Five countries pledge contributions for the EU Bank’s Economic Resilience initiative to tackle migration and create jobs

Italy, Luxembourg, Poland, Slovakia and Slovenia have become the first EU Member States to pledge contributions for the European Investment Bank’s Economic Resilience Initiative (ERI). The ERI is an investment programme that helps to tackle the migration challenge in Europe’s Southern Neighbourhood and the Western Balkans. Under the ERI, the EU bank is increasing financing in these two regions by EUR 6 billion during the 2016-2020 period mobilising additional investment of 15 billion. The ERI EIB financing comes on top of the EUR 7.5 billion already planned.

The contributions, announced today, will allow the EU bank to launch a special ERI Fund and step up investment in the private sector and key infrastructure in the two regions. These investments will unlock new opportunities for employment – particularly for women and young people. They will help to improve people’s daily life and the business environment not only in communities where many migrants come from, but also in host and transit communities. In so doing, the Economic Resilience Initiative will help to address the root causes of migration. The ERI is complementary to the EU’s recently agreed External Investment Plan.

Poland and Italy are the largest contributors, with EUR 50 and 45 million respectively. Luxembourg has pledged EUR 0.4 million, Slovakia EUR 2 million and Slovenia EUR 0.5 million.

EIB Vice President Dario Scannapieco, responsible for the Economic Resilience Initiative said:

“These contributions from Italy, Luxembourg, Poland, Slovakia and Slovenia mark a milestone for the EIB’s Economic Resilience Initiative. They allow us to step up our efforts immediately as part of the Union’s joined-up response to the challenges posed by forced displacement and migration. Investments under the ERI are about creating hope and opportunity for refugees, migrants and local populations alike. The initiative is to help in shock-proofing these regions, for example from the impact of the Syrian Refugee crisis. We need to provide people in these countries with the prospect of jobs, basic services and sustainable development.”

He added, “The Economic Resilience Initiative was requested by all 28 member states of the European Union at the end of last year. With these 5 countries leading the way, we hope others will soon follow.”

By stimulating investment in the private sector and vital infrastructure, the Economic Resilience Initiative will create jobs and increase the provision of services like energy, transport, water, sanitation and education. Fundraising for the Economic Resilience Initiative is on track.

Thanks to the backing of donors like these five countries, the EIB can offer additional concessional finance, enhanced support to the private sector, impact finance, and technical assistance for these regions up to 2020. Discussions are underway with a number of other potential governmental and non-governmental donors.

ERI investment is progressing: Since its launch in late 2016, the European Investment Bank has approved 13 projects representing financing of some EUR 1 billion. Well over half of that went into private sector development. Lending through partner banks alone is set to benefit over 600 smaller businesses and midcaps, helping to sustain more than 40 000 jobs.

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Reference

2017-248-EN

7 December 2018

Croatian Government contributes EUR 500,000 for Bosnia and Herzegovina and other Western Balkans countries to tackle migration challenges and create jobs

The EIB will receive a EUR 500,000 contribution for its Economic Resilience Initiative (ERI) from the Republic of Croatia; the contribution will support ERI job creation and infrastructure investments in Bosnia and Herzegovina and/or other Western Balkan countries.

22 February 2018

EU member states boost EU Bank initiative to tackle migration challenge

Today the EIB welcomed a boost from member states that will support the European Union’s action to support resilience and tackle the migration challenge in its neighbourhood through the Economic Resilience Initiative (ERI) –an investment plan aimed at supporting job creation in the private sector and key social infrastructure such as water, health and education.

30 June 2017

Lebanon: The EIB signs a EUR 265 million facility in support of private sector development as part of its “Economic Resilience Initiative”

The EIB has signed the “Lebanon Private Sector Support” project, a line of credit in a combined amount of EUR 265 million to support projects conducted by small- and medium- sized enterprises (SMEs) and mid-cap companies in Lebanon. This facility represents one of the first operations under EIB’s “Economic Resilience Initiative (ERI), which aims to contribute to the sustainable growth of the Lebanese economy and support its resilience in the context of the refugee crisis in the wider region. ERI helps to shock-proof the region by supporting vital infrastructure and much-needed private-sector development. SMEs make up the vast majority of firms in the region and are key drivers for growth and job-creation.