COMMISSION STAFF WORKING DOCUMENT Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL ON 2011 ACTIVITY UNDER THE EIB EXTERNAL MANDATE
Date: 2012-11-07
Institutions: European Commission
Subjects: EIB loan, Eastern Bloc countries, Latin America, Mediterranean third countries, Russia, South Africa, co-financing, interinstitutional cooperation (EU), pre-accession aid

EUROPEAN 
COMMISSION 

Brussels, 7.11.2012  
SWD(2012) 358 final 

COMMISSION STAFF WORKING DOCUMENT 
Accompanying the document 

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND 
THE COUNCIL  

ON 2011 ACTIVITY UNDER THE EIB EXTERNAL MANDATE 

{COM(2012) 637 final} 
{SWD(2012) 357 final}

EN 

   EN 

 
 
 
 
 
  
 
TABLE OF CONTENTS 

1. 

2. 

2.1. 

2.2. 

2.3. 

2.4. 

2.5. 

3. 

4. 

5. 

Introduction .................................................................................................................. 3 

Contribution of EIB lending activity per geographical region..................................... 6 

Pre-Accession Countries .............................................................................................. 7 

Mediterranean Partner Countries.................................................................................. 9 

Eastern Europe, the Southern Caucasus and Russia................................................... 10 

Asia and Latin America.............................................................................................. 12 

South Africa ............................................................................................................... 14 

List of loans signed in the regions covered by the Decision in 2011 ......................... 15 

List of EC-EIB initiatives / partnerships in the regions covered by the external 
mandate ...................................................................................................................... 22 

List of 2011 operations co-financed with other IFIs and the Commission ................ 27 

 
 
 
1. 

INTRODUCTION 

This Staff Working Document (SWD) reviews the implementation of the current EIB external 
mandate at regional and country level as well as the contribution of EIB financing operations 
to the fulfilment of external policy objectives, taking into account the operational objectives 
of the EIB. 

The following tables summarise the EIB own resources lending activity in the regions covered 
by the mandate: overall signatures (Table 1), the signatures and available headroom under the 
mandate  (table  2)  and  the  signatures  and  available  headroom  under  EIB  own  risk  facilities 
(table 3). 

Table 1: Overview of overall EIB lending signatures in the regions covered by the mandate 

Table 2: EIB lending signatures under the current mandate 

Table 3: EIB lending signatures under EIB own risk facilities 

The  objective  of  EIB  operations  under  the  mandate  is  to  support  relevant  external  policy 
objectives  of  the  EU.  In  particular,  the  mandate  Decision  provides  for  some  specific  policy 
goals to be addressed through EIB external operations. The table below presents a summary 
of  the  key  objectives  for  EIB  financing  operations  carried  out  until  the  entry  into  force  of 
Decision 1080/2011/EU in November 2011, i.e. those based on Decision 1016/2009/EC. 

 
 
 
 
 
Table 4. Summary of key objectives for EIB financing operations under the mandate 

Key  Objectives  under  the 
mandate  under  Decision 
1016/2009/EC 

Pre-
Accession

MED 

EAST 

ALA 

RSA 

Energy - Security of Supply  X 

Protection 
Environment  

of 

the 

Private  Sector  Development, 
SMEs 

Infrastructure  Development, 
including extension of TENs 

Pre-Accession support 

Support of EU presence 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

The extent of EIB contribution to EU policy objectives targeted by the mandate is detailed for 
each region in the sections below. It should be noted that EIB operational objectives derived 
from EU policy goals are recognised as appropriate measures for the fulfillment of the EU’s 
external policy objectives.  

The  support  for  energy  security  of  the  Member  States  and  the  protection  of  the 
environment are common objectives applicable to all regions based on the previous mandate 
Decision  1016/2009/EC.  The  following  table  provides  the  EIB  signature  volumes  in  2009-
2011 in support of these objectives. The table comprises also data on EIB financing in support 
of  ‘Sustainable  Communities’  covering  the  urban  environment  and  sustainable  transport 
systems (e.g. environmentally friendly public transport). 

 
 
 
 
 
 
 
 
 
 
 
 
Table 5. Financing in support of energy security and environment  

2009

2010

2011 2009-2011

2011 by Region

Pre-
accession

E. Europe, 
S. 
Caucasus 
& Russia

Mediterr
anean

Asia, 
Central & 
Latin 
America

South 
Africa

Under the Mandate
Energy security of member States:

25

20

175

220

-

175

-

-

-

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

Sustainable Communities
Sustainable transport
Urban renewal and regeneration
Health care

1,032
518
351
161
3

433
386
48
-

742
390
337
-
16

572
442
-
130

633
51
377
205
-

667
552
15
100

Under EIB Own Risk Facilities
Energy security of member States:
Protection of Environment
Sustainable Communities

-
196
-

500
1,014
27

-
1,261
33

Cumulative (Under Mandate & EIB Own Risk Facilities)
Energy security of member States:
Protection of Environment
Sustainable Communities

25
1,228
433

520
1,756
599

175
1,894
700

2,407
959
1,065
366
19
-
1,672
1,380
63
230
-
-
500
2,471
60

720
4,878
1,732

205
-
-
205
-

667
552
15
100

-
354
33

-
559
700

-
-
-
-
-

-

-
-

-
46
-

175
46
-

262
-
262
-
-

-
-
-
-

-
-
-

-
262
-

51
51
-
-
-

-
-
-
-

-
861
-

-
912
-

115
-
115
-
-

-
-
-
-

-
-
-

-
115
-

As regards climate action, 2011 overall EIB signatures amounted to EUR 2.08bn representing 
32% of total EIB financing in the regions concerned (EUR 889 mn under the mandate or 29% 
of total lending under the mandate), which represents a 30% increase compared to the volume 
reached in 2010, i.e. EUR 1.6bn or 21% of financing in the regions covered by the Decision. 

 
 
       
       
     
            
             
            
          
           
     
 
     
     
        
            
             
         
             
    
    
    
      
           
            
            
         
            
    
    
    
    
       
            
            
        
          
   
    
     
    
           
           
            
         
          
    
        
      
     
             
            
            
         
          
    
             
     
     
     
        
            
             
          
           
     
     
     
    
       
            
          
           
     
       
      
      
             
               
             
          
           
     
      
     
    
           
            
             
          
           
     
             
             
      
     
      
            
             
             
          
           
     
     
 
 
        
            
              
          
          
     
      
       
       
              
               
             
          
           
     
       
     
     
            
             
            
          
           
     
 
 
 
        
            
              
         
          
    
     
     
     
        
            
             
          
           
     
 
Table 6. Climate Action lending in 2011 in the regions covered by the Decision 

EUR million 

Mandate 

Own risk 

Total 

Volume as % 
of total lending

Pre-accession 
Mediterranean 
Eastern neighbours & Russia 
Asia 
Latin America 
South Africa 
Total: 
Volume as % of Total lending 

N° of 
Ops 

EUR mn 

N° of 
Ops 

EUR mn 

N° of 
Ops 

EUR mn 

5
2
0
0
1
0
8

708
131
0
0
51
0
889
29%

7
0
2
2
4
1
16

256
0
26
201
660
50
1194
35%

12 
2 
2 
2 
5 
1 
24 

964 
131 
26 
201 
711 
50 
2083 
32% 

29%
13%
3%
97%
74%
30%
32%

Under the Mandate, signatures qualifying as climate action in 2011 were:  

• 

• 

• 

In  Pre-accession  Countries,  5  projects  of  which  3  major  ones  in  Turkey  –  one  for 
afforestation,  erosion  control  and  rangeland  rehabilitation  and 
two  railway 
rehabilitation and modernization – as well as another railway rehabilitation project in 
Montenegro  and  the  construction  of  flood  protection  facilities  in  Bosnia  and 
Herzegovina. 

