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EIB lending to help local SMEs. Giovanni Collino MEP


18 Feb 2011


Euro & Finance

Stop investments not focused on specific targets. Green light for the strategic ones that can indeed contribute to development.


Giovanni Collino MEP has welcomed the approval today by the European Parliament of the Report on a decision granting an EU guarantee to the European Investment Bank (EIB) against losses under loans and guarantees for projects outside the European Union.

It concerns the EIB lending outside Europe, a dossier amounting to almost €28 billion and on which Giovanni Collino MEP is the Shadow Rapporteur for the EPP Group.

"With today's very important vote, we are renewing the EU guarantee to cover losses and loans from the EIB for projects outside the EU", said Mr Collino.

The key points of this Report are: support for local small and medium-sized enterprises through the development of economic and social infrastructure (transportation, energy, information services), optimisation of synergies for cooperation and strategic funding.

The EIB Report reduces in particular the financial waste in the management of development cooperation through the creation of a platform for coordination between the Institutions. No possibility of intervention is indeed foreseen for those countries that do not respect the fundamental rights of citizens, such as Belarus. It also eliminates assistance to companies that already enjoy special tax regimes.

"What does matter is efficiency and rationalisation of the interventions, necessary conditions for ensuring the priority actions as a guarantee of financial stability. The interventions will also contribute to the stabilisation of the Mediterranean, with the possibility of helping to solve the migration flows issues", Mr Collino concluded.

(Translation from the original Italian)

For further information:
Giovanni COLLINO MEP, Tel: +33-3-88-175913
Francesco Frapiccini, EPP Group Press & Communications Service, Tel: +32-473-941652

Notes to Editors:
The EPP Group is by far the largest political group in the European Parliament with 265 Members.


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