European Investment Bank pushes for more investments in MENA

European Investment Bank (EIB) President Werner Hoyer presents the bank's annual results at a news conference in Brussels February 19, 2014. REUTERS/Francois Lenoir

The President of the European Investment Bank (EIB), Werner Hoyer, highlighted the need to increase the Deauville partnership support for investment to finance economic and social transformation in the Middle East and North Africa (MENA), during the IMF and World Bank annual meetings held this week in Peru.

Hoyer, who is also chairman of the International Financial Institutions (IFI) in the Deauville partnership, highlighted the contributions of the partnership towards enabling continuous dialogue essential for economic transition.

He said the grouping must now step up its support for infrastructure investment and job creation in the region.

Speaking on behalf of international financial institutions involved in the initiative following contributions by IMF President Christine Lagarde and German Finance Minister Wolfgang Schäuble, President Hoyer outlined a number of ways which international financial institutions, including the EIB, could increase their contribution.

This includes supporting job creation, mitigating the economic impact of violent conflict, unlocking additional resources to support economic growth, and increasing coordination to ensure more effective engagement.

“Since the start of the Arab Spring the Deauville Partnership has helped the international community support economic recovery and job creation across the Middle East and North Africa.

“Together with other international financial institutions the European Investment Bank has helped finance new infrastructure and basic services essential for the quality of people’s lives.

“Countries in the region are facing huge additional pressures, including from the need to provide hospitality to refugees escaping fear and violence.

“The EU Bank stands ready to work with others through the Deauville partnership and other mechanisms to increase our engagement.” said Werner Hoyer, European Investment Bank President.

The Deauville Partnership gathers Finance Ministers representing the G7 states and countries in transition – Egypt, Tunisia, Morocco, Jordan, Libya, and Yemen.

The IFI platform within the Deauville Partnership includes the African Development Bank, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the European Investment Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the International Monetary Fund, the Islamic Development Bank, the OPEC Fund for International Development, and the World Bank.

Over the last five years the European Investment Bank has provided more than 22 billion euros for investment in energy, water, health care, urban development and private sector projects in Turkey, the Middle East and North Africa.