Nedzhmi Ali on the Annual Report on the Financial Activities of the European Investment Bank (EIB) for 2016
Thank you Mr. President, dear colleagues,
This report presents the perspective of the European Parliament on the financial activities of the EIB in support of the EU policy goals. It has a broad scope describingthe Bank´s activities in the areas of main policies, accountability, financial operations and communication.
The macroeconomic impact of the Bank´s activities is visible when assess that its cumulative investments in 2015 and 2016 will add – 2.3% to EU GDP growth and – 2.25 million jobs by 2020.
In order to speed up the economic recovery in the Union and to help certain economic sectors and geographical areas to catch up, the report welcomes the development of extended European Fund for strategic Investments (EFSI) and calls for further efforts to avoid the geographical imbalances. Results at the end of 2017 shows that the total investments related to EFSI approvals reached the level of 257 bill Euros. While the implementation of the Investment plan for the time being is intact, we expect better results from EFSI 2.0 with its 500 bill euros.
At the same time we are concerned that the five biggest economies in EU received 54% of the total loans granted in 2016. While the information in the form of investment per unit of GDP could be misleading, we insist for broader territorial distribution of funds, including as regards the EFSI.
The EIB´s impact in the implementation of key public policy areas can be monitoredthrough the results of investments in the key areas for which purpose EIB should continue to define its monitoring indicators. EIB need to further develop its risk culture in order to improve the effectiveness of its interventions with regard to the contribution to EU policies.
While the potential beneficiaries of financing are generally not sufficiently aware of the Bank´s products, there is a need of better information and policy of inclusiveness.