In  the  Mediterranean,  two  reverse  osmosis  projects  for  sea  water  desalination  in 
Israel. 

In Latin America, the up-grading of a power grid in Nicaragua. 

Under the own risk facilities, climate actions signatures in 2011 were: 

• 

• 

• 

• 

• 

in  Pre-accession  Countries:  7  projects  in  Turkey  comprising  investments  in 
renewable energy and energy efficiency; parts of intermediated loans to SMEs and a 
large sustainable transport project;  

in Eastern Neighbours & Russia: investment in a regional fund targeting renewable 
energy investments in S. Caucasus and the modernization of an pulp and paper mill 
in Russia;  

in  Asia:  a  framework  loan  in  India  and  a  regional  fund  investment  in  Central  Asia 
both targeting renewable energy projects;  

in Latin America: framework loans on both a regional basis and one targeting Brazil 
to support climate action as well as an investment in a regional climate action fund 
and a hydropower plant in Chile;  

in South Africa: framework loan supporting small and medium scale investments in 
renewable energy and energy efficiency.  

2. 

CONTRIBUTION OF EIB LENDING ACTIVITY PER GEOGRAPHICAL REGION 

It is recalled that tables that follow only cover financing operations under the current 2007-
2013  mandate  and  does  not  include  lending  under  the  previous  mandate,  which  continued 
until 31 July 2007. 

 
 
  
  
 
 
  
 
2.1. 

Pre-Accession Countries 

2.1.1  Activity by Country 

Table 1: Summary of lending signatures under mandate by Country (number of operations and volume) 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Country 

Albania 

Bosnia and 
Herzegovina 

FYROM 

Montenegro 

Serbia 

Turkey 

TOTAL 

1 

- 

- 

- 

1 

1 

3 

23 

- 

- 

- 

60 

305 

- 

5 

1 

6 

3 

7 

- 

260 

10 

50 

1 

4 

1 

3 

10 

150 

100 

108 

170 

10 

*888 

1519 

6 

1603 

1 

2 

1 

2 

9 

4 

50 

60 

50 

45 

680 

650 

0 

2 

1 

2 

3 

3 

- 

3 

83 

155 

13 

625 

65 

18 

91 

695 

4 

13 

26 

21 

80 

225 

221 

1889 

4772 

7815 

388 

22 

2009 

25 

2859 

19 

1535 

11 

1024 

* Note EUR 6m transferred to tranche B signed in 2011 

In 2011, EIB financing volume in the Pre-Accession countries went down to EUR 1bn under 
the mandate. At the end of 2011, i.e after 69% of the current mandate period, 85% of the EUR 
9bn regional sub-ceiling had been signed1.  

It should be noted that lending in Croatia ands most of the lending in the private sector in Pre-
Accession countries is done at the Bank's own risk under Pre-Accession Facility. With total 
signatures  of  EUR  2.4  bn  in  2011,  financing  under  the  Pre-Accession  Facility  represented 
more than double the volume under the mandate. 

The EIB activity in the Western Balkans is closely coordinated within  the Western Balkans 
Investment Framework (WBIF), –an operational framework for blending grants with loans to 
fund strategic investments – providing a vehicle for coordination and mobilisation of funding 
and a platform for coordinating policy dialogue between the IFIs involved (EIB, EBRD, CEB, 
World Bank), the European Commission and bi-lateral donors.  

Of the 41 projects approved under WBIF in 2011, EIB took the role of lead IFI on 14 of them. 
Estimated future investment on these 14 projects totals EUR 1.29 billion, and is estimated to 
attract  grant  funding  of  EUR 53.6m  for  technical  assistance.  The  projects  cover  a  wide 
sectoral  spectrum:  Energy,  Transport,  Water  &  Sewerage,  Climate  Change,  Education  & 
Health and a venture capital fund. In addition, EIB signed two contribution agreements with 
the Commission (under IPA) attracting EUR 13.5 m for investment grants to be blended with 
EIB loans in the environment sector. 

Turkey  continues  to  represent  the  largest  target  of  the  Bank's  lending  activity  in  the  region. 
EIB support is shifting from crisis support to sustainable and smart growth, climate change, 
anergy and SME support. In Turkey, EIB works in close coordination with the Commission, 

1 

It should be noted that one operation in Turkey of EUR 150 mn was not included as it must be counted 
under the climate change mandate ceiling. 

 
 
 
                                                 
which has provided accompanying IPA Funds, especially in the transport sector (railways) but 
also in multi-beneficiary programmes. 

2.1.2.  Activity by Objective 

Table 2: Summary of signatures under mandate by region-specific key lending objectives 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Objective 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Knowledge 
economy 

Extension of 
TENs 

Support for 
SMEs 

Environmenta
l Protection & 
Sustainable 
Communities 

Sustainable, 
Competitive 
and Secure 
Energy 

- 

2 

- 

- 

83 

- 

1 

3 

7 

70 

86 

1 

3 

335 

707 

315 

15 

1245 

4 

2 

6 

700 

235 

243 

- 

3 

4 

- 

6 

1105 

472 

13 

1583 

76 

32 

1885 

1 

305 

9 

1504 

5 

715 

5 

257 

7 

872 

26 

3653 

- 

- 

2 

103 

3 

450 

1 

40 

- 

- 

6 

593 

TOTAL* 

3 

338 

22 

2009 

25 

2859 

19 

1535 

11 

1024 

80 

7815 

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

In  2011,  lending  under  the  mandate  focused  on  Environmental  Protection  and  Sustainable 
Communities projects which experienced a sharp increase compared to 2010. EIB lending in 
this sector comprised a EUR 55 mn loan for emergency flood relief and prevention measures 
in Bosnia-Herzegovina, which benefited from EU WBIF funds for technial assistance. A EUR 
150  mn  loan  supported  forestation,  erosion  control,  rangeland  rehabilitation  and  forest  fire-
fighting  activities  in  Turkey,  in  line  with  the country’s  ambitious  Afforestation  and  Erosion 
Control Mobilisation Action Plan. The project constitutes the first operation under the Climate 
Change  Mandate  and  is  co-financed  with  Agence  Française  de  Développement  (AFD)  and 
CEB.  Municipal  investments  include  a  loan  for  hospitals  in  Bosnia-Herzegovina,  judiciary 
buildings in Serbia and railway rehabilitation in Turkey. 

The  extension  and  development  of  corridors  connecting  to  Trans-European  transport 
Networks  was  supported  in  the  Former  Yugoslav  Republic  of  Macedonia  (Corridor  X  road 
project co-financed with IPA grants), Montenegro (Railway rehabilitation of part of the core 
strategic network identified by the Commission in the planning of continuation of gtEN-RT 
routes)  and  Turkey  (Istanbul-Ankara  railway,  which  is  part  of  a  TEN  high  Speed  Line  and 
cofinanced with IPA grants)..  

