REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL ON 2012 EIB EXTERNAL ACTIVITY WITH EU BUDGETARY GUARANTEE
Date: 2013-11-28
Institutions: European Commission
Subjects: ACP countries, EIB loan, credit guarantee, interinstitutional cooperation (EU), overseas countries and territories













EUR-Lex - 52013DC0834 - EN











|



52013DC0834

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL ON 2012 EIB EXTERNAL ACTIVITY WITH EU BUDGETARY GUARANTEE /* COM/2013/0834 final */









REPORT FROM THE COMMISSION TO THE
EUROPEAN PARLIAMENT AND THE COUNCIL
ON 2012 EIB EXTERNAL ACTIVITY WITH EU
BUDGETARY GUARANTEE
1.           INTRODUCTION
Decision
1080/2011/EU of the European Parliament and of the Council of 25 October 2011
granting an EU guarantee to the European Investment Bank (EIB) against losses
under loans and loan guarantees for projects outside the Union[1] (the “Decision” or the "EU guarantee") requires the
Commission to report annually on EIB financing operations carried out under the
EU guarantee, building on yearly reports provided by EIB. 
The present report also provides a summary
of the own risk operations carried out by the EIB in 2012 in the regions
covered by the Decision. Following the first full year of implementation of the
new EIB REsults Measurement (REM) framework, this report provides more detailed
information on expected results based on EIB financing operations approved in
2012. The EIB operations in Africa, Caribbean and Pacific (ACP) as well as in
Overseas Countries and Territories (OCT) are covered in a separate annual
report.
More detailed information and statistical
tables on the above activities, including at project, sector, country and regional level, are provided in the attached Staff Working Document (the “SWD”)[2]. Actual results achieved based on case studies on operations under
implementation or completed are presented in the SWD.
It should be noted that on 23 May 2013, the
Commission adopted a legislative proposal for a new Decision of the European
Parliament and Council on granting an EU guarantee to the EIB financing
operations outside the EU under the next Multi-Annual Financial Framework (MFF),
accompanied by an impact assessment[3].
2.           KEY RESULTS
The Decision sets
an overall General Mandate ceiling to EUR 27,484 mn and an additional EUR 2,000
mn Climate Change Mandate.
Continued weak economic performance in the
euro area and other advanced economies contributed to a further slowdown in
world output growth in 2012. Within the regions covered by the Decision, the Pre-Accession
region was among the worst hit due to its close linkages with the euro area,
resulting in declining growth rates in Turkey from 8.5% to 3% and in other
Pre-Accession countries from 1.3% in 2011 to -0.2% in 2012. Likewise, the
Eastern Neighbourhood countries suffered from their close trading relationships
with the euro area, while continued uncertainty associated with the political
and economic transition following the Arab Spring continued to weigh on the
performance of the Southern Mediterranean countries. Growth declined in Asia
and Latin America, mainly driven by a slowdown in Brazil, China and India. South Africa was also negatively affected, and growth declined from 3.5% in 2011 to
2.3% in 2012.
Despite a challenging business environment,
in 2012 the EIB maintained signatures in the regions covered by the Decision at
the same level as in 2011 at EUR 6.5 bn. Financing under the EU guarantee
increased by around EUR 900 mn to EUR 4.0 bn, while financing at EIB own-risk
decreased by around EUR 900 mn to EUR 2.5 bn.
In January 2012, the EIB launched the REM
framework, which strengthens the Bank’s measurement and reporting on the
results and impact of its operations as requested in the Decision. An extensive
set of objectively measurable and monitorable indicators have been developed
which will guide the assessment throughout the project life cycle. The expected
results for all EIB operations approved in 2012 are summarised in the SWD. EIB's
full report on results of EIB operations outside the EU has been published on
its website[4]. 
