The EIB’s Economic Resilience Initiative
Following a call from the European Council, the European Investment Bank is developing the Economic Resilience Initiative to increase financing to the EU’s neighbouring countries and support the achievement of the Sustainable Development Goals (SDG’s). This initiative aims to boost economic resilience in the Southern Neighbourhood and the Western Balkans, also in the context of the migration challenge, by upgrading and developing social and economic infrastructure and stimulating growth and job creation.
The EU, working together
The Economic Resilience Initiative forms part of the joined up EU response to the challenges posed by forced displacement and migration, and will be implemented in close cooperation with EU member states and other partners.
To make this initiative a reality, the EIB is building on over three decades of experience supporting projects fostering job creation, sustainable growth, vital infrastructure and social cohesion in eligible countries of the Southern Neighbourhood and the Western Balkans.
What is the geographical scope of the Economic Resilience Initiative?
Examples of EIB-supported projects that are already making a difference for the people in the Southern Neighbourhood and Western Balkans:
Combining EIB expertise, venture capital and EU grants, Silicon Badia provides expertise and capital to empower young and female entrepreneurs in the Southern and Eastern Mediterranean region. Amina Al Ramadna is one of them. "When you go to a normal bank they ask for approval from your husband. Here, they looked at the business as a whole,” she explains.
A EUR 200 million EIB loan is helping modernise four major clinical centres in Belgrade, Novi Sad, Nis and Kragujevac. The project includes the design, construction, equipping and implementation of new buildings as well as the rehabilitation of existing facilities. Once completed, the upgraded clinical centres will provide high quality healthcare services to the local population. In 2003, the EIB also supported emergency modernisations in other 20 regional hospitals across the country.
"When people can look forward to a dignified and peaceful life in their own countries and are protected from conflicts and natural disasters, they have every incentive to build their future where they really feel at home."
Werner Hoyer, EIB President.
The EIB has already given the green light to the first operations under its Economic Resilience Initiative. One of the first operations is "a 300 million euro loan to a Jordan-based bank to channel much needed finance to companies in Jordan, Egypt, Lebanon, Morocco and the West Bank to support growth and sustain approximately 18 000 jobs in those countries," said EIB President Werner Hoyer speaking at the EU ministerial conference on "Supporting the Future of Syria and the Region", held in Brussels on 5 April 2017.
Speaking at the UN Summit for Refugees and Migrants in October 2016, EIB President Werner Hoyer called for new partnerships to tackle the challenges posed by migration and forced displacement and laid out the EIB’s Economic Resilience Initiative.
** The EIB will start operating in Libya once it has signed a Framework Agreement with the country – currently under preparation. Following EU sanctions in November 2011, the EIB suspended all loan disbursements and technical advisory contracts for projects in Syria.