Editing European Investment Bank (section)

== Objectives and activities ==
[[File:European Investment Bank anti-corruption conference.jpg|thumb|EIB anti-corruption conference]]
The EIB is a not for profit organisation and provides long-term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds.<ref name="europarl.europa.eu"/>

The bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including the [[COVID-19 pandemic]] and the [[2008 financial crisis]]. Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states.<ref>{{Cite web|title=EUR-Lex – 12016E309 – EN – EUR-Lex|url=https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A12016E309|access-date=2021-04-28|website=eur-lex.europa.eu|language=en}}</ref>

The bank aims to support sustainable economic growth both within the Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates.<ref name="StackPath"/><ref name=":9"/><ref>{{Cite web|title=The EIB in numbers|url=https://www.eib.org/en/about/key-figures/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref> The bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice.<ref>{{Cite journal|last1=Shaoul|first1=Jean|last2=Stafford|first2=Anne|last3=Stapleton|first3=Pamela|date=2007-07-01|title=Partnerships and the role of financial advisors: private control over public policy?|url=http://openurl.ingenta.com/content/xref?genre=article&issn=0305-5736&volume=35&issue=3&spage=479|journal=Policy & Politics|language=en|volume=35|issue=3|pages=479–495|doi=10.1332/030557307781571678}}{{Dead link|date=November 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with a wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers.<ref>{{Cite web|title=Audit preview: European Regional Development Fund – supporting SMEs in getting more competitive|url=https://www.eca.europa.eu/en/Pages/DocItem.aspx?did=55680|access-date=2021-04-28|website=www.eca.europa.eu}}</ref>

Within the [[European Commission Investment Plan for Europe|European Commission's Investment Plan for Europe]], the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing is granted after preliminary screenings of the viability and the carbon emissions associated with the projects.

=== COVID-19 response ===
The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus.<ref name="eib.org">{{Cite web|title=Coronavirus outbreak: EIB Group's response|url=https://www.eib.org/en/about/initiatives/covid-19-response/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>

On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF), a €25 billion fund which was endorsed by the European Council as part of the overall [[European Union response to the COVID-19 pandemic|European Union COVID-19 response package]]. All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from the private sector.<ref name="theguardian.com">{{Cite web|date=2020-12-02|title=UK approves Pfizer/BioNTech Covid vaccine for rollout next week|url=http://www.theguardian.com/society/2020/dec/02/pfizer-biontech-covid-vaccine-wins-licence-for-use-in-the-uk|access-date=2021-04-28|website=the Guardian|language=en}}</ref> European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances.<ref name="ReferenceA">{{Cite web|title=EIB Board approves €25 billion Pan-European Guarantee Fund in response to COVID-19 crisis|url=https://www.eib.org/en/press/all/2020-126-eib-board-approves-eur-25-billion-pan-european-guarantee-fund-to-respond-to-covid-19-crisis|access-date=2021-04-28|website=European Investment Bank|language=en}}</ref>

In December 2019, the European Investment Bank signed a €50 million loan to help [[BioNTech]] work on cancer treatments. A new loan worth €100 million was approved in June 2020 to support the company's vaccine trials and manufacturing.<ref>{{Cite web|title=Investment Plan for Europe: European Investment Bank to provide BioNTech with up to €100 million in debt financing for COVID-19 vaccine development and manufacturing|url=https://www.eib.org/en/press/all/2020-144-eib-to-provide-biontech-with-up-to-eur-100-million-in-debt-financing-for-covid-19-vaccine-development-and-manufacturing|access-date=2021-04-28|website=European Investment Bank|language=en}}</ref> BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020.<ref name="theguardian.com"/>

=== Climate ===
The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a [[Just Transition|just transition]].<ref name=":3" /><ref name=":4" /> As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with the goals and principles of the [[Paris Agreement]] by the end of 2020.<ref>{{Cite web|title=EU member states approve EIB Group Climate Bank Roadmap 2021–2025|url=https://www.eib.org/en/press/all/2020-307-eu-member-states-approve-eib-group-climate-bank-roadmap-2021-2025|access-date=2021-04-28|website=European Investment Bank|language=en}}</ref><ref>{{Cite web|title=EIB 2020: When ambition becomes transformation|url=https://www.globalcapital.com/article/b1nsjhxtgmytwt/eib-2020-when-ambition-becomes-transformation|access-date=2021-04-28|website=www.globalcapital.com|date=13 October 2020 |language=en}}</ref> In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021–2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects.<ref>{{Cite web|date=2019-11-15|title=European Investment Bank to phase out fossil fuel financing|url=http://www.theguardian.com/environment/2019/nov/15/european-investment-bank-to-phase-out-fossil-fuels-financing|access-date=2021-04-28|website=the Guardian|language=en}}</ref><ref>{{Cite web|title=European Investment Bank (EIB) {{!}} Financial Times|url=https://www.ft.com/join/licence/07900705-51b8-4cd3-994e-981c5ce4a4ae/details?ft-content-uuid=cc78d838-0720-11ea-a984-fbbacad9e7dd|access-date=2021-04-28|website=www.ft.com}}</ref>