Support to SMEs represented EUR 76m or 7% of lending under mandate in 2011, with two 
credit lines opened in Serbia and one in Montenegro.  

 
 
2.2.  Mediterranean Partner Countries 

2.2.1.  Activity by Country 

Table 3: Summary of lending signatures under mandate by Country 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Country 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Egypt 

Israel 

Jordan 

Lebanon 

Morocco 

Syria 

Tunisia 

TOTAL 

1 

1 

1 

2 

2 

1 

1 

9 

130 

120 

50 

295 

330 

80 

200 

1 

- 

1 

1 

3 

1 

4 

250 

- 

37 

52 

270 

275 

311 

2 

1 

1 

1 

4 

2 

3 

120 

25 

166 

70 

540 

155 

434 

3 

- 

- 

- 

2 

2 

3 

906 

- 

- 

- 

420 

185 

498 

105 

11 

1195 

14 

1510 

10 

2009 

1 

2 

1 

1 

1 

- 

2 

8 

50 

262 

81 

30 

8 

4 

4 

5 

1456 

407 

334 

447 

200 

12 

1760 

- 

303 

926 

6 

13 

52 

695 

1746 

6845 

The  instability  following  the  Arab  Spring  challenged  the  EIB  local  activity  in  2011  which 
declined  by  more  than  50%.  However,  the  EIB  continued  to  support  Mediterranean  Partner 
Countries, in particular those committed to democratic transition, in accord with the EU's new 
priorities  for  the  changing  neighbourhood.  The  investment  decisions  in  the  region  were 
further affected by the decision to suspend the Bank's activities in Syria. 

After four and half years from the start of the implementation of the mandate, EIB signatures 
reached 70% of the regional ceiling, which is in line with the percentage of time elapsed from 
the start of the mandate (69%). 

In  2011,  loan  signatures  totaled  EUR  929m  in  support  of  8  projects2.  7  additional  projects 
were approved in 2011 but not signed due to the inability of transition governments to commit 
to signature. In terms of geographical distribution, slightly over half of the total volume was 
allocated to projects in the Maghreb region (1 project in Morocco and 2 in Tunisia for a total 
of EUR 503m). In the Mashreq/Northeast 5 projects were signed in Egypt, Istrael, Jordan and 
Lebanon for a total of EUR 423m. 

2 

The  FEMIP  Annual  Report  available  via  http://www.eib.org/infocentre/publications  provides  a  full 
picture  of  EIB  activities  in  support  of  Mediterranean  Parner  Countries,  including  lending  under  EIB 
own risk facilities, risk capital, technical assistance and studies. 

 
 
 
                                                 
2.2.2.  Activity by Objective 

Table 4: Summary of signatures under mandate by region-specific key lending objectives 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Objective 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Economic 
and social 
infrastructure 

Private sector 
including 
SMEs and 
micro-finance 

6 

905 

10 

1143 

11 

1175 

10 

2009 

7 

896 

44 

6128 

6 

745 

2 

107 

5 

526 

1 

346 

1 

30 

12 

1754 

TOTAL* 

9 

1205 

12 

1195 

16 

1510 

11 

2009 

8 

926 

56 

6845 

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

EIB  lending  in  2011  focused  on  supporting  the  enabling  environment  for  the  private  sector 
through  strengthening  of  economic  and  social  infrastructure  (7  operations,  including  a 
combined  cycle  gas  turbine  at  Giza  North  power  plant  in  Egypt  cofinanced  with  the  World 
Bank,  the  modernisation  of  the  primary  road  network  in  Tunisia  and  a  desanilation  plant  in 
Israel) while one operation targeted the direct support for the private sector (a credit line for 
SMEs in Lebanon). 

2.3. 

Eastern Europe, the Southern Caucasus and Russia 

2.3.1.  Activity by Country 

Table 5: Summary of lending signatures under mandate by Country 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Country 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Armenia 

Georgia 

Rep. of 
Moldova 

Russia 

Ukraine 

TOTAL 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

0 

- 

- 

1 

- 

1 

2 

- 

- 

20 

- 

150 

170 

- 

- 

- 

2 

1 

3 

- 

- 

- 

133 

100 

1 

4 

5 

1 

1 

5 

175 

185 

250 

16 

233 

11 

631 

1 

1 

1 

- 

2 

3 

15 

15 

20 

- 

625 

2 

5 

7 

3 

5 

20 

190 

225 

383 

891 

675 

22 

1708 

In 2011, EIB lending in the Eastern Europe, the Southern Caucasus and Russia reached EUR 
675m, with a sligfht increase compared to the volume signed in the previous year. Since the 
start  of  the  implementation  of  the  mandate,  EIB  signatures  reached  44%  of  the  regional 
ceiling, which is below the percentage of time elapsed from the start of the mandate (69%). 

 
 
 
In terms of geographical distribution, the bulk of the lending volume was signed for projects 
in  Eastern  Europe  (Ukraine  and  Moldova)  while  4%  was  devoted  to  Southern  Caucasus 
(Armenia  and  Georgia).  In  the  latter  region  EIB  activities  started  recently,  the  first  loans  to 
Armenia  and  Georgia  dating  back  to  2010.  Progress  was  also  made  in  2011  to  open  up  a 
further  market  with  substantial  potential  for  eligible  projects  in  Southern  Caucasus  with  the 
conclusion of the negotiations of a Framework Agreement with Azerbaijan 

No  operations  were  signed  in  Russia  under  the  mandate.  However,  the  EIB  signed  the  first 
loan  at  its  own  risk  in  Russia  under  its  Eastern  Partners  Facility  (a  credit  line  for  SMEs  of 
EUR  100  mn).  In  parallel,  the  Bank  continued  to  explore  all  avenues  to  support  the 
Partnership for Modernisation between the EU and Russia, as evidenced by the signature of a 
Memorandum of Understanding with Vnesheconombank, where each institution undertook to 
provide  up  to  EUR  500m  in  a  lending  cooperation  to  support  the  Partnership  for 
Modernisation.  It  should  be  noted  that  in  recent  years  the  Commission  has  been  unable  to 
support EIB activity in sectors presenting controversial trade issues. 

Disbursements  during  the  year  reached  EUR  200m,  reflecting  some  delays  in  project 
implemetation and compliance with conditions precedent to disbursement, but also reflecting 
the later acceleration of signatures in the region where operations only began in 2008. 

2.3.2.  Activity by Objective 

Table 6: Summary of signatures by region-specific key lending objectives 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Objective 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Transport 

Energy 

Telecom 

Environ-
mental 
infrastr. 

