EU Parliament agrees to an extra billion euros in guarantees for Mediterranean basin projects

The European Parliament voted to increase the overall amount of European Investment Bank loan guarantees for infrastructure and small and medium-sized companies in the Mediterranean region by €1 billion until the end of 2013.

The vote (17 February) follows up on the events in Tunisia and Egypt, and an appeal from High Representative Catherine Ashton for extra funding for the Mediterranean region.

The ceiling of the EU guarantees to be used by the Bank are increased by €1.7 billion, including additional support of €1 billion for SMEs and infrastructure in the Mediterranean basin.

The EU guarantees for the Bank would amount to €29.567 billion up to the end of 2013, of which 2 billion is earmarked for environment and climate projects.

The increase was approved via an amendment tabled by Parliament's permanent rapporteur for the EIB, Ivailo Kalfin (S&D, BG), and was part of a wider package aiming at renewing the mandate for the EIB, which will expire by the end of October 2011.

"If we would like to give a clear signal to the people of the Mediterranean at this crucial time, we should enable the EIB to maintain the intensity of its activities in the region", explained Mr Kalfin.

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