Speeches

– Madam President, ladies and gentlemen, Members of the European Parliament. First, I would like to thank Commissioner Johansson for her words on the tragic death of the Ukrainian Minister and send my condolences, of course, on this very tragic accident. Secondly, thank you, dear Members of the European Parliament for your interventions – certainly for the positive reactions, but also for the comments and the questions. I shall try to give some answers to your questions. First of all, there was the suggestion as to what more we can do in education and the educational sector. You know that we are already the largest lender when you speak about education and education investments. Since 2002, we have invested EUR 2 billion each year and that is in the sector of education infrastructure, research centres, but also vocational and professional training as well as, for example, student housing and student loans. But we shall take the suggestions and proposals into account and see what we can do more in the future. Secondly, about small and medium—sized enterprises – several Members of this Parliament intervened about that – I can assure you that small and medium—sized enterprises are, and remain, a priority for the Bank. I’ve already mentioned the EUR 45 billion that we invested in 2021. You know that also we provide some loans to banks, and the purpose of these loans is that the banks provide, in their turn, some loans to small and medium—sized enterprises. Also I mentioned the very popular product or instrument that we deliver for small and medium—sized enterprises in the sector of innovation – the venture debt product – which is also very important to support small and medium—sized enterprises. And, like the Commissioner said, with InvestEU we can continue our efforts to provide small and medium—sized enterprises with this kind of products and instruments. I think also that it was mentioned by one of the Members of the European Parliament that we must of course think what we can do more in certain areas like the space area, where we need, of course, guarantees when we provide this kind of instruments. I hope that also the European Commission can support us when we talk about that kind of investments in very risky sectors like space. Coming to the climate and REpowerEU, I think that everyone underlined that we have put on the table EUR 30 billion extra to stimulate renewable energy, energy efficiency, innovation and so on. I can assure you, ladies and gentlemen, that we do not finance new fossil fuel projects. That is very clear in our climate bank roadmap. There is perhaps a misunderstanding about that, but once again I can assure you that we are very clear about this. There were also some reactions about cohesion to say, okay, we have done a lot, and I can tell you that we are very eager to not only to reach our goals, but also to go further than the goals that we put in front. I can tell you that we are above the goals that we have put on the table. This cohesion is also, for us, very important. Then Ukraine. A lot of interventions underlined that we support Ukraine. That’s for sure. I hope that also in the future we can, in cooperation with the European Commission, of course, have the opportunity to support also in the future European reconstruction with loans and to help the country. I can tell you that also about migration, and certainly in the countries in the neighbourhood of Ukraine, we have provided some loans for refugees and so on. I do not understand very well why this reaction was on the table by some Members of the European Parliament, but we also support not only countries like Poland and a lot of others, but also have a specific instrument to support the costs and the infrastructure for refugees. I think that when we talk about competitiveness and what we are doing, of course we place a lot of emphasis on the impact of our loans – loans to make our companies more competitive and also to create jobs. And I can tell you that now we have a discussion also in the dialogue with the European Commission and the Council on what we can do in the area of the Inflation Reduction Act of the United States of America, and what role the Bank can play in this endeavour and what can be our contribution to find solutions at a at a European level. Last but not least, transparency was mentioned. We have done a lot to be very clear, also to this European Parliament, that transparency is also for us a very important issue and policy. We have reached an agreement with the European Court of Auditors. We have a new tripartite agreement. I have met the President of ECA. We try to cooperate at a very high and very good level. On this also, I hope in the next reports we can have the support of the European Parliament that we have this new tripartite agreement, and with the cooperation of ECA and the European Parliament we are on the right track. Ladies and gentlemen, dear colleagues, is for me very important to have this debate with you. When you want to have some specific debates in the committees we are there. You call us and we shall be there where you need us.

