Bigger role for EU Investment Bank to tackle migration crisis 

MEPs will vote Thursday on legislation enabling the European Investment Bank to lend an additional €5.3 billion to projects outside the EU.

€3.7 billion of this amount will be earmarked for projects addressing migration issues. The agreement between Parliament and Council is up for a vote on Thursday. The debate is planned for Wednesday afternoon.

Other key changes:

  • the EIB’s mandate for lending to non-EU countries gets a fourth “high-level” objective to address the root causes of migration,

  • provisions for preventing money laundering, and fighting terrorism and tax avoidance, tax fraud and tax evasion to be strengthened, and

  • EIB’s lending objective on mitigating climate change also to be reinforced.

MEPs will, in addition, vote on a separate report assessing the Annual Report on the Financial Activities of the European Investment Bank for 2016, in which they defend the importance of the EIB's investments and call for more transparency and more efforts to fight tax avoidance.

How it works

The EU provides a budgetary guarantee to the European Investment Bank (EIB) with a maximum ceiling of €30 billion (€27 billion plus €3 billion in reserve) for ”external” operations for the 2014-2020 period.

The new rules would release these €3 billion kept in reserve. Of this, up to €1.4 billion would be earmarked for public sector projects addressing the root causes of migration. In addition, €2.3 billion for that period would be provided for private sector lending for migration-related projects, raising the ceiling to €32.3 billion.

Projects outside the EU account for around 10% of total EIB lending.

Procedure Code: 2016/0274(COD); 2016/0275(COD); 2017/2071(INI)

Debate:  Wednesday, 7 February

Vote:  Thursday, 8 February

Procedure: Co-decision (Ordinary Legislative Procedure), 1st reading agreement (EIB Guarantee); Non-legislative resolution (EIB financial activities report)

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