Parliament backs plan to increase up to 32,3 billion EUR of investment in EU’s external actions

Europe needs a strong and efficient strategic investment fund

The European Parliament today voted on two essential parts of the new European External Investment plan, which aims to increase up to 32,3 billion Euros of investments outside EU mainly in Africa and the EU’s neighbourhood. Today’s vote established a guarantee fund for external action and a guarantee for European Investment Bank investments outside the EU.

The European Parliament also voted on its annual report on the financial activities of the European Investment Bank.

 

S&D Group spokesperson for the Budget Committee and Parliament’s rapporteur for the three reports, Eider Gardiazabal Rubial said:

“The development of the countries on the EU’s borders is in all our interests. The external investment plan will help boost private sector investment in Africa and in the EU’s neighbourhood. This will help economic development, contribute to poverty alleviation, and help address the root causes of migration. This is a progressive tool for promoting sustainable development, helping create jobs and help some of the least developed countries in the world. 

“The S&D Group managed to ensure that investments under the external action plan can be used to tackle some of the biggest challenges we face. Investments will be used to fight climate change, work for gender equality and support small and medium sized enterprises in developing countries.

 

Speaking on the European Investment Bank’s (EIB) annual report Ms Gardiazabal Rubial added:

"EIB's role in supporting EU policy is growing every day. We need to ensure that its duties and objectives are in line with the UN Sustainable Development Goals. Furthermore, the bank must be used to promote major policy objectives such as social equality, tackling climate change and the root causes of migration. We must also ensure that money is invested in a transparent manner and that the EIB is not involved with any organisation that avoids paying its taxes.”