The revised Decision also emphasised a
stronger alignment of EIB external activity and EU external policies,
programmes and instruments. Over the year 2012, the EIB continued to cooperate
closely with the Commission and the EEAS to strengthen the consistency and
coherence of EIB actions with external EU policies. In this context, several new
legal requirements of the Decision were implemented, including the Technical
Regional Operational Guidelines adopted by both the Commission and the EIB in
November 2012[5] and the EIB's Climate Strategy[6]
in External Mandate Countries that was provided to the Council and Parliament
at the end of the year. 
3.           FINANCING OPERATIONS
3.1.        Overview
of EIB financing volume in the regions covered by the Decision
The following table provides an overview of
the volume of EIB financing in 2012 in the regions covered by the Decision.
Table 1: EIB Financing Operations signed in 2012 in the regions covered by the Decision 
 Countries of operation || Operations under mandate || EIB own risk operations || Total 
 (EUR million) || Comprehensive guarantee || Political risk cover || Total 
 Pre-Accession Countries || 821 || 0 || 821 || 2285 || 3106 
 Mediterranean countries || 1466 || 189 || 1655 || 11 || 1665 
 Eastern Neighb., Russia || 534 || 400 || 934 || 0 || 934 
 Asia and Latin America || 350 || 100 || 450 || 250 || 700 
 South Africa || 0 || 100 || 100 || 0 || 100 
 Total || 3171 || 789 || 3960 || 2546 || 6506 
Following the high level of own-risk
lending in 2011, the relative proportions of activity under the EU guarantee
and at EIB's own-risk re-balanced in favour of those under the guarantee which
grew by 30% to reach EUR 3.96 bn or 61% of total 2012 financing in the regions
covered by the Decision. The bulk (89.8%) of operations financed at EIB own
risk was signed in Pre-Accession.
In 2012, 80.1% of the loans signed under
the EU guarantee were covered by a Comprehensive Guarantee, which is used for sovereign
and sub-sovereign operations, while 19.9% benefited from the political risk
cover for private sector operations with all other risks being borne by the EIB.

Chart 1: Annual evolution of EIB lending
volumes in the regions covered by the Decision
At the end of 2012, the overall amount
signed under the Decision (less cancellations) stood at EUR 23.1 bn, or 79% of
the overall ceiling under the Decision. An overall amount of EUR 6.3 bn was available
for new EIB operations under the guarantee. The EIB is expected to reach some
of the regional ceilings by the end of 2013, while under others, there may
still be headroom. The Decision provides for the possibility of reallocating up
to 10% between the regional ceilings.
Table 2: EIB total
signatures and disbursements under the Decision (2007-2012) 
 EUR mn || Ceiling || Net Signed || Net signed as % of ceiling || Disbursed || Net disbursed as % of net signed 
 Pre-Accession || 9 048 || 8 446 || 93% || 4 923 || 59% 
 Mediterranean || 9 700 || 7 861 || 81% || 3 263 || 42% 
 Eastern Neighbours, Russia || 3 848 || 2 642 || 69% || 551 || 21% 
 Asia and Latin America || 3 952 || 2 871 || 73% || 1 825 || 64% 
 South Africa || 936 || 691 || 74% || 520 || 75% 
 General Mandate Total || 27 484 || 22 511 || 82% || 11 082 || 49% 
 Climate Change Mandate (2011-2013) || 2 000 || 650 || 33% || 150 || 20% 
 Total Mandate || 29 484 || 23 161 || 79% || 11 232 || 48% 
In terms of disbursement, which is a
tangible indicator of progress in project implementation, 48% of net amounts
signed under the Decision (EUR 11.2 bn) had been disbursed at the end of 2012.
This level corresponds to an average usual time lag between finance contract
signature and disbursement. South Africa was relatively strongest having drawn
75% of net signed amounts, followed by Asia and Latin America (64%) and
Pre-Accession (59%). In 2012, disbursements in the Mediterranean accelerated to
a record level of EUR 1.5 bn, of which EUR 1.2 bn under the current Decision.
