EUR 335 mn total financing). 

Besides  operations  on  EIB  own  resources,  the  EIB  provided  further  support  to  the  private 
sector under the ENPI risk capital envelope funded by EU budget and the FEMIP Trust Fund 
funded  by  contributions  of  15  Member  States  and  the  Commission.  FEMIP  has  played  a 
leading  and  pioneering  role  in  the  promotion  of  private  equity  in  the  Mediterranean  partner 
countries, in terms of both financing and improving the financial practices implemented. The 
operations signed in 2009 included: 

•  EUR 20 mn total participation in two private equity closed-end funds investing in private 
companies in the Middle East and Northern Africa region. The operations will support the 
development  of  the  private  sector  by  financing  the  creation,  growth  and  expansion 
opportunities  for  companies  with  diverse  risk  profiles,  from  green-fields  to  SMEs  and 
larger corporations, all fundamental for the growth of the economy. 

•  EUR 2 mn local currency loan to a microfinance institution in Egypt. The investment will 
support the development of micro-enterprises and improve access to finance with expected 
impacts on economic growth and the welfare of marginalised groups.  

•  EUR  5  mn  participation  in  the  first  venture  capital  fund,  which  will  primarily  invest  in 
early stage private, export-oriented IT companies located in the Palestinian Territories. The 
fund is expected to make a key contribution to economic growth in Palestine, through the 
development  of  private  business  and  the  local  high-technology  and  financial  sectors. 
Development of the Information and Communication Technology sectors is a key priority 
for  the  Palestinian  Territories  as  it  is  the  only  economic  activity  to  have  seen  near 
continuous growth over the last decade. Software exports are not subject to the impacts of 
political uncertainty, such as obstacles to movement and access. 

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2.7.3 

Eastern Europe, Southern Caucasus and Russia 

Summary of signatures by Country 

2007 

2008 

2009 

Cumulative 
Total 

Country 

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

Republic of Moldova 

Russian Federation 

Ukraine 

TOTAL 

- 

- 

- 

- 

0

0

0

0

1

-

1

2

20

0

150

170

-

2

1

3

0 

133 

100 

233 

1 

2 

2 

5 

20

133

250

403

EIB financing operations in Eastern Europe, the Southern Caucasus and Russia are carried out 
in  close  cooperation  with  the  EBRD  according  to  the  terms  set  out  in  a  tripartite 
Memorandum  of  Understanding  between  the  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.  

In 2009, lending activity continued to develop and increase in spite of political, economic and 
regulatory hurdles. 3 operations in Russia and Ukraine totalling EUR 232.5 mn were signed. 
Although approvals were close to target, the outcome of signatures was lower than targeted, 
as it was not possible to sign some key operations due to the financial crisis in Russia, which 
rendered  bank  intermediation  impossible,  and  due  to  lengthy  administrative  procedures  in 
Ukraine. In addition, several projects in the transport sector in Russia were put on hold by the 
Commission due to EU-Russia tariff disputes over road and freight charges and trans-Siberian 
over flight rights. 

Summary of signatures by region-specific key lending objectives 

Objective 

2007 

2008 

2009 

Cumulative Total

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

Transport 

Energy 

Telecommunications 

Environmental infrastructure 

SMEs 

TOTAL 

EN 

-

-

-

-

-

-

0

0

0

0

0

0

27 

1

1

-

-

-

2

20

150

0

0

0

- 

- 

1 

2 

1 

0 

0 

115 

118 

100 

1

1

1

2

1

20

150

115

118

100

170

3* 

233* 

5*

403*

   EN 

 
 
 
 
*  The  above  numbers  cannot  be  added  as  a  single  operation  may  contribute  to  several 
objectives 

In the Eastern Neighbourhood and Russia, the EIB focuses on projects that are of significant 
interest  to  the  EU  in  the  transport,  energy,  telecommunications  and  environmental 
infrastructure  fields.  Priority  is  given  to  investments  in  extended  major  trans-European 
network  axes,  projects  with  cross-border  implications  for  one  or  more  Member  States  and 
major projects fostering regional integration through increased connectivity. In Russia in the 
environmental sector, the EIB gives particular priority to projects within the framework of the 
Northern Dimension Environmental Partnership. In the energy sector, strategic energy supply 
and energy transport projects are of particular importance.  

At  end  2009  the  EIB  also  established  the  Eastern  Partners  Facility  for  lending  in  the  same 
countries using up to EUR 1.5 bn from its own resources and at its own risk, with a ceiling of 
EUR 500 mn for lending to projects in Russia. In this framework, the EIB will extend loans 
and/or  guarantees  for  EU  investments,  notably  by  European  corporates,  essentially  under 
investment-grade structures in line with the EIB’s usual criteria. Indirect equity investments in 
infrastructure funds of EU interest would also be eligible under this facility. 

In  2009,  a  EUR  115  mn  loan  was  extended  to  Russia  for  the  upgrading  and  further 
development  of  the  mobile  telecom  network  to  increase  the  quality  and  accessibility  of 
broadband services. Another, EUR 17.5 mn loan in Russia finances further reduction of the 
pollution discharged by Saint Petersburg into the Gulf of Finland.  

As  a  result  of  the  opening  of  SME  eligibility  for  the  EIB  in  Eastern  partner  countries 
following  the  Prague  Eastern  Partnership  Summit  in  May  2009  and  the  subsequent 
Commission favourable opinion in August 2009, the EIB signed a first intermediated loan of 
EUR  100  mn  for  SMEs  in  Ukraine.  This  operation  was  part  of  the  Joint  IFI  Action  Plan  in 
support of banking systems and lending to the real economy in Central and Eastern Europe. In 
addition to investments by SMEs, the operation will finance small and medium-sized energy 
and environment projects promoted by mid-caps and public sector entities in Ukraine. 