The EIB contributes to the [[European Green Deal]] which aims for Europe to become the first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5&nbsp;°C by the end of the decade, fight [[environmental degradation]], stop [[biodiversity]] loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change.<ref>{{Cite web|date=2017-01-26|title=EU says it will remain top investor against climate change in defiance of Trump|url=https://www.independent.co.uk/news/world/europe/eu-european-investment-bank-climate-change-investor-donald-trump-environment-epa-global-warming-data-us-scientists-european-union-a7546676.html|access-date=2021-04-28|website=The Independent|language=en}}</ref><ref>{{Cite web|date=2019-07-26|title=EIB plans to cut all funding for fossil fuel projects by 2020|url=http://www.theguardian.com/environment/2019/jul/26/eib-plans-to-cut-all-funding-for-fossil-fuel-projects-by-2020|access-date=2021-04-28|website=the Guardian|language=en}}</ref><ref>{{Cite book|title=EIB Group Sustainability Report 2019|url=https://www.eib.org/en/publications/sustainability-report-2019|access-date=2021-04-28|website=European Investment Bank|year=2020|doi=10.2867/35760|language=en|author1=European Investment Bank|publisher=Publications Office |isbn=978-92-861-4667-1}}</ref>

=== Innovation and skills ===
Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019.<ref name=":5">{{Cite book|title=Innovation Overview 2020|url=https://www.eib.org/en/publications/innovation-overview-2020|access-date=2021-04-28|date=11 May 2020|publisher=European Investment Bank |language=en}}</ref> This support targeted/aimed at; the development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market.<ref name=":5" />

=== Development ===
The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with the aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries.<ref>{{Cite journal|last1=Clifton|first1=Judith|last2=Díaz-Fuentes|first2=Daniel|last3=Gómez|first3=Ana Lara|date=2018|title=The European Investment Bank: Development, Integration, Investment?|url=https://onlinelibrary.wiley.com/doi/abs/10.1111/jcms.12614|journal=JCMS: Journal of Common Market Studies|language=en|volume=56|issue=4|pages=733–750|doi=10.1111/jcms.12614|s2cid=158639004|issn=1468-5965}}</ref> Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the [[Balkans#Western Balkans|Western Balkan countries]] recover from the COVID-19 pandemic<ref>{{Cite web|title=The EIB and development|url=https://www.eib.org/en/about/priorities/development/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref><ref>{{Cite book|title=EIB support for development Overview 2020|url=https://www.eib.org/en/publications/eib-support-for-development-overview-2020|access-date=2021-04-28|date=3 July 2020|publisher=European Investment Bank |language=en}}</ref> It also expanded its partnership with the [[United Nations Development Programme]] and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the [[World Health Organization]] to finance health care projects in 10 African countries.<ref>{{Cite web|last=EPIC|title=EDFI {{!}} European Development Finance Institutions|url=https://www.edfi.eu/|access-date=2021-04-28|website=EDFI|language=en-US}}</ref>

=== Infrastructure ===
Since its foundation in 1958, the European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects.<ref name="Infrastructure and the EIB">{{Cite web|title=Infrastructure and the EIB|url=https://www.eib.org/en/about/priorities/infrastructure/index.htm|access-date=2021-04-28|website=EIB.org}}</ref> The EIB supports infrastructure projects involving; [[sustainable transport]]; [[Efficient energy use|energy efficiency]], urban development, digital networks, social housing and key public buildings, [[cultural heritage]] and water and wastewater management.<ref name="Infrastructure and the EIB"/>

=== Small to medium size enterprises ===
The bank is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the [[European Commission]] under [[Framework Programmes for Research and Technological Development#Horizon 2020|Horizon 2020]]). Through it the EIB Group provides direct financing to [[Market capitalization|mid-caps]]. The group also offers [[Venture debt|venture debt financing]] under the European Growth Finance Facility, backed by the [[European Fund for Strategic Investments]].<ref name="SMEs and mid-caps">{{Cite web|title=SMEs and mid-caps|url=https://www.eib.org/en/about/priorities/sme/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>

The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance is limited. Through intermediaries, the EIB finances micro-enterprises (0–9 employees), small enterprises (10–49 employees), medium-sized enterprises (50–249 employees), mid-caps (250-3 000 employees).<ref>{{Cite web|last=Anonymous|date=2016-07-05|title=SME definition|url=https://ec.europa.eu/growth/smes/sme-definition_en|access-date=2021-04-28|website=Internal Market, Industry, Entrepreneurship and SMEs – European Commission|language=en}}</ref>

In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million.<ref name="SMEs and mid-caps"/>

=== Cohesion ===
As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within the Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union.<ref>{{Cite web|title=Economic and social cohesion|url=https://www.eib.org/en/about/priorities/cohesion/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref> The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and [[European Free Trade Association|EFTA]] countries which amounted to €16.13 billion in 2019.<ref>{{Cite book|title=Cohesion and Regional Development Overview 2020|url=https://www.eib.org/en/publications/cohesion-and-regional-development-overview-2020|access-date=2021-04-28|date=13 October 2020|publisher=European Investment Bank |language=en |last1=Bank |first1=European Investment }}</ref> In 2023, the EIB Group invested €36.2 billion in cohesion-related initiatives.<ref>{{Cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/20240079-eib-group-activity-in-eu-cohesion-regions-2023 |title=EIB Group activities in EU cohesion regions 2023 |date=2024-07-15 |publisher=European Investment Bank |isbn=978-92-861-5761-5 |language=EN}}</ref>