Debate: Financial activities of the European Investment Bank - annual report
Date: WEDNESDAY, 28 FEBRUARY 2024
Speaker: Kadri Simson
Language: EN

The EIB Group has been instrumental in the implementation of the EU policies inside and outside the Union, from its support to the Green Deal, to the rollout of Global Gateway and in the deployment of InvestEU. In the current tense geopolitical circumstances, the EIB’s stronger involvement and support of EU strategic priorities is indispensable. As we look ahead, there are a few points I want to highlight. First, the EU’s competitiveness: we need to strengthen the EU’s competitive edge, and we need the EU’s bank to work closely with us to make it happen. Innovative start-ups and scale-ups are key to Europe’s future economy and society. Both the EIB and the EIF are well placed to help create a favourable investment environment, provide venture capital, and catalyse public and private funding. I appreciate the rapporteur’s focus on the importance of the EIF, particularly its role in enabling SMEs to scale up their operations. To highlight, the number of EIF-supported SMEs throughout 2023 amounted to 350 000. Competitiveness must go hand-in-hand with green and digital transitions. The EIB, as the EU’s investment bank and climate bank, is at the forefront of climate financing, and I welcome that. In 2023, more than half of the EIB’s financing was deployed for climate and environmental sustainability objectives. The EIB contributed to REPowerEU and the recent approval of EUR 5 billion in support of our wind power package are worthy examples to be mentioned. In view of new and emerging risks, the EIB Group has a large role to play in strengthening our economic security. The EIB Group should also adapt and step up its support to foster research and development of the EU industrial base in such strategic areas as advanced semiconductors, quantum computing, biotechnology, net-zero industries, clean energy and critical raw materials. Second, let me recall the impressive role of the EIB Group in implementing our flagship investment programme, InvestEU. The implementation is well on track, and I am happy to see that the EIB and the EIF are generating many operations under InvestEU to support the EU priorities of overall resilience of the EU economy. Third, EIB activities outside the EU: the Global Gateway strategy is a geopolitical project to position the EU in a competitive international marketplace, while supporting our partner countries in responding to their investment needs. In 2023, we have worked hard with the EIB to implement EFSD+, the financial arm of NDICI – Global Europe, resulting in around EUR 3.7 billion in EIB financing against EUR 2.5 billion in 2022. The EIB should continue supporting the rollout of the strategy in line with EU priorities such as sustainable connectivity, boosting security of global supply chains, and facilitating clean and digital transitions. At the same time, EIB intervention should be focused on where it brings the highest additionality and added value both for our partner countries and the EU. Fourth, I have to highlight the EIB’s role in Ukraine. It will be important to gradually increase EIB operating capacity and to prioritise investments in line with the Ukraine plan. With the anticipated imminent approval of the EUR 50 billion Ukraine Facility, the EIB is expected to play a major role in implementing its investment pillar. I expect the EIB to coordinate closely with other implementing partners to ensure high complementarity and best possible delivery. Fifth, Russia’s war dramatically changed the security paradigm here in Europe. We need to increase our defence readiness and this requires a joint effort, including from the EIB. We cannot ignore the geopolitical threats and the needs of Ukraine and the EU to defend itself. I particularly welcome the Defence Equity Facility established with the EIF, which is a first step in support of innovative companies developing technologies with dual-use applications. While we support the EIB commitment to reach EUR 8 billion by 2027 in financing to defence and security, further efforts should be taken to assist the European defence industry in line with the latest Ecofin discussions.