EN 

28 

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2.7.4 

Asia and Latin America 

Summary of signatures by Country 

Country 

Argentina 

Brazil 

China 

Colombia 

India 

Mexico 

Nicaragua 

Pakistan 

Panama 

Paraguay 

Uruguay 

Vietnam 

TOTAL 

2007 

2008 

2009 

Cumulative 
Total 

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

- 

1 

- 

- 

- 

- 

- 

- 

1 

- 

1 

- 

3 

0

250

0

0

0

0

0

0

27

0

28

0

305

-

1

-

-

1

1

-

-

-

1

-

-

4

0

200

0

0

150

50

0

0

0

69

0

0

469

1

-

1

1

1

-

1

1

1

-

-

2

9

170 

0 

119 

100 

100 

0 

15 

100 

397 

0 

0 

147 

1 

2 

1 

1 

2 

1 

1 

1 

2 

1 

1 

2 

170

450

119

100

250

50

15

100

424

69

28

147

1147 

16 

1921

In 2009, EIB activity in Asia and Latin America more than doubled in comparison with the 
previous year. Nine operations totalling EUR 1,147 mn were signed under the ALA mandate: 
5 loans totalling EUR 466 mn in Asia and 4 loans totalling EUR 682 mn in Latin America. 
Together  with  the  operations  approved  to  be  signed,  the  amounts  already  utilised  under  the 
Asia  and  Latin  America  envelopes  represented  respectively  76%  and  60%  of  the  regional 
mandate sub-ceilings at end-2009. 

In  addition  to  signatures  under  mandate,  one  loan  of  EUR  141  mn  located  in  Panama  was 
signed  under  the  EIB  own  risk  Facility  for  Energy  Sustainability  and  Security  of  Supply, 
thereby bringing total EIB signatures in Asia and Latin America to EUR 1,288 mn in 2009. 
This project which consists of the construction and operation of a cascade of three run-of-river 
hydro  power  plants  aims  at  providing  electricity  from  a  renewable  energy  source  to  the 
increasing demand of the Panamanian electricity market.  

In  2007,  the  China  Climate  Change  Framework  Loan,  an  envelope  of  EUR  500  mn,  was 
signed  under  the  EIB  own  risk  Facility  for  Energy  Sustainability  and  Security  of  Supply. 
Under this Framework Loan, the EIB Board of Directors approved in 2009 the allocation of 

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29 

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EUR  134  mn  for  four  projects  that  contribute  to  the  mitigation  of  climate  change.  The  total 
amount of allocations approved since 2008 is EUR 354 mn. Projects approved are in the fields 
of renewable energy, energy efficiency,  greenhouse gases use and forestation. It is expected 
that, when fully operational, these projects would contribute to the avoidance of up to 2 mn 
tons of CO2 every year. 

Summary of signatures by region-specific key lending objectives 

Objective 

2007 

2008 

2009 

Cumulative Total

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

Support  for  EU  presence  in 
ALA  (European  FDI,  transfer  of 
European technology) 

of 

Support 
environmental 
sustainability  (including  climate 
change mitigation) 

TOTAL 

2

1

3

278

27

4

2

469

8 

1029 

14

1776

200

5 

730 

8

957

305

4*

469*

9* 

1147* 

16*

1921*

*  The  above  numbers  cannot  be  added  as  a  single  operation  may  contribute  to  several 
objectives 

The  2007-2013  mandate  introduced  new  focus  areas  for  EIB  activity  in  ALA,  namely 
investments contributing to environmental sustainability, including climate change mitigation, 
or to energy security. The EIB also  continues to support the EU’s presence in the countries 
concerned  through  foreign  direct  investment  and  the  transfer  of  technology  and  know-how. 
Moreover, the Council invited the Bank to progressively expand its activities across a larger 
number of countries in ALA, including in less prosperous countries.  

Out  of  the  nine  operations  signed  under  mandate  in  2009,  four  operations  in  Asia  and  four 
operations in Latin America supported EU presence in ALA region, out of which five were 
also supporting environmental sustainability. As at end-2009, half of the cumulative financing 
volume signed under the mandate provided support to environmental sustainability.  

Asia 

•  In China, EUR 119 mn financing concerns on one hand, the reconstruction activities in the 
sector  of  forestry/biodiversity  of  around  101,500 ha  of  forest  and,  on  the  other  hand,  the 
removal and consolidation works of irrigation and drinking water reservoirs of 528 dams 
that were affected by the May 2008 earthquake in the Sichuan Province. The project is part 
of the overall reconstruction program of the post-earthquake damaged areas set up by the 
Government  of  China.  The  Commission  is  involved  in  this  program  as  well  as  several 
multilateral and bilateral institutions (i.a. IBRD, ADB, AFD, and IFAD),  with  whom the 
EIB coordinates its intervention. 

•  In India, a EUR 100 mn loan finances investment in a new car manufacturing facility for 
the  production  of  three  small,  advanced  car  models,  adapted  to  the  needs  of  the  Indian 
market.  The  new  models  are  not  substitutes  for  those  produced  in  European  plants, 
therefore  the  project  has  no  adverse  effects  on  employment  in  the  EU.  The  project  will 
contribute to the introduction of modern, fuel-efficient technology to India as some of the 

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engines  that  would  be  used  are  among  the  latest  generation  of  low-emission  technology, 
and  will  thereby  enable  the  promoter  to  benefit  from  the  gradual  tightening  of  the  local 
legislation on emissions of greenhouse gases. 

•  In Pakistan, the EUR 100 mn framework loan will support a series of investments in the 
renewable  energy  sector.  It  will  be  part  of  the  government’s  multi-year  USD  2.2  bn 
investment  programme  to  develop  the  renewable  energy  sector  in  Pakistan,  and  in  co-
financing with a USD 510 mn Multi-tranche Financing Facility set up by the ADB. EIB-
ADB  collaboration  in  the  project  will  allow  the  exploitation  of  synergies  between  both 
institutions and will minimise the transaction costs to the borrower. As a matter of fact, this 
materialises  the  first  mutual  reliance  arrangement  between  the  ADB  and  EIB.  Under  the 
Co-financing Agreement signed between the EIB and ADB, the EIB will be delegating to 
the  ADB  a  series  of  tasks  concerning  loan  administration  and  project  monitoring.  The 
programme  is  backed  by  technical  assistance  from  ADB,  the  World  Bank  and  bilateral 
development agencies (USAID and GTZ). 