Cumulative disbursements remained however below average at 42% of net
signatures in Mediterranean. In Eastern Neighbourhood, the slower increase in
the pace of disbursements reflects initial delays in project implementation and
administrative delays in recipient countries. Disbursements remained at 21% of
net signatures in Eastern Neighbourhood and Russia.
Table 3: Annual lending signatures under
the current Decision (2007-2013)
 EUR mn || 2007 (*) || 2008 || 2009 || 2010 || 2011 || 2012 || Gross Total || Cancel-lations || Net Total 
 Pre-Accession || 389 || 2 009 || 2 859 || 1 535 || 874 || 821 || 8 486 || 40 || 8 446 
 Mediterranean || 1 205 || 1 195 || 1 510 || 2 009 || 926 || 1 305 || 8 150 || 288 || 7 861 
 Eastern Neighbours, Russia || 0 || 170 || 233 || 631 || 675 || 934 || 2 642 || 0 || 2 642 
 Asia and Latin America || 305 || 469 || 1 088 || 643 || 310 || 300 || 3 115 || 244 || 2 871 
 South Africa || 0 || 203 || 280 || 50 || 115 || 100 || 748 || 56 || 691 
 General Mandate Total || 1 899 || 4 045 || 5 969 || 4 867 || 2 900 || 3 460 || 23 140 || 629 || 22 511 
 Climate Change Mandate (2011-2013) ||   ||   ||   ||   || 150 || 500 || 650 || -- || 650 
 Pre-Accession ||   ||   ||   ||   || 150 || - || 150 || -- || 150 
 Mediterranean ||   ||   ||   ||   ||   || 350 || 350 || -- || 350 
 Eastern Neighbours, Russia ||   ||   ||   ||   ||   || -- || -- || -- || -- 
 Asia and Latin America ||   ||   ||   ||   ||   || 150 || 150 || -- || 150 
 South Africa ||   ||   ||   ||   ||   || -- || -- || -- || -- 
 Total Mandate || 1 899 || 4 045 || 5 969 || 4 867 || 3 050 || 3 960 || 23 790 || -- || 23 161 
 (*) Until 31st July 2007, lending was also carried out under the previous 2000-2007 Decision. 
In terms of
number of projects, 39 projects were financed under the Decision in 2012
compared to 29 in 2011. 
As shown in the table 1, the Pre-Accession
countries remained the main beneficiary region of EIB financing outside the EU
in 2012 with EUR 3.1 bn signed, representing 48% of total financing in the
regions concerned. EIB prioritised credit lines to SMEs (55% of signatures) and
trans-European infrastructure projects. Lending under the guarantee declined to
EUR 0.8 bn, while lending under the own-risk Pre-Accession Facility remained at
EUR 2.3 bn like in the previous year. 
Despite the continued instability after the
Arab Spring and the suspension of activity in Syria, EIB financing in the
Mediterranean countries bounced back to EUR 1.7 bn signed in 2012, a 73%
increase over the previous year. As in previous years, energy and transport
sectors were the largest beneficiaries of EIB financing in the Mediterranean
region. The EIB also stepped up its lending to the private sector, providing
around EUR 660 mn[7]
in 2012 – an increase by over EUR 300 mn compared to 2011 and the highest level
since 2007. With EUR 350 mn signed under the Climate Change Mandate and a
substantial pipeline built during the year, the region was also the main
beneficiary of the additional mandate envelope released in October 2011 for
climate action.
Financing activity in the Eastern
Neighbourhood and Russia grew to a new record high of EUR 934 mn in 2012, up
from EUR 776 mn in 2011. Credit lines for SMEs accounted for around 50% of
signatures, reflecting the need to support entrepreneurship and more inclusive
growth in the region. The energy and transport sectors were also large
beneficiaries of EIB funding in support of strategic infrastructure projects.
In Asia and Latin America, total lending
declined to EUR 700 mn (compared to EUR 1.17 bn in 2011) due to postponement of
two large operations. Climate action remained the main focus of lending in the
region, representing 86% of signatures in the year (100% in Asia and 67% in Latin America). In South Africa, two new loans in support of renewable energy and municipal
infrastructure totalling EUR 100 mn were signed in 2012, down from EUR 165
million in 2011. 
