EIB looks to increase "investment activity"

European Investment Bank (EIB) President Philippe Maystadt said that the bank wants to increase its investment activity in the Balkans, especially in Serbia.

Izvor: Politika

Monday, 16.03.2009.

18:46

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European Investment Bank (EIB) President Philippe Maystadt said that the bank wants to increase its investment activity in the Balkans, especially in Serbia. He told daily Belgrade Politika that evidence of these intentions can be seen in the fact that the EIB is opening offices in Belgrade. EIB looks to increase "investment activity" “The Balkans is our closest neighbor. Short-term evaluations are one level of projections. Long-term, taking into consideration the ideal of European integration, we believe it is in the best interest of both the Balkans and EU to work on strengthening our bonds and bringing it closer together. Cooperation with Serbia is of key importance,” he said. “EIB supports a number of projects in Serbia, but I believe that the development and modernization of the infrastructure is of great importance for development in the country, but also for strengthening ties with the united EU market,” Maystadt said. “At the same time, the EIB has already announced that it will put EUR 8.5bn at the disposal of the banking sector of southeast Europe by the end of April 2009, and during 2010, this sum could reach EUR 11bn, but we are careful,” he told the newspaper. “On the other side, we can only guess now why a large part of these current funds are not being used. In the first wave, we thought that local banks did not have enough information on how favorable the offered loan is. We then drastically simplified the procedure of reporting on phases of realization for already approved loans,” Maystadt said. He said that no one knows for sure whether the period of financial and economic trumoil is just beginning or how long it is expected to last. One of the already announced, leading priorities in this period is the added investment support program for countries and regions which were hit hardest by the crisis, he said. “Here in Barcelona [at the annual forum of the EIB], we approved a loan of EUR 1.5bn for Lithuania, and we will soon talk with Hungary regarding new assistance,” Maystadt said.

EIB looks to increase "investment activity"

“The Balkans is our closest neighbor. Short-term evaluations are one level of projections. Long-term, taking into consideration the ideal of European integration, we believe it is in the best interest of both the Balkans and EU to work on strengthening our bonds and bringing it closer together. Cooperation with Serbia is of key importance,” he said.

“EIB supports a number of projects in Serbia, but I believe that the development and modernization of the infrastructure is of great importance for development in the country, but also for strengthening ties with the united EU market,” Maystadt said.

“At the same time, the EIB has already announced that it will put EUR 8.5bn at the disposal of the banking sector of southeast Europe by the end of April 2009, and during 2010, this sum could reach EUR 11bn, but we are careful,” he told the newspaper.

“On the other side, we can only guess now why a large part of these current funds are not being used. In the first wave, we thought that local banks did not have enough information on how favorable the offered loan is. We then drastically simplified the procedure of reporting on phases of realization for already approved loans,” Maystadt said.

He said that no one knows for sure whether the period of financial and economic trumoil is just beginning or how long it is expected to last.

One of the already announced, leading priorities in this period is the added investment support program for countries and regions which were hit hardest by the crisis, he said.

“Here in Barcelona [at the annual forum of the EIB], we approved a loan of EUR 1.5bn for Lithuania, and we will soon talk with Hungary regarding new assistance,” Maystadt said.

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