•  Two operations were signed in Vietnam in 2009:  

(cid:131)  First,  a  EUR  100  mn  framework  loan,  which  was  set  after  the  successful 
implementation  of  the  previous  Line  of  Credit  to  Vietnam  granted  in  2005.    The 
framework  loan  will  support  a  series  of  investments  that  will  contribute  to  either 
climate change mitigation, through projects in the renewable energy, energy efficiency 
and reforestation sectors, or to EU presence in Vietnam, through the financing of capital 
investment  by  EU  companies  and  joint  ventures  or  through  the  transfer  of  European 
technology and know-how. 

(cid:131)  Second, a EUR 47 mn loan supports the expansion plan of a large European retail and 
wholesale company in Vietnam, which was partially financed by the Bank in an earlier 
operation in 2006, and aims at enlarging its regional market penetration. It would help 
to modernise the distribution sector in Vietnam. The project introduces EU quality and 
health  control  standards  in  the  supply  chain,  as  hygienic  standards  are  particularly 
important to keep control of outbreaks of bird flu and SARS in Vietnam.  

Latin America 

•  In Argentina, after the settlement in 2008 of the six years old dispute on the late payment 
penalties on a loan extended to the Government, it became possible for the Bank to resume 
lending in this country. The EU FDI support loan (EUR 170 mn) concerns investment in an 
existing  car  manufacturing  facility  in  the  Grand  Buenos  Aires  Region  aimed  at  the 
production of a light commercial vehicle conceived for the mixed transport of goods and 
passengers,  specially  adapted  for  use  in  the  severe  road  conditions  of  the  region’s 
countryside. The new vehicles will be equipped with the promoter’s latest advanced power 
train  technology  in  terms  of  enhanced  fuel  consumption  and  carbon  dioxide  emissions 
levels; furthermore, they will comply with the promoter’s most advanced safety standards. 
There is not a similar model being produced in European plants, therefore the project is not 
expected to have adverse effects on employment in the EU. 

•  In  Colombia,  EUR  100  mn  was  extended  for  the  financing  of  capacity  and  geographical 
expansion of an EDGE enabled mobile telecommunications network, and the introduction 
of a UMTS broadband mobile network by the second-largest mobile operator in Colombia. 
It  will  extend  the  GSM  and  the  UMTS  network  coverage,  as  well  as  allow  for  capacity 

EN 

31 

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increases in the main cities. The core network will expand its capacity to provide services 
to  3 million  new  subscribers  and  a  total  of  over  18 000 million  minutes  per  year.  The 
project is expected to benefit end users through lower tariffs and higher quality broadband 
access  services.  The  project  also  improves  the  competitive  environment  in  Colombia  by 
expanding mobile broadband access. Finally, by using UMTS and EDGE technology, the 
project  also  supports  the  EU  policy  regarding  the  international  diffusion  of  interoperable 
standards. 

•  In  Nicaragua,  a  EUR  15  mn  loan  contributes  to  addressing  various  bottlenecks  of  the 
Nicaraguan  electricity  sector  in  key  areas  of  generation  and  transmission.  The  main 
investment  components  are  the  rehabilitation  of  two  hydroelectric  power  plants,  the 
extension  and  reinforcement  of  high  and  medium-voltage  transmission  lines  and 
substations, the implementation of non-technical loss reduction program and the capacity 
building and preparation of studies for new investments in renewable energy. The project 
constitutes  a  showcase  for  the  Bank’s  activities  in  ALA  under  the  new  mandate,  in 
particular because it is a clear example of EIB cooperation with other IFIs (IADB, CABEI) 
resulting  in  the  preservation  of  the  country’s  renewable  generation  sources  and 
improvements  in  transmission  and  loss  reduction  in  one  of  the  poorest  country  of  Latin 
America. 

•  In Panama, EUR 396 mn in financing was extended for the construction of a third lane of 
larger locks and their access channels at each end of the Panama Canal, complemented by 
the  deepening  and  widening  of  existing  navigation  channels  and  the  elevation  of  Gatun 
Lake’s  maximum  level,  and  the  improvement  of  existing  navigation  channels.  The 
expansion  of  the  canal’s  capacity,  a  top  priority  project  for  the  country,  is  needed  to 
manage the forecast growth in cargo volumes and to enable the passage of larger container 
vessels,  generating  economies  of  scale  and  increasing  productivity.  The  EIB  loan  is 
extended  to  the  Autoridad  del  Canal  de  Panama,  in  co-financing  with  JBIC,  IADB,  IFC 
and  CAF.  EIB’s  participation  is  justified  on  the  grounds  that,  on  one  hand,  European 
companies  and  technology  will  be  involved  in  the  implementation  of  the  project  and,  on 
the other hand, because of the project's relevance in reducing CO2 emissions in the long 
term.  

2.7.5 

Republic of South Africa 

Summary of signatures by region-specific key lending objectives 

Objective 

N° ops  EURm  N° ops  EURm  N° ops  EURm  N° ops  EURm 

2007 

2008 

2009 

Cumulative Total

Support 
for 
projects of public interest 

infrastructure 

Direct 
sector, SMEs 

support 

for  private 

TOTAL 

EN 

-

-

-

0

0

0

32 

1

150

3 

220 

4

370

3

203

2 

100 

5

303

3*

203*

4* 

280* 

7*

483*

   EN 

 
 
 
 
 
 
 
 
*  The  above  numbers  cannot  be  added  as  a  single  operation  may  contribute  to  several 
objectives 

EIB  financing  in  the  Republic  of  South  Africa  focuses  on  priority  infrastructure  investment 
programmes and the promotion of private sector growth. Three of the four operations signed 
in 2009 are support for infrastructure projects of public interest and two provided support for 
the private sector. 