Table 4: Sectoral breakdown of operations
signed in 2012 (EUR mn) under the EU guarantee
 Region || Total || Energy || Transports || Industry & Services || Water, sewerage || Credit lines for SMEs || Urban / Composite Infra- structure || Telecom-munications 
 Pre-Accession Countries || 821 ||   ||   || 217 || 26% || 175 || 21% || 254 || 31% || 175 || 21% ||   ||   ||   ||   
 Mediterranean countries || 1 655 || 387 || 23% || 615 || 37% || 218 || 13% || 70 || 4% || 165 || 10% || 201 || 12% ||   ||   
 Eastern Neighbours & Russia || 934 || 217 || 23% || 211 || 23% ||   ||   || 7 || 1% || 500 || 54% ||   ||   ||   ||   
 Asia and Latin America || 450 || 75 || 17% || 200 || 44% ||   ||   ||   ||   || 75 || 17% ||   ||   || 100 || 22% 
 South Africa || 100 || 50 || 50% ||   ||   ||   ||   ||   ||   ||   ||   || 50 || 50% ||   ||   
 Total || 3 960 || 729 || 18% || 1 243 || 31% || 393 || 10% || 330 || 8% || 915 || 23% || 251 || 6% || 100 || 4% 
3.2.        Contribution
to EU policy objectives 
The Decision foresees three horizontal
high-level objectives for all regions covered by the EU budgetary guarantee: 
(i)         Climate change mitigation and
adaptation; 
(ii)        Development of social and
economic infrastructure;
(iii)       Local private sector development,
in particular support to SMEs.
Additional underlying objectives include
the contribution to the general principles guiding external action, as referred
to in Article 21 TEU and regional integration among partner countries,
including economic integration between pre-accession countries, neighbourhood
countries and the Union. 
The technical Regional Operational
Guidelines aim at ensuring that EIB financing under the EU guarantee is
consistent with and complementary to corresponding EU external policies, programmes
and instruments in the different regions covered by the Decision.
The horizontal high-level objectives
indicated above form the basis of reporting for new operations from 2012
onwards. 
The EIB has
continued to strengthen its climate action lending during the period
covered by the Decision. The additional Climate Change Mandate envelope of EUR
2 bn has helped to widen, beyond the emerging market economies, the spread of
developing countries in which investments in climate action are being made. By
the end of 2012, one third of the EUR 2 bn envelope (released in October 2011)
had been utilised and substantial pipeline built up in all regions, providing
good prospects for full utilisation before the end of the mandate period. 
Since 2007, cumulative EIB support to
climate action projects in the regions covered by the Decision amounts to EUR
8.5 bn. The vast majority (86%) of climate action lending is related to
investments in renewable energy, energy efficiency and sustainable transport.
However, in recognising that the regions covered by the Decision are
particularly vulnerable to current climate variability and to future climate
change, the EIB is increasing the integration of climate resilience into
projects. This includes supporting technical assistance and appropriate
planning measures as well as supporting specific adaptation investments such as
flood control and defence measures. 
In 2012, climate action signatures amounted
to EUR 1.6 bn, representing 24% of total EIB financing in the regions covered
by the Decision (29% of signatures under the EU guarantee, either under the
general or the climate change mandate envelopes). This proportion is in line
with the EIB’s global target of 25% of overall lending (increased from 20% in
2010), and relatively more than in 2010 when broadly an equal volume of EUR 1.6
bn in climate action signatures accounted for 21% of total financing in the
regions covered by the Decision (15% of signatures under the EU guarantee).