SMEs 

TOTAL 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1 

1 

- 

- 

- 

2 

20 

150 

- 

- 

- 

170 

- 

- 

1 

- 

- 

115 

2 

118 

3 

3 

- 

3 

85 

350 

- 

66 

1 

3 

100 

2 

130 

233 

11 

631 

1 

1 

- 

- 

1 

3 

450 

175 

- 

- 

50 

5 

5 

1 

5 

6 

555 

675 

115 

184 

280 

675 

22 

1,708 

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

The new tripartite MoU signed in March 2011 between the Commission, the EBRD and the 
EIB  together  with  the  EIF  will  allow  for  enhanced  strategic  and  operational  cooperation  in 
particular in the areas of climate change mitigation and adaptation, energy security, as well as, 
on  the  basis  of  respective  competencies  of  EIB  and  EBRD,  in  the  areas  of  support  to  the 
financial sector (notably for SMEs), the corporate and infrastructure sectors. 

The  objectives  involved  in  the  lending  activities  consisted  in  Transport  (66.7%),  Energy 
(25.9%) and finance to SMEs (7.4%). The largest loan (EUR 450 mn) was cofinanced with 
the  EBRD  and  concerned  the  rehabilitation  and  improvement  of  approximately  350  km  of 
highways  radiating  from  Kiev  in  central  Ukraine,  largely  on  the  extended  TEN-T  network. 
The  second  largest  operation  (EUR  150  mn)  concerned  the  construction  of  a  power 

 
 
transmission  line  and  auxiliary  facilities  in  Southern  Ukraine.  Three  credit  lines  for  SMEs 
were opened in Armenia, Georgia and Moldova. 

2.4. 

Asia and Latin America 

2.4.1.  Activity by Country 

Table 7: Summary of lending signatures under mandate by Country* 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Country 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

China 

India 

Pakistan 

Tajikistan 

Vietnam 

Asia sub-
total 

Argentina 

Brazil 

Columbia 

Mexico 

Nicaragua 

Panama 

Paraguay 

Uruguay 

Latin 
America 
sub-total 

- 

- 

- 

- 

- 

1 

1 

- 

- 

- 

1 

- 

1 

- 

- 

- 

- 

- 

- 

250 

- 

- 

- 

27 

- 

28 

- 

1 

- 

- 

1 

- 

1 

- 

1 

- 

- 

1 

- 

- 

150 

- 

- 

150 

- 

200 

- 

50 

- 

- 

69 

- 

1 

1 

1 

2 

5 

1 

- 

1 

- 

1 

1 

- 

- 

59 

100 

100 

147 

406 

170 

- 

100 

- 

15 

397 

- 

- 

- 

- 

- 

2 

2 

- 

3 

- 

- 

- 

- 

- 

- 

- 

- 

- 

223 

223 

- 

420 

- 

- 

- 

- 

- 

- 

3 

305 

3 

319 

4 

682 

6 

420 

TOTAL 

3 

305 

4 

469 

9 

1147 

5 

643 

- 

- 

- 

1 

- 

1 

1 

1 

- 

1 

1 

- 

- 

- 

4 

5 

- 

- 

- 

7 

- 

7 

76 

100 

- 

73 

54 

- 

- 

- 

1 

2 

1 

1 

4 

9 

5 

6 

1 

2 

2 

2 

1 

1 

59 

250 

100 

7 

370 

786 

246 

970 

100 

123 

69 

424 

69 

28 

303 

20 

2029 

310 

29 

2815 

*Of the operation signed in China in 2009, 50% (EUR 59m) was transferred in 2010 to EIB own-risk Facility for 
Energy Sustainability and Security of Supply.  

In 2011, EIB lending in the Asia and Latin America amounted to EUR 310 million. It is worth 
noting  that  the  first  loan  was  signed  in  Central  Asia  (EUR  7  mn  in  Tajikistan).  While  this 
represented a declibne compared to 2010 activity, since the start of the implementation of the 
mandate, EIB signatures reached 71% of the overall Asia and Latin America ceiling, which is 
in line with the percentage of time elapsed from the start of the mandate (69%). 

 
 
 
 
 
 
 
 
 
 
2.4.2.  Activity by Objective  

Table 8: Summary of signatures by region-specific key lending objectives 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Objective 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops  EURm 

Ops 

EURm 

Ops 

EURm 

EU presence 

2 

278 

4 

469 

8 

1029 

5 

643 

3 

249 

22 

2688 

Environmental 
sustainability 
(incl.climate 
change) 

1 

27 

2 

200 

5 

730 

4 

553 

2 

61 

14 

1571 

TOTAL* 

3 

305 

4 

469 

9 

1147 

5 

643 

5 

310 

29 

2815 

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

In  2011,  three  projects  supported  EU  FDI  in  Latina  America:  an  automotive  project  in 
Argentina  cofinanced  with  KfW,  a  tissue  paper  project  in  Mexico  cofinanced  with  the 
Swedish Export Credit Corporation and a mobile broadband project in Brazil cofinanced with 
the Brazilian Development Bank, BNDES. 

The first project signed in Tajikistan concerned the rehabilitation of low and medium-voltage 
distribution  networks  in  Sugd  region,  northern  Tajikistan.  It  aims  at  reducing  distribution 
losses  and  promoting  economically  sustainable  development  of  the  energy  sector  as  well  as 
reducing Tajikistan’s dependence on imports of electricity from neighbouring countries. The 
project  is  co-financed  with  EBRD  and  benefits  from  grant  financing  from  the  Investment 
Facility for Central Asia (EUR 7mn). 

An EUR 54 mn operation was signed in Nicaragua supporting the extension and upgrading of 
a power grid to facilitate renewable energy transmission, part of a programme launched by the 
Nicaraguan  Government.  The  project  constitutes  an  example  of  EIB  cooperation  with  other 
IFIs  and  development  institutions  (IADB,  CABEI,  AECID)  and  KEXIM.  It  also  constitutes 
the  first  EIB  operation  submitted  to  the  Latin  American  Investment  Facility  (LAIF),  which 
approved a grant of up to EUR 7m for the project. It also represents EIB’s efforts to diversify 
geographically its operations in ALA in favour of less prosperous countries. 

Beyond the mandate, climate action in ALA countries received EIB support with  additional 
loans totaling EUR 861m provided under EIB own risk Energy Sustainability Facility. 

 
 
2.5. 

South Africa 

2.5.1.  Signatures by Objective 

Table 9: Summary of signatures by region-specific key lending objectives 

2007 

2008 

2009 

2010 

2011 

Cumulative Total 

Objective 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Ops 

EURm 

Economic 
and social 
infrastruct. 

Private 
sector 
incl.SMEs  

TOTAL* 

- 

- 

- 

0 

0 

0 

1 

150 

3 

220 

1 

50 

2 

115 

7 

535 

3 

203 

2 

100 

3 

203 

4 

280 

1 

1 

50 

- 

- 

6 

353 

50 

2 

115 

13 

648 

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

In 2011, EIB financing in the Republic of South Africa focussed on infrastructure projects of 
public interest by financing two water projects: one project concerned the upgrading of water 
supply  networks  and  water  treatment  facilities in  the  city  of  Durban  and  neighbouring  rural 
areas that serve in total more than 5 million people; the other project involved the construction 
of a dam on river Mooi and a pipeline to the Mgeni water system. The project will provide an 
additional 60 million m3 water per year to supply three municipalities, including Ethekwini 
(Durban) in the KwaZulu-Natal province, addressing the increasing water demands in major 
agglomerations  as  a  result  of  economic  development  and  population  increases.  It  will  also 
allow additional rural communities to be reached, thus contributing to the achievement of the 
water Millennium Development Goals in South Africa. The project was developed under the 
Mutual  Reliance  Initiative  with  the  co-financing  of  AfD  and  KfW,  with  EIB  as  lead 
institution. 