Sources of finance for SMEs in South Africa are limited, especially for longer-term loans and 
more  risk-taking  financial  instruments.  About  two  thirds  of  SMEs  in  the  country  do  not 
receive debt financing from the formal financial sector. Accordingly, the EIB contributes to 
improve  access  to  financial  services  for  the  underserved  SME  sector  notably  through  credit 
facilities to the Industrial Development Corporation (IDC), a key partner for EIB financing in 
South  Africa.  A  line  of  credit  extended  to  IDC  in  May  2009  provided  EUR  60  mn  for  on-
lending to small and medium scale projects throughout South Africa.  

Estimates  suggest  that  one  third  of  households  in  South  Africa  (some  16  million  people) 
either  do  not  have  access  to  electricity  or  receive  a  level  of  electricity  services  that  is  not 
adequate. In addition, 3.6 million households do not benefit from adequate levels of sanitation 
services, while 1.8 million households do not have access to running water. However, many 
municipalities  in  the  country  are  challenged  with  insufficient  funds  to  provide  these  basic 
social and economic services. To address such needs, the EIB extended, in June 2009, a EUR 
60  mn  line  of  credit  to  the  Development  Bank  of  Southern  Africa  (DBSA).  This  loan  will 
enable  DBSA  to  provide  the  longer-term  funding  needed,  especially  in  support  of  those 
municipalities  with  serious  infrastructure  backlogs  and  difficulties  in  delivering  basic 
services, including water, sanitation, education and electricity. DBSA expects the EIB line of 
credit  to  benefit  over  150,000  households  through  connections  to  one  or  several  basic 
infrastructure services and to create over 6,000 new jobs. 

In 2009 EIB also signed a EUR 120 mn loan for the upgrade and extension of two toll roads 
in northern South Africa. The projects are of strategic importance to South Africa’s transport 
infrastructure.  The  planned  improvements  and  extensions  contribute  to  enhance  economic 
competitiveness  as  a  result  of  reduced  transportation  costs  and  travel  times  and  bring 
significant safety benefits as well as creating direct and indirect employment opportunities.  

Finally,  in  November  2009  the  Bank  signed  a  EUR  40  mn  framework  loan  with  FirstRand 
Bank  to  support  clean  energy  investments  in  South  Africa.  This  marks  the  first  dedicated 
energy  efficiency  loan  made  by  the  EIB  in  South  Africa.  It  will  enhance  South  Africa’s 
contribution  to  combating  climate  change  and  facilitates  economic  development  through 
improving the reliability of electricity supply in the country. The loan targets investments in a 
range  of  climate  change  mitigation  activities.  Specific  focus  will  be  on  industrial 
cogeneration,  but  projects  are  also  likely  to  include  support  for  renewable  energy  schemes, 
waste  or  landfill  gas  for  heat  and  power  generation,  and  energy  efficiency  installations  in 
residential, public or commercial buildings. 

2.8 

List of EC-EIB initiatives / partnerships in the regions covered by the external 
mandate 

This  section  provides  an  overview  of  the  main  initiatives,  partnerships  and  instruments 
complementing  the  EIB  external  mandate  within  which  the  Commission  and  the  EIB 

EN 

33 

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cooperated in 2009 with the aim to maximise synergies and to provide coherent support for 
the regions outside the EU.  

Pre-Accession Countries 

–  The  Commission  and  the  EIB  together  with  the  EBRD  and  the  CEB  have  prepared  the 
launch of the Western Balkans Investment Framework with its two key components the 
Joint  Grant  Facility  and  the  Joint  Lending  Facility.  Its  goal  is  to  further  enhance 
harmonisation  and  co-operation  in  investments  for  socio-economic  development  in  the 
region. 

–  Following  EBRD’s  decision  to  start  operations  in  Turkey  as  from  November  2008,  the 
EC,  EBRD  and  EIB  entered  into  an  "Accord"  to  ensure  the  optimum  use  of  EBRD’s 
additional resources, knowledge and expertise with the aim to maximise the contribution of 
the institutions to meet Turkey’s considerable and varied economic needs. 

–  The  South  East  Europe  Energy  Efficiency  Fund  (S4EF)  was  established  end  2009  to 
finance  investments  in  energy  efficiency  in  Pre-Accession,  with  a  model  similar  to  the 
European Fund for South East Europe (EFSE). 

–  The  Energy  Efficiency  Finance  Facility  (EEFF)  was  launched  in  2006  to  tackle  the 
Climate Change issue. It aimed at stimulating energy efficiency investments in all types of 
building  and  in  industry  by  making  appropriate  financing  available.  The  EEFF  combines 
IFI  credit  lines  extended  to  financial  intermediaries  with  incentives  to  improve  the  cost 
effectiveness of equipment and make the energy investment more attractive, and fees to the 
benefit  of  local  financial  intermediaries  to  encourage  them  to  lend  for  the  purpose  of 
energy efficiency financing. 

–  Since  2001,  the  Commission  and  the  EIB  are  co-operating  under  the  SME  Finance 
Facility (SMEFF), merging the grant support with the EIB lending to help developing the 
SME lending capacities of Participating Financial Institutions in the eligible countries. At 
end 2009, the EIB’s total grant available for the SMEFF under the PHARE4 Program was 
EUR 69 mn, and the EIB has committed to provide debt financing of at least EUR 690 mn.  

–  Since  2003,  the  Municipal  Finance  Facility  (MFF)  aims  to  encourage  local  financial 
intermediaries  to  extend  loans  to  municipalities.  The  mechanism  of  the  programme  is 
similar to the SMEFF. The total grant contribution made available by the EC has reached 
EUR 55.8 mn and the EIB lending commitment is at least EUR 279 mn.  

