MEPs to call for parliamentary oversight of the European Investment Bank
MEPs are set to back plans for an inter-institutional agreement between the European Parliament and the European Investment Bank (EIB), to step up cooperation and allow greater parliamentary oversight of EIB work, in a debate with EIB president Werner Hoyer on Wednesday at 15.00 and a vote on Thursday. It would entitle MEPs to put questions directly to the EIB President with an agreed time limit for replies, as it already happens with the President of the European Central Bank.
MEPs note in their annual report on EIB activities in 2014 that it plays an important role in implementing the "Juncker Plan" (Investment Plan for Europe) to boost growth, jobs and social and territorial cohesion in the EU. They therefore recommend introducing external regulatory supervision of the EIB, ask it to detail the results achieved by the various EIB financial instruments in its own Activity Report and back the plans for inter-institutional agreement, which they expect to result in greater scrutiny and more dialogue.
The European Investment Bank, whose shareholders are EU member states, is the world's biggest multilateral public lender. EIB grants loans and gives guarantees which facilitate the financing of projects in all sectors of economy, while operating on a non-profit basis. In 2014 the EIB funded 285,000 small and medium-sized enterprises, thus safeguarding 3.6 million jobs, and signed contracts for a total of 413 projects within the EU worth €69 billion and 92 new projects outside the EU worth €7.98 billion.
Procedure: Non-legislative resolution
Debate: Wednesday, 27 April
Vote: Thursday, 28 April