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27.10.2011 Official
Journal
of
the
European
Union
L
280/1
I
(Legislative acts)
DECISIONS
DECISION No 1080/2011/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 25 October 2011
granting an EU guarantee to the European Investment Bank against losses under loans and loan
guarantees for projects outside the Union and repealing Decision No 633/2009/EC
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
(3)
In accordance with Article 19 of the Statute of the EIB,
EUROPEAN UNION,
applications made directly to the EIB for EIB financing
operations to be carried out under this Decision are to be
submitted to the Commission for an opinion (‘EIB
Having regard to the Treaty on the Functioning of the European
financing application’).
Union, and in particular Articles 209 and 212 thereof,
Having regard to the proposal from the European Commission,
(4) With
a
view
to
supporting
Union
external
action,
and
in
order to enable the EIB to finance investments outside
the Union without affecting the credit standing of the
After transmission of the draft legislative act to the national
EIB, the majority of its operations in external regions
parliaments,
have benefited from an EU budgetary guarantee (‘EU
guarantee’) administered by the Commission.
Acting in accordance with the ordinary legislative procedure ( 1 ),
Whereas:
(5) The
EU
guarantee
was
established
for
the
period
2007-

2011 by Decision No 633/2009/EC of the European
Parliament and of the Council of 13 July 2009
(1) In
addition
to
its
core
mission
of
financing
investment
in
granting a Community Guarantee to the European
the European Union, the European Investment Bank (EIB)
Investment Bank against losses under loans and loan
has since 1963 undertaken financing operations outside
guarantees for projects outside the Community ( 2 ).
the Union in support of the Union’s external policies.
This allows the budget funds of the Union available to
the external regions to be complemented by the financial
strength of the EIB for the benefit of recipient countries.
(6) The
Guarantee
Fund
for
external
actions
(‘Guarantee
In undertaking such financing operations, the EIB
Fund’), established by Council Regulation (EC, Euratom)
contributes to the general guiding principles and policy
No 480/2009 of 25 May 2009 establishing a Guarantee
objectives of the Union, including the development of
Fund for external actions ( 3 ), provides a liquidity cushion
third countries and the prosperity of the Union in the
for the Union budget against losses incurred on EIB
changed global economic circumstances. The EIB
financing operations and other Union external action.
financing operations in support of Union external
policies should continue to be conducted in accordance
with the principles of sound banking practice.
(7) In
accordance
with
Decision
No
633/2009/EC,
the
Commission and the EIB have prepared a mid-term
(2)
Article 209(3) of the Treaty on the Functioning of the
review of EIB external financing, based on an inde
European Union (TFEU), in conjunction with Article 208
pendent external evaluation supervised by a steering
thereof, provides that the EIB is to contribute, under the
committee of ‘wise persons’, a review by an external
terms laid down in its Statute, to the implementation of
consultancy, and specific evaluations produced by the
the measures necessary to further the objectives of Union
EIB. On 12 February 2010, the steering committee
development cooperation policy.
submitted a report to the European Parliament, the
Council, the Commission and the EIB containing its
conclusions and recommendations.
( 1 ) Position of the European Parliament of 17 February 2011 (not yet
published in the Official Journal) and position of the Council at first
reading of 20 September 2011 (not yet published in the Official
( 2 ) OJ L 190, 22.7.2009, p. 1.
Journal). Position of the European Parliament of 13 October 2011.
( 3 ) OJ L 145, 10.6.2009, p. 10.