–  Also since 2003, the Municipal Infrastructure Facility (MIF) aims to contribute towards 
the social and economic development of border regions of the EU-15 Member States. To 
this end, the MIF combines loans from EIB resources with non-reimbursable grant support 
to  accelerate  the  completion  of  small  local  infrastructure.  The  second  Contribution 
Agreement  signed  in  2004  between  the  Commission  and  the  EIB  extends  the  EU 
contribution to a total of EUR 40 mn and the EIB lending commitment to a total of EUR 
200 mn.  

4  

Poland and Hungary Aid for the Reconstruction of the Economy (“PHARE”). 

EN 

34 

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Neighbourhood countries and Russia 

–  In the Neighbourhood countries5 where a European Neighbourhood Policy Action Plan is 
in  place,  the  Commission  and  the  EIB  cooperate  in  the  framework  of  Neighbourhood 
Investment Facility (NIF), which mobilises additional funding for infrastructure projects 
mainly in the energy, transport, environment and social sectors in the area of the European 
Neighbourhood  Policy  by  providing  grant  support  for  lending  operations  of  the  EIB  and 
other EU public finance institutions. The EIB also manages the NIF Trust Fund (signed on 
5  November  2008)  to  pool  the  additional  contributions  from  the  Member  States  and 
possibly other donors.  

Mediterranean neighbourhood 

–  The  Commission  and  the  EIB  closely  cooperate  in  the  framework  of  the  priorities 

established under the Union for the Mediterranean. 

–  For the Mediterranean countries, the EIB manages in the context of FEMIP and on behalf 
of the EU, a budgetary envelope of EUR 32 mn per year under the South regional ENPI 
programme  for  risk  capital  investments  and  technical  assistance.  In  2009,  17  TA 
operations  of  a  total  value  of  EUR  12.2  mn  were  contracted  under  the  FEMIP  Support 
Fund. Risk capital operations signed under this envelope amounted to EUR 22 mn in 2009.  

–  The FEMIP Trust Fund (a financial envelope of EUR 34.5 mn funded by contributions of 
15  Member  States  and  the  Commission)  provides  resources  to  upstream  technical 
assistance in the form of strategic thematic studies and risk capital operations specialising 
in  seed  capital.  It  focuses  its  activities  on  two  priority  objectives:  private  sector 
development and the creation of an investment-friendly environment in the Mediterranean 
region.  In  2009,  6  new  TA  operations  amounting  to  EUR  3.3  mn  were  contracted. 
Additionally,  an  EUR  5  mn  equity  participation  in  a  regional  venture  capital  fund  was 
signed. 

Eastern Neighbourhood and Russia 

–  The  Commission  and  the  EIB  closely  cooperate  in  the  framework  of  flagship  initiatives 

established under the EU Eastern Partnership. 

–  In  the  Eastern  Neighbourhood  and  Russia,  cooperation  under  the  EC-EIB-EBRD 
tripartite  MoU  continued,  with  joint  banks’  pipeline  and  agreement  on  the  framework 
policies for each eligible sector (transport, energy, environment, telecommunications). 

–  Under  the  aegis  of  the  Northern  Dimension  policy,  the  Northern  Dimension 
Environmental  Partnership  (NDEP)  unites  Russia,  the  Commission,  other  bilateral 
donors  and  the  main  IFIs  active  in  the  region  to  co-ordinate  and  accelerate  the 
implementation  of  important  environmental  and  nuclear  safety  projects  in  the  Northern 
Dimension, especially in North West Russia and in Kaliningrad. The Commission and the 
EIB  (together  with  Russia,  EBRD,  Nordic  Investment  Bank  (NIB),  the  Nordic 
Environment  Finance  Corporation  (NEFCO)  and  the  World  Bank)  are  members  of  the 

5  

Armenia, Azerbaijan, Egypt, Georgia, Jordan, Lebanon, the Republic of Moldova, Morocco, occupied 
Palestinian territory, Tunisia and Ukraine. 

EN 

35 

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NDEP Steering Group, the main operative body. Most EIB loans signed with Russia so far 
are NDEP projects, co-financed with the EBRD and NIB. A new initiative, the Northern 
Dimension  Partnership  for  Transport  and  Logistics  (NDPTL),  was  launched  in 
October  2009  with  the  aim  of  providing  support  for  planning  and  decisions  concerning 
infrastructure  of  importance  to  cross-border  transportation  in  the  Northern  Dimension 
region. 

–  Eastern Europe  Energy  Efficiency and Environmental Partnership (5E’s) -  Involved 
in the 5E’s are a whole host of bilateral donors, the Commission, Ukraine and IFIs such as 
the EIB, the EBRD, NIB, NEFCO and the World Bank/IFC. Work in the 5E’s will initially 
focus on the financing of large public projects in Ukraine, especially in the district heating 
sector. Other energy and environmental measures may also be eligible for support. 

Central Asia 

–  As  for  the  Eastern  Neighbourhood,  the  EIB  operations  in  Central  Asia  are  developing  in 
the  framework  of  the  EC-EIB-EBRD  tripartite  MoU.  The  focal  priorities  are  energy  and 
environment. 

South Africa 

–  In  support  of  South  Africa,  the  EIB  has  assisted  the  Commission  in  the  design  and 
implementation of dedicated EU funded risk capital facilities for South African SMEs. The 
second Risk Capital Facility (RCF II) for an amount of EUR 50 mn and for a period of 
five  years  was  set  up  at  end-2006  and,  thanks  to  the  excellent  cooperation  between  the 
Commission  and  the  EIB,  is  being  implemented  according  to  schedule  and  meeting  its 
main Key Performance Indicators.  

Global 

–  The  Global  Energy  Efficiency  and  Renewable  Energy  Fund  (GEEREF)  is  an  innovative 
fund  of  funds  sponsored  by  the  Commission,  Germany  and  Norway  and  advised  by  the 
EIB  and  EIF  to  provide  clean  energy  to  emerging  countries  and  economies  in  transition. 
GEEREF made its first commitments in 2009 (EUR 22.5 mn to a renewable energy Asia 
fund and for clean energy investments in Southern Africa). 