By  the  end  of  2011,  EUR  648m  representing  69%  of  the  revised  mandate  sub-ceiling  for 
South Africa had been signed (with cancellations netted out, the commitment level is 63%), 
which  is  in  line  with  the  time  elapsed  since  the  start  of  the  implementation  of  the  mandate 
(69%). 

In 2011, the EIB also signed a first loan in South Africa at the EIB own risk under the Energy 
Sustainability Facility (EUR 50mn), to finance small and medium-scale renewable energy and 
energy efficiency projects. 

 
 
 
3. 

LIST OF LOANS SIGNED IN THE REGIONS COVERED BY THE DECISION IN 2011 

Loans signed in the Pre-Accession countries under the mandate 

Country 

Project Description 

  Bosnia and 

Herzegovina 

Reconstruction of Banja Luka clinical centre and construction of 
hospital in Bijeljina 

  Bosnia and 

Herzegovina 

Emergency reconstruction of flood protection facilities along Sava 
river and tributaries 

FYROM 

Construction of motorway section between Demir Kapija and 
Smokvica in south of Former Yugoslav Republic of Macedonia 
(FYROM) in Corridor X (TEN) 

  Montenegro 

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

  Montenegro 

Rehabilitation of railway infrastructure on main line crossing 
Montenegro and acquisition of rolling stock 

  Serbia 

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

  Serbia 

Lease financing of small and medium-scale infrastructure projects 

  Serbia 

Refurbishment, rebuilding and new construction of judiciary facilities 
throughout country 

Turkey 

Turkey 

Turkey 

Afforestation, erosion control, rangeland rehabilitation and forest 
fire-fighting activities 

Construction of electrified high-speed line between Ankara and 
Istanbul 

Rehabilitation of Irmak-Karabük-Zonguldak rail line and installation 
of signalling system 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee3 

100 

No 

55 

No 

65 

No 

11 

7 

No 

No 

50 

No 

26 

15 

Yes 

No 

150 

No 

400 

No 

145 

No 

1,024 

3 

The Political Risk Guarantee column highlights the operations where, in contrast to sovereign or sub-
sovereign  operations  covered  by  the  Comprehensive  Guarantee, the  Community  assumes  defined 
political risks while the EIB assumes all other risks. 

 
 
  
 
 
 
 
 
 
 
 
                                                 
Loans signed under the Pre-Accession Facility 

Country 

Project Description 

Loan 
Amount 
(EUR m) 

  Albania 

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

Bosnia 
Herzegovina 

and 

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

  Croatia 

  Croatia 

Croatia 

  Croatia 

Croatia 

Croatia 

Croatia 

Financing of community infrastructure in coastal areas 

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

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

Financing of small and medium-scale projects 

Upgrading  schemes  in  fields  of  transport,  urban  renewal,  energy, 
health, education and environmental protection in thirteen mainland 
provinces of Croatia 

Construction  of  13  km  motorway  section  in  Corridor  Vc  linking 
Croatia and Bosnia-Herzegovina 

Investment  in  small-scale  water  and  sanitation  projects  throughout 
Croatia (2009-2014) 

FYROM 

Financing of projects carried out by SMEs 

FYROM 

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

  Serbia 

Serbia 

  Serbia 

Turkey 

Turkey 

Turkey 

Turkey 

Turkey 

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

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

Refurbishment and expansion of car plant in Kragujevac 

Framework loan for financing eligible renewable energy and energy 
efficiency projects 

Construction  of  gas-fired  combined-cycle  power  plant  in  Samsun 
province (eastern Turkey) 

Subscription  to  private  equity  fund  targeting  renewable  energy 
projects 

Framework loan for cofinancing small and medium-scale renewable 
energy and energy efficiency projects 

Construction  of  gas-fired  combined-cycle  power  plant  in  Samsun 
province (eastern Turkey) 

Turkey 

Financing of projects carried out by SMEs 

10 

15 

25 

50 

50 

20 

25 

60 

75 

50 

10 

20 

100 

500 

150 

100 

20 

75 

 200 

150 

 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Turkey 

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

Turkey 

Financing of small and medium-scale projects carried out by SMEs, 
primarily in manufacturing and services sectors 

50 

25 

Turkey 

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

174 

Turkey 

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

Turkey 

Financing of projects carried out by SMEs 

Turkey 

Turkey 

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

RDI  involving  automotive  metal  applications  in  Czech  Republic, 
Romania, Slovakia, Hungary and Turkey 

Turkey 

Equity investment in fund financing sustainable infrastructure 

Turkey 

Upgrading  and  expansion  of  mobile  telecommunications  networks 
in  Romania  and  Turkey  through  rollout  of  reinforced  mobile 
broadband services 

75 

75 

75 

19 

10 

 150 

2,358 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans signed in the Mediterranean countries under the mandate 

   Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

Egypt 

Israel 

Israel 

Installation  of  combined  cycle  gas  turbine  at  Giza  North  power  plant 
north-west of Cairo 

50 

No 

Construction  of  reverse  osmosis  seawater  desalination  plant  in 
Ashdod (south of Tel Aviv) 

120 

Yes 

Construction  of  reverse-osmosis  sea  water  desalination  plant  in 
Sorek, south of Tel Aviv, Israel 

142 

Yes 

Jordan 

Construction of phosphoric acid production complex in Eshidiya 

Lebanon 

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

Morocco 

Construction  of  two  sulphuric  acid  production  plants  in  Safi  and  two 
low-grade  phosphate  processing  plants  in  Mea  and  Halassa  near 
Khouribga 

81 

30 

Yes 

Yes 

200 

No 

Tunisia 

Construction  of  sulphuric  and  phosphoric  acid  production  complex  to 
increase output of triple superphosphate fertiliser plant in Mdhilla 

140 

No 

Tunisia 

Modernisation of country's primary road network 

163 

No 

Loans signed under the Mediterranean Partnership Facility II 

Country 

Project Description 

- 
Regional 
Mediterranean 

Equity investment in fund financing sustainable infrastructure 

926  

Loan 
Amount 
(EUR m) 

 39  

39 

 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
 
  
 
 
 
 
 
Loans signed in Eastern Europe, Southern Caucasus and Russia under the mandate 

   Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

15 

15 

Yes 

Yes 

  Armenia 

  Georgia 

Moldova, 
Republic of 

Ukraine 

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

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

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

 20 

Yes 

Construction  of  power  transmission  line  and  auxiliary  facilities  in 
southern Ukraine 

175 

No 

  Ukraine 

Rehabilitation and upgrading of radial trunk roads leading to Kiev 

450 

No 

Loans signed in Eastern Europe, Southern Caucasus and Russia at the EIB own risk 

   Country 

Project Description 

Regional  – 
Southern 
Caucasus 

Subscription  to  private  equity  fund  targeting  renewable  energy 
projects 

Russian 
Federation 

Modernisation  and  expansion  of  integrated  pulp  and  paper  mill  in 
Syktyvkar 

