Nedzhmi Ali on the Annual Report on the control of the Financial Activities of the European Investment Bank for 2017

N Ali - EIB - Rodopi

This statement was presented during the Plenary debate on 16.01.2019 in Strasbourg in the presence of Werner Hoyer, Executive director of the EIB and Jyrki Katainen, EU Commissioner for Jobs, Growth, Investment and Competitiveness.

Thank you Mr. Chair, Dear Commissioner Katainen, Mr. Hoyer, colleagues,

Pivotal role of the Bank is to ensure a value-adding strategic public investment supporting the sustainable growth and creating high-value jobs within the EU. As an example the overall finance approved by the EIB Group within the EU in 2015-2016, will support 544 billion EUR of investment, add 2.3% to GDP and create 2.25 million jobs by year 2020.

In 2017 the EIB successfully achieved its objectives, implementing EU policy in line with its mission and as detailed in its Operational Plan. The Bank lending signatures reached almost 70 billion EUR, of which 90% within the Union. This financial resource was dedicated to four strategic areas: innovation and skills; infrastructure; environmental projects; as well as SMEs and midcaps. The SMEs received more than 40% of the whole sum, which is in correspondence with their role as backbone of the European economy. Results would be better with proactive policy and increasing the funding to these enterprises.

We are satisfied with the conclusion of the Audit Committee that the Financial Statements adopted by the EIB Board of Directors present a true and fair view of the financial position of the Bank and of the results of its operations and cash-flows. A better corporate governance will be achieved paying greater attention to mid- and long-term effects when defining investment actions and its funding decisions.

In order to speed up the economic recovery in the Union and to help certain economic sectors and geographical areas to catch up, a major role plays the European Fund for strategic Investments (EFSI). With mobilised investments at the end of 2017, exceeding 207 billion EUR, EFSI is on the way to reach its goal. Despite the need to avoid some of the geographical imbalances, the improvement in transparency is visible with the publication of the EFSI Investment Committee decisions and the documents adopted by the Steering Board together with the minutes of the meetings.

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