– Madam President, dear Members of Parliament, ladies and gentlemen, it is a pleasure to be here with you today. First of all, I would like to thank the rapporteur, Angelika Winzig, for the excellent work, the good cooperation and the relevance of the report. It is always strange to talk about activities looking back, as the report analyses the year 2021. So much has happened since then, but the EIB performed well, being instrumental in the EU response to multiple crises, without losing sight of our core missions. There is a common thread between past and current crises, which is investment. Crises always put investment at risk, whether it is private or public money. This is the reason why institutions like the EIB play a key role in providing stabilising effects and sending signals to the market. When you talk about financial performance, as rightly acknowledged in the report, the EIB Group is an effective instrument in support of EU policies. For the second year in a row, the EIB focused on fighting the COVID-19 crisis, while increasing its financing for green projects. The EIB Group worked with partners in Europe and globally to deliver a record EUR 95 billion in financing – a 23% increase from 2020. Ladies and gentlemen, dear colleagues, almost half of the Group’s financing – EUR 45 billion – went to small and medium-sized enterprises hit hard by the pandemic. The European Investment Fund, as part of the EIB Group, has played an instrumental role in that respect. As the report mentions, our financial support in 2021 to small and medium-sized enterprises sustained 4.5 million jobs. Now to say something about the fight against COVID-19 and the crises. Think of the pandemic, the war in Ukraine or the urgent need to mitigate climate change: we have moved towards permanent crisis management. Since the COVID-19 pandemic began, the EIB Group has approved almost EUR 72 billion in targeted support for the public health sector, delivery of vaccines and for businesses hit by the crisis. Thank you for acknowledging this in the report. On Ukraine, ladies and gentlemen, the Bank acted swiftly in supporting the country with its immediate finance needs. The EIB quickly reallocated and distributed over EUR 1.7 billion to support the most urgent reconstruction needs, with the support and the guarantee from the European budget, of course. The EIB’s engagement complements EU budget financing under the macro-financial assistance instrument and the new MFA+. Ladies and gentlemen, the war also underlined the importance of a sound European security and defence policy. I am happy with last year’s adoption of the Strategic European Security Initiative, SESI, which aims to mobilise investment in support of Europe’s dual-use security and defence systems by backing Europe’s technology industry and civilian security infrastructure. Until 2027, we have the ambition to finance about EUR 1 billion a year in dual-use projects, and I am glad, dear colleagues, to announce today that in the first year, 2022, we have by far exceeded this ambition and signed a total of EUR 1.5 billion for projects that qualify under SESI, the Strategic European Security Initiative. Let me say something about the green transitions. Crises do not distract us from our core responsibilities. The EIB has a key role to play in supporting and managing transitions. Together with the European Commission, we have been looking at how to make a lasting contribution to cope with the EU’s energy crisis. Currently, the EIB Group is stepping up its efforts in supporting REPowerEU. Last October, our Board endorsed an additional EUR 30 billion in loans and equity financing over the next five years. We will increase our support to renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure and breakthrough technologies, such as low-carbon hydrogen. This approach is in line with our ambitions and achievements as the EU climate bank. In 2021, 51% of EIB investments went to climate action and environmental sustainable projects. Another important step in line with our Climate Bank Roadmap is the adoption of our revised Transport Lending Policy last year to ensure that the Bank’s activities in the transport sector support EU policies. To underpin a resilient transition, more support is also needed in research and development – as already mentioned by the rapporteur – carried out by European companies, notably at the crucial intersection between digital and technology. That is why the EIB provides financing to cutting-edge technology firms, with facilities ranging from standard senior debt to the very popular non-dilutive venture debt specifically for start-ups. It is our ability to innovate within the EU that will help us to strengthen our strategic autonomy. But resilience has to go hand-in-hand with inclusiveness. Climate action and just transition are complimentary goals. Cohesion – as mentioned also by the rapporteur – will therefore remain part of our DNA. By 2025, the EIB will aim to commit 45% of its total financing in the European Union to support projects in transition and less developed regions. Finally, transparency and accountability. I am very much aware that accountability and integrity, and our related policies and practices, are also important to you, ladies and gentlemen, as much as they are to us. I fully agree with you that we cannot become complacent in that respect, and we take your recommendations very seriously. At the Bank we are committed to raising the bar. On transparency, I am happy to see that the report welcomes our revised policy, which lays down provisions for the proactive publication of information and documents, as well as possible disclosure. Furthermore, we are constantly improving our policies and practices in various fields, notably related to the wellbeing of our staff, gender and diversity, anti-corruption safeguards, protection of whistleblowers, and so on. We also revised and adopted our Environmental and Social Sustainability Framework as well as our whistleblowing policy in 2021, which also grants protection to these persons. Last but not least, outside the EU. Finally, let me say some words about our operations outside the EU, which typically represent about 10% of our activities. It is increasingly important for the EU to be able to offer financial support in building partnerships with emerging and developing economies around the world and in promoting policy goals and initiatives of the EU. Therefore, ladies and gentlemen, we created EIB Global, which officially started its operations in January 2022. EIB Global is a flexible and agile Team Europe partner that contributes to effective EU external action in response to crises, as well as long-term sustainable solutions. In the years ahead, we expect to deliver financing of around EUR 10 billion annually outside the EU. I thank once again the rapporteur. I thank you for your attention and I am looking forward to listening to the reactions.