EN 

36 

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2.9 

List of projects signed in 2009 and co-financed with the Commission and other 
IFIs 

Country

Contract name

Co-financed operations under the 2007-2013 external lending mandate

Pre-Accession countries
Montenegro

ROADS AND BRIDGES REHABILITATION A3

Montenegro

MONTENEGRO SOLID WASTE

Serbia

Serbia

Turkey
Turkey

Turkey
Turkey

Turkey

CORRIDOR X SOUTH SERBIA

BELGRADE CITY SAVA BRIDGE / A

ISTANBUL-ANKARA RAILWAY E and F
SME DEVELOPMENT LOAN 

ISTANBUL-ANKARA RAILWAY D, E and F
TEDAS ELECTRICITY DISTRIBUTION C

ENVIRONMENT & ENERGY FRAMEWORK LOAN II

Neighbourhood countries & Russia
Egypt

WIND FARM GULF OF EL ZAYT

Egypt

Morocco

Morocco

Morocco

Jordan

Liban

Russia

Russia

Syria

Syria

Tunisia

Tunisia

Tunisia

IWSP 

AUTOROUTES DU MAROC VI (MAROC) 

TRAMWAY RABAT 

PRET CADRE SECTEUR EDUCATION MAROC 

SOUTH-NORTH WATER CONVEYOR

KESRWAN WATER AND WASTEWATER

ST. PETERSBURG VODOKANAL III

MTS MOBILE BROADBAND

SYRIAN CEMENT COMPANY (A & B)

SYRIA MUNICIPAL & ENVIRONMENT INFRASTRUCTURE

AEROPORT ENFIDHA

TUNISIAN INDIAN FERTILIZERS

AUTOROUTE SFAX - GABES

Asia & Latin America
Argentina

India

Nicaragua

Pakistan

Panama

TOTAL

VW ARGENTINA II- A

VOLKSWAGEN INDIA

HYDRO REFURBISHMENT AND TRANSMISSION

PAKISTAN RENEWABLE ENERGY FL 

PANAMA CANAL EXPANSION

Co-financed operations under EIB own risk Facilities
Turkey
Pre-Accession 
countries

OSMANIYE WIND FARM

SE EUROPE ENERGY EFFICIENCY FUND, SICAV

TOTAL

Co-financed risk capital operations (Community budget, ENPI)
Regional - Med

MENA JOINT INVESTMENT FUND 

Regional - Med

SWICORP INTAJ CAPITAL II 

TOTAL

Year of 
signature

Project cost

EIB loan 
signed 

Multilateral 
Financing 
Institutions

European 
Bilateral 
Institutions

EC contri-
butions

2009

2009

2009

2009

2009

2009
2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

2009

8689,20

2228,09

79,00

54,00

969,30

404,90

2566,00

800,00
2566,00

650,00

600,00

30,00

27,00

384,00

70,00

293,17

400,00
598,92

125,00

300,00

8371,88

1517,36

340,00

295,10

452,30

347,10

3.088,00

841,00

210,00

562,20

315,50

506,68

50,00

70,00

225,00

15,00

200,00

166,00

70,00

17,50

115,00

104,86

100,00

50,00

498,00

348,00

468,00

5345,00

371,70

574,00

81,70

200,00

70,00

130,00

234,00

782,00

170,00

100,00

15,00

100,00

4117,60
22406,08

397,00
4527,45

221,00

30,00

65,00

25,00

286,00

55,00

360,00

297,00
657,00

10,00

10,00
20,00

EN 

37 

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2.10 

List of projects signed in 2009 and co-financed with other IFIs 

Country 

Project 

Mandate / 
Funds 

Product 

Sector 

Co-financed with 

Notes 

Project 
cost 

Amount 
signed 

EUR m 

EUR m 

PRE-ACCESSION 

1684 

Turkey 

OSMAMNIYE WIND FARM 

Pre-
Accession 
Facility  

Loan 

Energy 

221 

30 

IFC, EBRD 

Turkey 

SME DEVELOPMENT LOAN  

Mandate 
2007-2013 

Loan  

800 

400 

SMEs, 
medium 
sized 
projects 

The  EIB  will  finance  EE  projects  under  the  EE  FF 
window with the EC. The World Bank has entered into a 
parallel  financing  with  same  intermediaries  for  EE 
projects 

Serbia 

CORRIDOR X SOUTH SERBIA 

Mandate 
2007-2013 

Loan  

Transports 

969 

384 

World Bank  

Montenegro 

ROADS 
REHABILITATION A3 

AND 

BRIDGES 

Mandate 
2007-2013 

Loan  

Transports 

79 

Montenegro 

MONTENEGRO SOLID WASTE 

Mandate 
2007-2013 

Loan  

Water, 
sewerage 

54 

30 

27 

EBRD 
KfW 

EAR  

World Bank 

IPA 
IPF Municipal Window  

National 

Programme 

Turkey 

Turkey 

Turkey 

EN 

ISTANBUL-ANKARA  RAILWAY 
E and F 

Mandate 
2007-2013 

Loan  

Transports 

2566 

293 

 Spanish Agency for 
International 
Cooperation  

Total  EIB  financing  signed  850m.  Other  sources  of 
finance  include  the Commission,  export  credit  agencies 
of Spain, the Export Import Bank of China.  

TEDAS 
DISTRIBUTION C 

ELECTRICITY 

Mandate 
2007-2013 

Loan 

Energy 

650 

125 

World Bank  

Total EIB financing signed amounts to 325m. 