675 

Loan 
Amount 
(EUR m) 

1 

100 

101 

 
 
 
  
 
 
  
  
  
 
 
 
 
  
  
 
Loans signed in Asia and Latin America under the mandate 

   Country 

Project Description 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

Argentina 

Refurbishment,  modernisation 
manufacturing plant in Cordoba 

and 

expansion 

of 

gearbox 

76 

Yes 

Brazil 

Mexico 

Extension  of  geographical  coverage  and  increase  of  capacity  of  TIM 
Celular's GSM and UMTS mobile broadband networks 

100 

Yes 

Construction  of  tissue  factory  using  recycled  paper  in  Tepeapulco 
(Hidalgo) 

73 

Yes 

  Nicaragua 

Extension and upgrading of power grid 

Tajikistan 

Rehabilitation  of  low  and  medium-voltage  distribution  networks  in 
Sugd region, northern Tajikistan 

No 

No 

54 

7 

310 

Loans  signed  in  Asia  and  Latin  America  under  the  Facility  for  Energy  Sustainability  and 
Security of Supply at EIB own risk 

Country 

Project Description 

Brazil 

Chile 

India 

Regional 
Central 
America 

Regional 
Latin 
America 

Framework  loan  for  financing  projects  that  generate  significant 
environmental benefits helping to combat climate change in Brazil 

Construction of hydropower  plant in Laja, 450 km south of Santiago 
de Chile 

Framework loan supporting renewable energy projects contributing to 
climate change mitigation 

- 

Framework loan for projects contributing to climate change mitigation 

100 

- 

Participation in investment fund targeting biodiversity projects in Latin 
America 

Regional  – 
Central 
Asia 

Subscription  to  private  equity  fund  targeting  renewable  energy 
projects 

Loan 
Amount 
(EUR m) 

500 

55 

200 

4 

1 

861 

 
 
 
 
 
  
 
 
  
  
  
 
  
 
 
 
 
 
 
 
  
  
 
Loans signed in Souyth Africaa under the mandate 

   Country 

Project Description 

South 
Africa 

South 
Africa 

Upgrading  of  water  supply  networks  and  water  treatment  facilities  in 
city of Durban and neighbouring rural areas 

Construction  of  dam  on  river  Mooi  and  pipeline  to  Mgeni  water 
system, KwaZulu-Natal province 

Loan 
Amount 
(EUR m) 

Political 
Risk 
Guarantee 

35 

No 

80 

No 

115 

Loans  signed  in  South  Africa  under  the  Facility  for  Energy  Sustainability  and  Security  of 
Supply at EIB own risk 

Country 

Project Description 

South Africa  Financing  of small and medium-scale renewable energy  and  energy 

efficiency projects 

Loan 
Amount 
(EUR m) 

50 

50 

 
 
 
 
 
 
  
  
  
 
  
 
 
  
  
 
4. 

LIST  OF  EC-EIB  INITIATIVES  /  PARTNERSHIPS  IN  THE  REGIONS  COVERED  BY  THE 
EXTERNAL MANDATE 

Cooperation between the EIB and the Commission is daily and pervasive throughout much of the 
EIB  activities.  Part  of  this  cooperation  takes  place  within  the  various  regional  blending 
mechanisms,  i.e.  the  Western  Balkans  Investment  Framework  (WBIF),  the  Neighbourhood 
Investment Facility (NIF), the EU-Africa Infrastructure Facility and the Investment Facility for 
Central Asia (IFCA), involving also other IFIs and European Bilateral Financing Institutions. 

Beyond  the  strong  cooperation  under  the  above  facilities,  as  referred  to  in  the  main  report,  a 
close  policy  dialogue  takes  place  between  the  Commission,  the  EEAS  and  the  EIB.  This 
dialogue is particularly emphasized whenever stressed political and economic circumstances call 
for a coordinated approach between the two institutions. 

This  was  for  example  the  case  for  Mediterranean  countries  under  the  most  challenging 
circumstances  of  the  Arab  Spring  uprisings  and  demands  for  the  rule  of  democracy.  A  very 
constructive  and  effective  dialogue  took  also  place  in  relation  to  matters  arising  in  specific 
countries,  which  led  to  a  coordinated  reaction  to  events  in  Syria.  The  Commission,  the  EEAS 
and the EIB also pursued discussion with a view to identifying how the EIB could better support 
the Strategic Partnership between the EU and Russia and the Partnership for Modernisation, also 
in light of the recent Russia’s accession to the WTO, which would help to address some of the 
issues  that  had  prevented  the  Commission  from  supporting  EIB  financing  in  Russia  in  certain 
sectors.  To  lay  the  basis  for  such  cooperation  over  the  medium  term,  the  EIB  signed  an  MoU 
with Russia’s development bank VEB in June 2011, in the context of the Summit between the 
EU and Russia.  

The rest of this section provides an overview of the main initiatives, partnerships and instruments 
complementing the EIB external mandate and own risk facilities within which the Commission 
and  the  EIB  cooperated  in  2011,  with  the  aim  to  maximise  synergies  and  to  provide  coherent 
support  for  the  regions  outside  the  EU.  At  the  end  of  the  section,  a  summary  table  provides  a 
breakdown  of  the  EU  budgetary  funds  provided  to  date  to  complement  EIB  financing  in  the 
regions covered by the Decision. Section 5 provides the list of projects signed by the EIB and co-
financed with other IFIs or with the Commission 

Pre-Accession Countries 

– 

Established in December 2009, the Western Balkans Investment Framework (WBIF) 
pools  and  coordinates  different  sources  of  finance  and  leverages  grants  with  loans  for 
projects that have priority for the Western Balkan beneficiaries, in infrastructure sectors, 
and  other  relevant  socio-economic  sectors  including  SMEs  and  energy  efficiency.  By 
the end of 2011, WBIF has supported 111 projects representing a total investment cost 
in excess of EUR10 billion. The total grant contribution awarded under the Joint Grant 
Facility  amounts  to  EUR  220m  and  the  indication  of  IFI  loan  resources  leveraged  is 
EUR  5.5  billion.  The  facility  pools  resources  from  the  Commission  with  those  of 
institutions:  (CEB,  EBRD,  EIB)  and  bilateral 
European  multilateral  financial 
development  finance  institutions  (Czech  Export  Bank,  Hungarian  Development  Bank, 
KfW, Slovenia SID Bank and the Austrian Development Bank) as well as donors (AT, 
CZ,  DK,  FIN,  GER,  GR,  HU,  IRL,  IT,  LUX,  NL  NOR,  PL,  SK,  SL,  SP,  SSW,  UK). 
The  World  Bank  recently  joined  as  an  associated  IFI.  Governed  by  a  Steering 
Committee  and  a  Project  Financiers’  Group,  the  WBIF  is  available  to  the  Western 
Balkans  countries  of  Albania,  Bosnia  and  Herzegovina,  Croatia,  the  former  Yugoslav 

 
 
Republic  of  Macedonia,  Montenegro,  Serbia  and  Kosovo4.  Only  the  beneficiary 
countries  can  present  projects  to  the  WBIF’s,  in  application  of  IPA’s  ownership 
principle. 