Table 5: Climate Action lending signatures in 2012 in the regions
covered by the Decision
 EUR mn || Climate action under ||   || Total climate action || as % of total signed 
 General Mandate || Climate Change Mandate || EIB's own risk 
 Pre-Accession || 85 ||   || 157 || 242 || 8% 
 Mediterranean || 113 || 350 || 11 || 474 || 28% 
 Eastern Neighbourhood || 195 ||   ||   || 195 || 21% 
 Asia ||   || 150 || 250 || 400 || 100% 
 Latin America || 200 ||   ||   || 200 || 67% 
 South Africa || 50 ||   ||   || 50 || 50% 
 Total in Regions covered by the Decision || 643 || 500 || 417 || 1 560 || 24% 
 as % of total signed || 29% || 16% ||   ||   
In the current economic environment, SME
lending has become a high short-term priority of the Bank in support of the
economic development in Pre-Accession countries, which indeed has reduced the
share of environmental projects.
However, significant qualitative work has
been achieved in 2012 in terms of the building of the relationship with local
intermediaries which will translate into operations targeting climate change
(e.g. small scale water and waste projects) from 2013 onwards. In addition,
some reforestation and rail financings with very positive climate contribution
are expected to materialise in 2013 and therefore the rate of commitment on
climate finance in the Pre-Accession region is expected to rise significantly.
In line with the requirements of the
Decision, the EIB developed, in consultation with the Commission, a Climate
Strategy in External Mandate Countries, which was submitted to the European
Council and Parliament on 19 December 2012. The strategy describes the EIB’s
approach to support climate action both in quantitative and qualitative terms,
and presents various short-term and longer term actions to further enhance the
Bank’s work on climate. 
Over the years 2007-2012, the EIB has
provided more than EUR 23.2 bn for the financing of social and economic infrastructure,
including transport, energy, environmental infrastructure and information and
communication technology. EIB support for social and economic infrastructure
accounted for 51% of the overall EIB activity in the regions covered by the Decision
in 2012 (73% for operations under guarantee).
Support to the private sector also accounted
for 51% of the overall EIB activity in the regions covered by the decision in
2012 (37% for operations under guarantee). Private sector development is
necessary for inclusive and sustainable growth, which itself is a condition for
poverty reduction. EIB support to the development of local private sector
consists mainly of lending through intermediary banks to SMEs and MidCaps[8] as well as of direct lending to larger private enterprises. 
In 2012, intermediated lending to SMEs
and MidCaps in the regions covered by the Decision reached EUR 2.1 bn
representing more than twice the volume signed in the previous year, mainly due
to higher signatures in Pre-Accession and the Eastern Neighbourhood / Russia. This represented 66% of EIB private sector activity in the regions covered by the
decision in 2012 (56% for operations under guarantee). 64% was signed under the
Pre-Accession Facility without the EU guarantee. Allocations of funds made in
2012 under credit lines amounted to EUR 1.7 bn, contributing to almost 4,800 investment
projects undertaken by SMEs and MidCaps with total investment cost of EUR 3.6 bn.
More details on the financial intermediaries' activities in support to SMEs are
provided in the SWD.
The EIB also supports local private sector
development through direct loans to larger private enterprises, mainly
in the industrial and services sectors. These investments often induce
employment and investment effects also in the local supplier base. In 2012, direct
lending to the local private sector focused on the Pre-Accession and Mediterranean regions.
3.3.        In line with Article 12 of
the Decision and with the EIB Policy towards weakly regulated, non-transparent
and uncooperative jurisdictions adopted in 2010, no cross-border EIB financing
operations under the EU guarantee were carried out with counterparts based in
non-compliant jurisdictions.
3.4.        Impact
and value added of EIB operations
·                        
To further strengthen its assessment,
measurement and reporting on the results and impacts of its operations outside
the EU and in line with the requirements of the Decision, the EIB launched a
new framework to replace the existing Economic and Social Impact Assessment
Framework. The REM framework, which was introduced as a pilot in 2012,
improves the ex-ante assessment of expected project results and enhances the
Bank’s ability to monitor and report on actual results achieved. In this
context, as well as in the due diligence process, the EIB takes into account,
in a systematic manner, the economic, financial, environmental and social
sustainability in the design and monitoring of the projects it finances. In
line with the former frameworks, projects are rated within the REM according to
three “pillars”:
·                        
Pillar 1 rates the expected contribution to lending
objectives.