ENVIRONMENT  &  ENERGY 
FRAMEWORK LOAN II 

Mandate 
2007-2013 

Loan 

Energy 

600 

300 

The intermediaries receive parallel financing from similar 
facilities with World Bank 

38 

EN 

 
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
Serbia 

BELGRADE 
BRIDGE / A 

CITY 

SAVA 

SE 
EUROPE 
EFFICIENCY FUND, SICAV 

ENERGY 

Albania,  Bosnia-
Herzegov., 
Croatia, 
Montenegro, 
FYROM,  Serbia, 
Turkey 

SOUTHERN NEIGHBOURS  

Loan  

Transports 

405 

Loan 

Services 

65 

Mandate 
2007-2013 

Pre-
Accession 
Facility  

EBRD  

KfW 

70 

25 

1121 

Tunisia 

AEROPORT ENFIDHA 

Mandate 
2007-2013 

Loan 

Transport 

498 

70 

IFC 
AfDB  
AFD-Proparco 

The  fund  concept  has  been  developed  jointly  by  EIB, 
KfW  and  EC,  all  of  which  are  founder  or  cornerstone 
participants. 

Tunisia 

Liban 

Jordan 

Syria 

Egypt 

TUNISIAN 
FERTILIZERS 

INDIAN 

Mandate 
2007-2013 

KESRWAN  WATER 
WASTEWATER 

AND 

Mandate 
2007-2013 

SOUTH-NORTH 
CONVEYOR 

WATER 

Mandate 
2007-2013 

SYRIAN  CEMENT  COMPANY 
(A & B) 

Mandate 
2007-2013 

Loan 

Industry 

$ 524m 

130 

IsDB 

Loan 

Water 

210 

70 

AFD 

NIF (4m) 

Loan 

Energy 

$ 1,070m 

166 

AFD-Proparco  

Loan 

Industry 

$ 682m 

105 

AFD-Proparco  

WIND  FARM  GULF  OF  EL 
ZAYT 

Mandate 
2007-2013 

Loan 

Energy 

340 

Egypt 

IWSP  

Mandate 
2007-2013 

Loan 

Water 

295 

50 

70 

KfW  

KfW  
AFD  

Morocco 

AUTOROUTES  DU  MAROC  VI 
(MAROC)  

Mandate 
2007-2013 

Loan 

Transport 

452 

225 

AFESD 

Morocco 

TRAMWAY RABAT  

Mandate 
2007-2013 

Loan 

Transport 

347 

15 

AFD  

NIF (8m) 

EN 

39 

EN 

 
  
  
  
  
  
  
  
  
  
  
  
Morocco 

PRET 
EDUCATION MAROC  

CADRE 

SECTEUR 

Mandate 
2007-2013 

Loan 

Education 

3,088 

200 

Regional - Med 

MENA  JOINT 
FUND  

INVESTMENT 

Regional - Med 

SWICORP INTAJ CAPITAL II  

ENPI RC & 
TA 

ENPI RC & 
TA 

Risk 
capital 

Risk 
capital 

Services 

360 

10 

Services 

$ 400m 

10 

IFC 
AFD-Proparco  

EC direct contribution and via NIF 

AFD  
WB  
AfDB  

IFC 

EASTERN NEIGHBOURS AND PARTNER COUNTRIES 

133 

Russia 

ST. 
VODOKANAL III 

PETERSBURG 

Mandate 
2007-2013 

Loan 

Water 

562 

18 

Russia 

MTS MOBILE BROADBAND 

ASIA and LATIN AMERICA 

Panama 

PANAMA CANAL EXPANSION 

Mandate 
2007-2013 

Mandate 
2007-2013 

Loan 

ICT 

316 

115 

782 

Loan 

Transport 

$ 5,250m 

397 

Nicaragua 

HYDRO 
AND TRANSMISSION 

REFURBISHMENT 

Mandate 
2007-2013 

Loan 

Energy 

$ 118.5m 

15 

India 

VOLKSWAGEN INDIA 

Pakistan 

PAKISTAN 
ENERGY FL  

RENEWABLE 

Argentina 

VW ARGENTINA II- A 

Mandate 
2007-2013 

Mandate 
2007-2013 

Mandate 
2007-2013 

Loan 

Industry 

574 

100 

Loan 

Energy 

200 

100 

Loan 

Industry 

372 

170 

KfW  

EBRD  
NIB  

EBRD  
NIB  

IFC  
IADB  
CAF 

IADB  
CABEI 

IFC 
KfW 

ADB 

EN 

40 

EN 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
2.11 

List of loans signed under the external mandate in 2009 

List of loans signed in the Pre-Accession countries 

Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee6 

Albania 

Financing  of  small  and  medium-scale  projects 
through MLT loans 

10.00 

Yes 

Bosnia 
Herzegovina 

and 

Financing  of  small  and  medium-scale  projects 
carried out by small and micro enterprises 

10.00 

Yes 

Bosnia 
Herzegovina 

and 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

    50.00 

Yes 

Bosnia 
Herzegovina 

and 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

      50.00 

No 

Bosnia 
Herzegovina 

and 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

      40.00 

Yes 

FYROM 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

    100.00 

No 

Montenegro 

Rehabilitation  of  roads  and  bridges  throughout 
country 

      30.00 

No 

Montenegro 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

      51.00 

No 

Montenegro 

Serbia 

Serbia 

Serbia 

Serbia 

Serbia 

Serbia 

Serbia 

Creation 
management system 

of 

national 

sustainable  waste 

      27.00 

No 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

    250.00 

No 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

      40.00 

Yes 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

      50.00 

Yes 

Construction  of  six  220  or  400  kV  electricity 
substations 

      24.50 

No 

Financing 
infrastructure projects 

of 

small 

Financing 
infrastructure schemes 

of 

small 

and  medium-scale 

      25.00 

No 

and  medium-scale 

      10.00 

Yes 

Construction  of  motorway  section  on  Pan-
European  Corridor  X  between  Grabovnica  and 
Levosoje in southern Serbia 

    384.00 

No 

Serbia 

Construction  of  new  Sava  bridge  and  access 

      70.00 

No 

6  

The  Political  Risk  Guarantee  column  highlights  the  operations  where,  in  contrast  to  sovereign  or 
equivalent risk operations covered by the Comprehensive Guarantee, the EU budget guarantee covers 
defined political risks while the EIB assumes all other risks. 

