EIB-FEMIP: reacting to the Arab Spring with €1 billion in support in 2011

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EIB-FEMIP: reacting to the Arab Spring with €1 billion in support in 2011

04-07-2012

In the wake of the Arab Spring, FEMIP – the European Investment Bank’s (EIB) Facility for Euro-Mediterranean Investment and Partnership – provided a sustained response to needs in the region, despite the very challenging environment during 2011, signing 23 new projects and technical assistance operations, for a total amount of €1billion, according to FEMIP’s annual report for 2011.

The report describes 2011 as a year "marked by an unprecedented chain of momentous transformations in the Mediterranean region. It was a year of challenge, renewal and hope. In the aftermath of these changes, the focus will be on ensuring economic progress through job creation, social justice and greater opportunities for men and women across the region."

Overall, in 2011 EIB-FEMIP sought to promote financial inclusion and job-creating entrepreneurship through its lending.

The Maghreb was the first region to receive assistance from EIB-FEMIP, with €503 million of projects signed (€303m for Tunisia and €200m for Morocco).

In Egypt, responding to the new priority given to social projects, EIB-FEMIP strengthened cooperation with the European Commission and other international financial institutions, especially in support of community infrastructure and housing, extended credit lines to Egyptian micro, small and medium-sized enterprises and approved operations in key sectors totalling €157 million.

In Jordan and Lebanon, as well as the other Mediterranean partner countries, EIB-FEMIP stepped up its support for key projects in both the public and private sectors.

Of the €1 billion in total financing in 2011, 63% was dedicated to the private sector and 37% to the public sector. Nearly 1,900 permanent and 5,200 temporary jobs will be created through the projects signed in 2011.

In 2011, the EIB mandate for operations in the Mediterranean partner countries was reviewed and adopted by the European Parliament and the Council of the European Union, streamlining the objectives of EIB lending and providing for additional resources to tackle climate change and support the EU’s neighbours.

On top of the existing financial envelope of €8.7 billion for EIB-FEMIP, the new mandate provides for an additional €1 billion for Southern Mediterranean countries undertaking political reforms.

EIB-FEMIP also undertook to play an important role in the Deauville Partnership, launched in May 2011 by the G8 countries to back democratic and economic transformation in the region. In September 2011, EIB-FEMIP took an active part in the first meeting of the newly created EU-Tunisia Task Force, which was established as an immediate response to provide the country with quicker, more effective assistance. It was in this context that EIB-FEMIP led IFI support for Tunisia by announcing up to €800 million in investment in concrete projects over the next few years.

In the ten years since its inception, EIB-FEMIP has provided €13 billion of financing through168 projects in the 9 Mediterranean partner countries, mobilising nearly €35 billion of additional capital. (EU Neighbourhood Info)

Read more

Press release

FEMIP Annual Report 2011 – download the report

FEMIP wepbage

EIB in the Mediterranean – 10 years of FEMIP

EU response to the Arab Spring

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