The  Energy  Efficiency  Finance  Facility  (EEFF)  was  launched  in  2006  to  tackle  the 
Climate  Change  issue.  It  aims  at  stimulating  the  energy  efficiency  investments  in  all 
types of building and in the industry sector 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. At the end of 2011, the total grant 
contribution  made  available  by  the  EC  amounted  to  EUR  19.5m  and  the  EIB  lending 
commitment is at least 78m.  

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  2011,  the  EIB’s  total  grant  available  for  the  SME  FF  under  the 
PHARE5 Program was EUR 69m, and the EIB has committed to provide debt financing 
of at least EUR 690m.  

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 55.8m and the EIB lending commitment is at least EUR 279m.  

– 

– 

– 

It is worth noting that, beyond the cooperation in the above facilities, there are other examples of 
co-financing  of  projects  between  EIB  loans  and  EU  budget  grants  particularly  in  the  Pre-
Accession  region.  For  example,  in  Turkey,  in  2011  the  EIB  part-financed  the  ISTANBUL-
ANKARA  RAILWAY  B  project  with  EUR  400m  signed  during  the  year,  and  complementing 
the initial EIB contribution to the project of EUR 850m signed over 2006-2009. The project is a 
Trans-European  Network  (TENs)  High  Speed  Line  (“HSL”)  which  also  attracted  Commission 
support under the IPA Transport Programme (EUR 120m). 

Neighbourhood Region 

– 

The  Commission  and  the  EIB  cooperate  in  the  framework  of  the  Neighbourhood 
Investment  Facility  (NIF),  which  mobilises  additional  funding  for  infrastructure 
projects  and  SMEs  in  the  area  of  the  European  Neighbourhood  Policy  by  providing 
grant  support  for  lending  operations  of  the  EIB  and  other  EU  public  financial 
institutions. The EIB is the largest financier in terms of volumes lent for NIF projects: it 
has co-financed more than 2/3 of the projects (35 out of 52) approved by the NIF Board 
since the inception of the Facility until the end of 2011. The EIB also manages the NIF 
Trust Fund (signed on 5 November 2008) to pool contributions from the Commission, 
the Member States and other donors.  

4 
5 

under United Nations Security Council Resolution 1244 (1999).  
Poland and Hungary Aid for the Reconstruction of the Economy (“PHARE”). 

 
 
                                                 
Mediterranean countries 

– 

– 

– 

– 

The  Commission  and  the  EIB  closely  cooperate  in  the  framework  of  the  priorities 
established  under  the  Union  for  the  Mediterranean  (UfM).  Synergies  with  the 
Commission are especially developed in areas related to UfM horizontal activities such 
as Horizon 2020, the Maritime and Land Highways and the Mediterranean Solar Plan. 
Cooperation  mainly  consists  of  joint  policy  setting,  the  exchange  of  information  and 
periodical meetings held on a sectoral basis both at operational and senior management 
levels.  Two  EIB  employees  have  been  seconded  to  the  UfM  Secretariat  based  in 
Barcelona.  

The  Commission  is  also  represented  in  the  FEMIP  Committee,  which  in  addition 
involves representatives of the Member States and the UfM countries. The Committee 
meets up to three times a year to discuss FEMIP’s strategy and operational guidelines 

The  EIB  manages  in  the  context  of  FEMIP  and  on  behalf  of  the  EU,  a  budgetary 
envelope of EUR 32 million per year under the inter-regional ENPI programme for risk 
capital investments and technical assistance.  

The  FEMIP  Trust  Fund  (FTF),  with  a  replenished  financial  envelope  of  EUR  38m 
funded by contributions of 17 Member States and the Commission, provides resources 
to  upstream  technical  assistance  and  studies,  targeted  equity  operations  designed  to 
support innovative private sector companies and concrete initiatives for Mediterranean 
partner countries committed to the transition to democracy. Since its creation in 2004, 
the FEMIP Trust Fund has given solid added value to the Bank’s activities in the region. 
It has been operating as a think tank by financing research in new areas likely to help to 
develop  the  private  sector  in  the  region.  In  total,  between  2005  and  2011,  the  FTF 
financed  49  operations  with  a  total  value  of  EUR 28.3m.  In  2011,  four  new  TA 
contracts amounting to EUR 1.2m were signed.  

Eastern Neighbourhood, Russia,  

– 

– 

The Commission and the EIB closely cooperate in the framework of flagship initiatives 
established under the EU Eastern Partnership.  

In  December  2010,  the  EIB  launched  a  new  technical  assistance  facility,  the  Eastern 
Partnership Technical Assistance Trust Fund (EPTATF) complementary to the NIF, 
which  aims  at  filling  critical  gaps  for  investment  projects  and  building  capacity, 
contributing  to  faster,  more  successful  project  implementation  in  Eastern  Partnership 
countries.  To  date,  Austria,  France,  Latvia,  Poland  and  Sweden  contributed  a  total  of 
EUR 8.2 m to EPTATF.  

Central Asia 

– 

The Investment Facility for Central Asia (IFCA) was created in 2010. Its overarching 
objective is to mobilise additional investments to support the common goal of achieving 
an area of stability and prosperity and good relations involving the EU and Central Asia, 
in  particular  for  operations  in  the  field  of  energy  and  environment.  Initial  investment 
targets  are  key  infrastructures  with  priority  focus  on  energy,  environment,  SMEs  and 
social infrastructure. EIB, ERBD & the Nordic Development Bank are eligible together 
with  AfD,  KfW,  SIMEST  &  SOFID.  IFCA’s  budget  for  2011-2012  was  set  at  EUR 
45m.  To  date,  one  project  involving  EIB  co-financing  has  been  approved  to  benefit 

 
 
from an IFCA grant (EUR 7m in Tajikistan). In addition, EIB has signed a contribution 
agreement with the Commission for blending IFCA funds (EUR 2.5m) with EIB loans 
in support of sustainable energy projects in Kazakhstan.  

Latin America 

– 

The Latin America Investment Facility (LAIF) encourages beneficiary governments and 
public institutions to carry out essential investment in Latin America which could not be 
otherwise  financed  either  by  the  market  or  by  the  development  financial  institutions 
alone. The facility, managed by the Commission, was officially launched in May 2010 
and  has  foreseen  an  amount  of EUR 125m for  the  period  2009-2013.  LAIF is 
a financing mechanism aiming at mixing grants (non refundable financial contributions 
from the European Commission and other donors) with loans of multilateral or bilateral 
public  European  Development  Finance  Institutions  and  Regional  Latin  American 
Banks. One EIB project benefitted from a grant under the Facility in 2011.  

South Africa 

– 

Global 

– 

Under the EU budget funded Risk Capital Facility (RCF) the Commission and the EIB 
collaborated successfully with the government and a local DFI (Industrial Development 
Corporation) to pursue a clear development focus through support to SMEs, job creation 
and  social  transformation.  After  ten  years  of  cooperation,  EIB’s  involvement  in  RCF 
ended  in  2011.  After  having  invested  EUR  37m  under  a  first  envelope  (RCF1)  the 
Facility is now in its second EUR 50m envelope (RCF2); both are revolving funds. To 
date, RCF1 and RCF2 have funded over 120 SMEs, as well as investment funds which 
in  turn  invested  into  SMEs.  Overall,  over  8,000  new  direct  jobs  have  been  or  are 
expected  to  be  created  as  of  today.  RCF  made  investments  in  a  wide  range  of  sectors 
and across all South African provinces.  