EN 

41 

   EN 

 
                                                 
roads in Belgrade 

Serbia 

Serbia 

Turkey 

Turkey 

Turkey 

Lease 
infrastructure projects 

financing  of  small  and  medium-scale 

      20.00 

Yes 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

      20.00 

Yes 

Investment 
Republic of Turkey 

in  academic  research  system  of 

    335.00 

No 

Financing  of  small  and  medium-scale  projects, 
with particular focus on smaller businesses 

    150.00 

No 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

    400.00 

No 

Turkey 

Financing of environmental and energy projects 

    300.00 

No 

Turkey 

Turkey 

Construction  of  high-speed  railway  line  between 
Istanbul and Ankara 

     293.17 

No 

Upgrading  and  extension  of  national  electricity 
distribution networks 

    125.00 

No 

 2,864.67 

EN 

42 

   EN 

 
 
 
 
 
List of loans signed in the Mediterranean countries 

Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

Egypt 

Egypt 

Israel 

Jordan 

Jordan 

Lebanon 

Morocco 

Morocco 

Morocco 

Framework  loan  for  water  supply  and  wastewater 
schemes in four governorates in Nile Delta 

70.00 

No 

Large-scale onshore wind farm on Red Sea coast, 
south-east of Cairo, to supply national power grid 

50.00 

No 

Increase 
desalination plant 

in  production  capacity  of  Hadera 

25.22 

Yes 

Construction  of  water  extraction  and  transport 
system,  including  325  km  pipeline,  to  supply 
drinking water mainly to Greater Amman area 

73.67 

No 

Construction  of  water  extraction  and  transport 
system,  including  325  km  pipeline,  to  supply 
drinking water mainly to Greater Amman area 

      92.09 

Yes 

Construction  of  wastewater 
treatment  plant, 
sewerage network and sea outfall in Tabarja, near 
Jounieh 

      70.00 

No 

Construction  of  Rabat  motorway  bypass  and 
widening of Rabat-Casablanca motorway 

    225.00 

No 

Participation  in  2009-2012  development  plan  for 
education system 

    200.00 

No 

Construction  of  low-cost  vehicle  manufacturing 
plant  in  Melloussa  free  economic  zone,  30  km 
from port of Tangiers 

    100.00 

No 

Morocco 

Construction of two tramway lines between Rabat 
and Salé 

      15.00 

No 

Syrian  Arab 
Republic 

Framework loan for investment schemes in Syrian 
cities 

      50.00 

No 

Syrian  Arab 
Republic 

Construction  of  cement  plant  on  greenfield  site 
near Aleppo 

    104.85 

Yes 

Tunisia 

Construction of airport near town of Enfidha 

      70.00 

Yes 

Tunisia 

Tunisia 

Construction of toll motorway section from Sfax to 
Gabès in southern Tunisia 

    234.00 

No 

Construction  of  phosphoric  acid  plant  close  to 
existing  plant  (Skhira)  near  Gabès  in  south  of 
Tunisia 

    130.00 

Yes 

 1,509.83 

EN 

43 

   EN 

 
 
 
 
 
List of loans signed in the Eastern Europe, Southern Caucasus and Russia 

Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

Russian 
Federation 

Rollout  of  third-generation  UMTS-based  mobile 
broadband services 

    115.00 

Yes 

Russian 
Federation 

Reduction  of  pollutant  load  discharged  into  Baltic 
Sea 

      17.50 

Yes 

Ukraine 

Financing  of  small  and  medium-scale  projects 
carried out by SMEs 

    100.00 

Yes 

List of loans signed in Asia and Latin America 

Country 

Project Description 

    232.50 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

Argentina 

Production of light commercial vehicle on Pacheco 
site (greater Buenos Aires region) 

    170.00 

Yes 

China 

Colombia 

India 

Reforestation  schemes  and  repair  of  irrigation 
reservoirs 
in  earthquake-damaged  areas  of 
Sichuan province 

    118.57 

No 

Roll-out of EDGE-enabled (enhanced data rate for 
GSM  evolution)  mobile 
telecommunications 
network 

    100.00 

Yes 

Construction  of  new  car  plant  for  production  of 
in  state  of 
three  small  efficient  models 
Maharashtra 

    100.00 

Yes 

Nicaragua 

Rehabilitation of hydropower plants and upgrading 
of Nicaragua's electricity transmission network 

      15.05 

No 

Pakistan 

Panama 

Framework  loan  for  investments  in  renewable 
energy  sector    in  Pakistan, contributing  to  climate 
change mitigation 

    100.00 

No 

Construction  of  third  lane  of  large  locks  and 
improvement  of  existing  navigation  channels  to 
expand capacity of Panama Canal 

    396.57 

No 

Viet Nam 

Construction  of  five  wholesale  stores  as  part  of 
company's expansion programme in Vietnam 

      47.00 

Yes 

Viet Nam 

loan 

Framework 
for  supporting  series  of 
investments mainly contributing to climate change 
mitigation  (through  renewable  energy  and  energy 
efficiency projects) 

    100.00 

No 

 1,147.19 

EN 

44 

   EN 

 
 
 
 
 
 
 
 
 
List of loans signed in the Republic of South Africa 

Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

South Africa 

Financing  of  municipal  infrastructure  projects  in 
South Africa 

      60.00 

No 

South Africa 

Financing of small and medium-scale projects 

      60.00 

No 

South Africa 

Framework 
efficiency and renewable energy projects 

for  part-financing  energy 

loan 

      40.00 

Yes 

South Africa 

Extension and upgrading of national road network 
in northern South Africa 

    120.00 

No 

    280.00 

EN 

45 

   EN