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The current review of the European Investment Bank’s mandate for lending outside of the EU brings some of the pitfalls of the bank’s development lending to the fore and offers a chance for improvements.
by Xavier Sol, cross-posted from the Counter Balance blog
“The European Investment Bank is not a development bank, it is an investment bank designed to support EU policies, including external action”, Werner Hoyer, the president of the EIB repeated in the European Parliament on Monday. Looking at the EIB’s investment portfolio, the facts prove him right: The development impacts of the 6 billion euros that the EIB invests annually outside the EU often remain unclear.
Nevertheless the EIB has a development mandate, explicitly mentioned in the Lisbon Treaty and reaffirmed by the European Court of Justice (pdf). The current review of the document that defines this mandate (see box) offers an opportunity for EU decision-making bodies to take a […]

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