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. 

 
 
Table  10:  Signatures/Commitments  of  EU  budget  resources  under  EIB  management  and/or  contributing  to  EIB 
financed projects in the regions covered by the external mandate 

EUR mn

2007

2008

2009

2010

2011

Total
2007-2011

Technical Assistance and Investment Grants signed or committed in connection with EIB loans
Pre-Accession

Western Balkans Investment Framework (EU contribution)
IPA and Structural Funds to EIB projects in Western Balkans
IPA contributions to EIB SME operations in Turkey
IPA contributions to EIB financed transport projects in Turkey
Municipal Finance Facility (MFF)
SME Finance Facility (SMEFF)
Energy Efficiency Finance Facility (EEFF)
Turkey/FEMIP Support Fund

3.00

22.70
74.00

7.50
1.00

3.50

1.06

0.90
4.00
62.00
120.00
1.20
-1.00
3.90

38.56
84.00
18.00
188.00
1.00
-
15.60

Neighbourhood

Neighbourhood Investment Facility (NIF)
FEMIP Support Fund (excl. Turkey)
Support to FEMIP envelope (2007-2013)
FEMIP Trust Fund*

Asia & Latin America

Investment Facility for Central Asia (IFCA)
Latin America Investment Facility (LAIF)

Risk Capital signatures

Neighbourhood

MEDA / ENPI Risk Capital
FEMIP Trust Fund*

Global

Global Energy Efficiency and Renewable Energy Fund*

TOTAL
* includes other sources of funding than EU budget

17.50

39.35
16.90

53.20
12.20

0.46

3.02

3.89

105.50
10.10
4.10
1.95

111.20
0.81
7.24
1.20

9.50
7.00

9.50
7.00

46.45
2.00

62.00

25.00
5.00

22.50

21.50

10.00

164.95
7.00

13.40

35.90

66.41

132.77

223.05

334.15

505.51

1261.89

65.16
162.00
80.00
308.00
9.70
3.50
19.50
1.06

309.25
57.51
11.34
10.52

 
 
         
 
5. 

LIST OF 2011 OPERATIONS CO-FINANCED WITH OTHER IFIS AND THE COMMISSION 

Country 

Name 

Project 
cost 
(EURm) 

EIB loan 
signed in 
2011 
(EURm) 

Multilat. 
Financing 
Inst. 

European 
Bilateral 
Inst. 

EU 
budget 
contribut. 

Mandate/ 

Facility 

Climate 
Change 
Mandate. 

Pre-Acc. 
Mandate 

Pre-Acc. 
Mandate 

Pre-Acc. 
Mandate 

Pre-Acc. 
Mandate 

Pre-Acc. 
Mandate 

Pre-Acc. 
Facility 

Turkey 

AFFORESTATION AND 
EROSION CONTROL 

378.00 

150.00 

Pre-Acc. 
Mandate 

Bosnia and 
Herzegovina 

RS HOSPITALS 

286.30 

100.00 

Pre-Acc. 
Mandate 

Bosnia and 
Herzegovina 

EMERGENCY FLOOD 
RELIEF AND 
PREVENTION 

98.40 

55.00 

FYROM 

CORRIDOR X ROAD 
PROJECT 

300.00 

65.00 

Montenegro 

MONTENEGRO 
RAILWAYS II 

68.07 

7.00 

X 

X 

X 

X 

X 

Serbia 

Turkey 

Turkey 

Turkey 

UPGRADING OF 
JUDICIARY 
BUILDINGS 

IRMAK-ZONGULDAK 
RAILWAY 
REHABILITATION 

ISTANBUL-ANKARA 
RAILWAY TRANCHE B 

CRESCENT CLEAN 
ENERGY FUND 
TURKEY 

91.44 

15.00 

370.09 

.145.00 

3648.17 

400.00 

X 

Energy 
Sustainabil. 
Facility 

Energy 
Sustainabil. 
Facility 

Regional – S. 
Caucasus 

CRESCENT CLEAN 
ENERGY FUND 
TURKEY 

Regional – 
Central Asia 

CRESCENT CLEAN 
ENERGY FUND 
TURKEY 

200.00 

20.00 

200.00 

1.25 

200.00 

1.25 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Turkey 

Turkey 

Turkey 

Turkey 

DENIZBANK CLIMATE 
CHANGE FACILITYX 

150.00 

75.00 

GREATER ANATOLIA 
SME LOAN 
EXTENSION  

400.00 

50.00 

VAKIFBANK CLIMATE 
CHANGE FACILITY  

150.00 

75.00 

SEKERBANK LOAN 
FOR SME  

100.00 

48.85 

Croatia  

PRIVREDNA BANKA 
GL II 

120.00 

20.00 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Pre-Acc. 
Facility 

Croatia  

MUNICIPAL WATER 
FINANCING FACILITY 

150.00 

75.00 

Croatia  

CORRIDOR VC 

150.40 

60.00 

Croatia  

Croatia  

RC LOAN FOR SMEs 
PRIORITY LENDING 

ESB LOAN FROM 
SMES & MID-CAP II 

100.00 

50.00 

200.00 

50.00 

Turkey 

INFRAMED B 

385.00 

10.00 

Med. 
Partnership 
Facility II 

Regional - 
Mediterranean 

INFRAMED B 

385.00 

39.02 

ALA 
Mandate 

ALA 
Mandate 

ALA 
Mandate 

Energy 
Sustainabil. 
Facility 

Tadjikistan 

TAJIK POWER 
REHABILITATION 

21.00 

7.00 

Nicaragua  

PNESER RENEWABLE 
ENERGY 
TRANSMISSION 

113.32 

54.01 

Argentina 

VW SUPPLY CHAIN 
LATAM 

152.78 

76.39 

Regional – 
Latin America 

ECOENTERPTISES 
FUND II 

29.48 

4.47 

Energy 
Sustainabil. 
Facility 

Regional – 
Central 
America 

CENTRAL AMERICA 
CLIMATE CHANGE FL 

300.00 

100.00 

ENP MED. 
Mandate 

Jordan 

JORDAN INDIA 
FERTILIZER 

453.00 

81.00 

ENP MED. 
Mandate 

Egypt 

GIZA NORTH POWER 
PLANT II 

483.80 

50.00 

FEMIP Risk 
Capital/TA 

Regional – 
North Africa 

CAPITAL NORTH 
AFRICA VENTURE 
FUND II 

100.00 

10.00 

ENP EAST 
Mandate 

Ukraine 

EUROPEAN ROADS 
UKRAINE II 

1010.20 

450.00 

ENP EAST 
Mandate 

Ukraine 

750KV ZAPORIZHZHIA 
– KAKHOVSKA LINE 

397.00 

175.00 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

Eastern 
Partners 
Facility 

RSA 
Mandate 

Ukraine 

South Africa 

MONDI SYKTYVRAK 
MILL 
MODERNISATION 

MOOI-MGENI 
TRANSFER SCHEME 
PHASE 2 

462.80 

100.00 

225.00 

80.00 

X