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Thursday, July 19, 2012

A new partnership between the European Investment Bank and the Committee of the Regions will be launched for growth and regional development

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A debate occurred on the 18th of July between the President of the European Bank (EIB) and the Committee of Regions (CoR) during its plenary session.



With 20 billion Euro in loans provided to 74 less developed regions, and 15 billion Euro invested in urban development and infrastructure in 2011, the EIB is a key partner for regional and local authorities in dealing with the crisis.

In this perspective, the debate was an opportunity to prepare a new phase of enforced cooperation between the two institutions, starting from the current involvement of the EIB in co-financing structural funds projects throughout the EU. A role that could be further developed in order to grant the needed continuity in the programmes implementation and to raise the quality of funded projects. To this aim, the cooperation with local and regional authorities should start at an early stage before the programming period 2014-2020.

The EIB can also provide expert support in developing new projects and funding instruments at local and regional level, while taking advantage of the full commitment of local public and financial actors for a successful project implementation.

The Committee of the Regions

The Committee of the Regions is the EU's assembly of regional and local representatives. The mission of its 344 members from all 27 EU Member States is to involve regional and local authorities and the communities they represent in the EU's decision-making process and to inform them about EU policies. The European Commission, the European Parliament and the Council are obliged to consult the Committee in policy areas affecting regions and cities. It can appeal to the EU Court of Justice if its rights are infringed or it believes that an EU law violates the subsidiarity principle or fails to respect regional or local powers.

The European Investment Bank (EIB)

The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB, the largest international non-sovereign lender and borrower, raises the resources it needs to finance its lending activities by borrowing on the capital markets, mainly through public bond issues. 

Source :  Press room - European Commission


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