·                        
Pillar 2 measures the expected results, the
quality, and the soundness of projects.
·                        
Pillar 3 measures the EIB’s expected financial
and non-financial additionality. 
The following sections focus on operations approved
in 2012, in contrast to the other parts of this report which contemplate
operations signed. A worked example of a REM sheet is provided in the
SWD. Expected results were estimated during the due diligence. As the approved
projects begin to be completed, actual results achieved will be collected and
reported. Since it will take several years for actual results to be produced by
operations approved under the new REM framework, this year’s REM annual report
uses eight case studies to report on actual results achieved by projects under
implementation or completed. As of 2013, the report will be based on signatures
and not approvals, in order to align it better with other Bank reporting
requirements.
The full REM report, covering all EIB
operations outside the EU, including those under the Cotonou Mandate for the
ACP region, as well as the case studies can be found on EIB website. 
Chart 2 shows the distribution of REM
Pillar ratings of the projects approved in 2012 in the regions covered by the Decision.
Note: Pillar 3 ratings for additionality are slightly
different: 4-high, 3-significant, 2-moderate, 1-low
More detailed information on the REM
framework can be found in the SWD.
4.           COOPERATION
WITH THE COMMISSION 
A list of the existing frameworks within
which the EIB and the Commission cooperated in 2012 with a view to
strengthening the coherence of overall EU support in the regions covered by the
Decision is included in the SWD, together with a summary table on the financing
volumes signed by the EIB upon its management of EU budget resources. Some of
the main activities coordinated between the two institutions in 2012 are
outlined below.
The technical Regional Operational
Guidelines, drafted in close cooperation between the Commission and EIB, were
adopted by both institutions in November 2012[9].
The Climate Strategy in External Mandate Countries, prepared in close
cooperation with the Commission, was provided by EIB to the Council and
European Parliament in December 2012. The Commission-EIB MoU of May 2008 was
updated in 2012, in light of the establishment of the EEAS, and in view of the
signaturein 2013. 
The Commission adopted a Delegated Act in
April 2012 removing Syria from the list of eligible countries under the Decision[10]. In this context, it
should be noted that the EIB experienced defaults on interest and loan
repayments from the Syrian Government and the Guarantee Fund was called several
times in 2012 to cover defaults on loans in Syria for an amount equivalent to
approximately EUR 21.5mn[11].
The EIB and EEAS have taken forward the
principle of colocation of EIB offices within EU Delegations. All new EIB
external offices are being located in Delegations, with an effort to relocate
existing offices where possible. In 2012, the EIB opened an office in Ukraine within the EU Delegation, and significant progress was made in the discussions concerning
EIB offices in China and Russia.
Draft framework agreements were discussed
with a number of newly eligible partners (Cambodia, Iceland, Iraq, Kosovo[12] and Libya) in 2012. The agreement with Kosovo was signed in 2013.
Throughout 2012, geographical coordination
meetings have taken place between the EIB, the Commission and EEAS in all
regions covered by the Decision, with the aim of identifying concrete
activities to enhance synergies. 
The EIB provided input to the impact assessment
work carried out by the Commission in 2012 to prepare the legislative proposal
to the Parliament and the Council for the next EU guarantee to EIB operations
outside the EU for the period 2014-2020.
The EIB continued its active involvement in
the EU High Level Taskforces established by HRVP Ashton to provide a
coordinated EU response to the needs of the Arab Spring countries. 
The EIB continued to actively participate
in the regional loan-grant blending mechanisms in 2012. It also closely
cooperated with the Commission in the group of experts tasked with studying the
establishment of the EU Platform for Blending in External Cooperation (EUBEC).
The Platform was established at the end of 2012[13] and the EIB is an active
participant in the EUBEC, also chairing one of the Technical Groups established
in this framework. 
5.           COOPERATION WITH INTERNATIONAL FINANCING INSTITUTIONS 
Cooperation with other International
Financial Institutions (IFIs) is an integral part of the EIB activities,
ranging from dialogue on institutional matters, horizontal topics and thematic
issues, and mutual consultation, to enhanced forms of operational co-financing
and work sharing. A large portion of the dialogue between IFIs takes place
within specialised working groups meeting periodically to share best practices
or to address specific issues. There are approximately 30 established Multilateral
Development Banks (MDBs) working groups which occasionally include other IFIs,
covering a wide range of topics. Moreover, the EIB has engaged with other MDBs
in a major work to harmonise the tracking and reporting on Climate Finance. Two
reports, on Mitigation tracking and Adaptation tracking, were published at Doha. In addition, the Bank is a leading contributor to the IFI working group on green-house
gas accounting. Finally, the Bank participates in other dialogue initiatives
such as the semi-annual Heads of MDBs meeting which was hosted by the EIB in
2012 in Luxembourg.
In 2012, co-financing with other IFIs or
European bilateral institutions represented 67% of EIB total signatures with
the EU guarantee, up from 56% in 2011. The list of co-financed operations
signed in the regions covered by the Mandate in 2012 is included in the SWD. 
The MoU between the Commission, the EIB Group
and the EBRD signed in March 2011 was updated in 2012 to take account of the
first review which took place in March 2012. The MoU sets out a framework for
cooperation outside the EU which seeks to enhance the combined impact of the
two Banks’ respective operations, in the interest of beneficiary countries and
of the respective Banks’ shareholders. This update extends the list of regions
of common operation outside the EU to include the Southern and Eastern Mediterranean region. 
Under the Mutual Reliance Initiative (MRI)
between AfD, EIB and KfW, operational guidelines were finalised in 2012,
building on the experience of the pilot phase, involving 14 joint projects in
the Southern Neighbourhood and in sub-Saharan Africa. The MRI is a mechanism by
which, when co-financing projects, one of the three partners takes the role of
lead financier, relying on its standards and procedures as long as the minimum
requirements of the other partners are met. As of 2013, the initiative will be
rolled out to other geographical regions outside the EU.
The EIB has cooperated throughout 2012 with
other lenders under the G8 Deauville Partnership to ensure that synergies are
optimised in support of democratic and economic transition in the southern
neighbourhood region. In 2012, the EIB also signed a bilateral MoU with the
Islamic Development Bank. 
The Bank launched, together with EBRD and
the World Bank Group, the “Vienna 2 Initiative” in January 2012 in response to
renewed risks for the Pre-Accession region stemming from the eurozone crisis.
Its focus is on fostering home and host authority coordination in support of
stable cross-border banking and guarding against disorderly deleveraging.
Western banking groups continue to play an important role in the Initiative,
both by supporting the coordination efforts and doing their own part to avoid
disorderly deleveraging.
[1]               OJ L 280, 27.10.2011, p.1
[2]               SWD(2013)484
[3]               COM(2013)293
[4]               http://www.eib.org/infocentre/publications/all/eib-rem-annual-report-2012.htm 
[5]               SWD(2012) 357 final.
[6]               http://www.eib.org/infocentre/publications/all/eibs-climate-strategy-outside-the-eu.htm

[7]               Including 24 million in equity participations using
FEMIP risk capital and Trust Fund resources.
[8]               Medium sized enterprises with a workforce between 250
and 3,000 employees.
[9]               SWD(2012) 357 final.
[10]             OJ L 110, 24.4.2012, p. 38
[11]             For further detail, see the Report from the Commission
to the European Parliament and the Council on the Guarantee Fund and its
management in 2012 (COM(2013)662, transmitted to the European Parliament and
the Council on 27 September 2013.
[12]             This designation is without prejudice to positions on
status and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo
declaration of independence
[13]             The report of the group of Expert is available at the
following address: http://ec.europa.eu/transparency/regexpert/index.cfm?do=groupDetail.groupDetailDoc&id=6980&no=1
and http://ec.europa.eu/transparency/regexpert/index.cfm?do=groupDetail.groupDetailDoc&id=6981&no=2