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Official Journal of the European Union
27.10.2011
(8) In
its
report
the
steering
committee
concluded
that
the
and conclusions. The review of the European Neigh
EU guarantee is an efficient and powerful policy
bourhood Policy and the renewed emphasis on differ
instrument with high financial and political leverage
entiation should also be reflected in that assessment. In
and that it should be maintained in order to cover
pre-accession countries, the EIB financing will continue
risks of a political or sovereign nature. Some
to complement Union assistance.
amendments to Decision No 633/2009/EC were
proposed in order to ensure maximum added value
and efficiency of the EIB’s external operations.
(14) In
addition
to
the
regional
ceilings,
the
optional
mandate
of EUR 2 000 000 000 should be activated and allocated
as an envelope to support EIB financing operations in the
(9) It
is
essential
to
establish
a
list
of
countries
potentially
field of climate change mitigation and adaptation across
eligible for EIB financing under the EU guarantee. It is
the regions covered by the mandate. The EIB could
also appropriate to extend the list of countries eligible for
contribute its expertise and resources, in close coop
EIB financing under the EU guarantee, as currently set
eration with the Commission, to support public
out in Annex I to Decision No 633/2009/EC.
authorities as well as the private sector in order to
address the challenge of climate change and to make
the best possible use of available financing. For miti
gation and adaptation projects, the resources of the EIB
(10) In
order
to
reflect
significant
policy
developments,
the
should, where possible and appropriate, be comple
power to adopt acts in accordance with Article 290
mented with concessional funds available under the
TFEU should be delegated to the Commission in
Union budget through the efficient and consistent
respect of amending Annex III to this Decision. It is of
blending of grants and loans for climate change
particular importance that the Commission carry out
financing in the context of Union external assistance.
appropriate consultations during its preparatory work,
In this regard, it is appropriate that the Commission’s
including at expert level. The Commission, when
annual report to the European Parliament and the
preparing and drawing up delegated acts, should ensure
Council should contain a detailed report on the
a simultaneous, timely and appropriate transmission of
financial instruments used for financing these projects,
relevant documents to the European Parliament and to
identifying the amounts of EIB financing under the
the Council.
optional mandate and the corresponding amounts of
grants.
(11) The
amounts
covered
by
the
EU
guarantee
in
each
region
should continue to represent ceilings for the EIB
(15) Eligibility
to
receive
EIB
financing
for
climate-change
financing under the EU guarantee and not targets that
mitigation under the EU guarantee could be restricted
the EIB is required to meet.
under the Climate Change Mandate for countries that
are deemed not to have committed themselves to
meeting appropriate climate change-related targets. Any
such restriction of eligibility should be based on complex
(12) In
the
framework
of
Union
support
to
third
countries
to
and comprehensive political assessments. Therefore, the
cope with the global economic and financial crisis, the
Council should have the power to decide, on a proposal
EIB frontloaded its external lending activity in 2009 and
from the Commission with the involvement of the EEAS,
2010 mainly in the pre-accession and the neighbourhood
to restrict the eligibility of a country to receive EIB
and partnership countries under its current mandate.
financing for climate-change mitigation under the EU
Moreover, the unrest in the southern Mediterranean in
guarantee. Such restriction should apply only to EIB
early 2011 calls for Union assistance in providing the
financing operations for which an EIB financing appli
affected countries with the means to rebuild and
cation is submitted after the entry into force of this
modernise their economies. Therefore, for the
Decision and which are signed after 1 January 2012.
remaining period of the mandate, the General Mandate
ceiling should be reviewed and increased by
EUR 1 684 000 000 to better deal with these
temporary and exceptional circumstances without
prejudging the ceilings under the next multiannual
(16) Some
flexibility
on
regional
allocation
under
the
Climate
financial framework.
Change Mandate should be provided to allow for the
fastest and most effective possible uptake of available
financing within the three-year period 2011-2013,
while striving to ensure a balanced distribution across
regions over that period, based on the established
(13) The EIB financing operations ensuing from the above
priorities for external aid under the General Mandate.
mentioned increase in the General Mandate ceiling
should respond to the political reforms undertaken by
individual partner countries as assessed by the
Commission with the involvement of the European
External Action Service (EEAS) taking into account
(17) The mid-term review of the implementation of the EIB
European Parliament resolutions and Council decisions
external mandate showed that, although the EIB

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27.10.2011 Official
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financing operations carried out in the period covered by
mental freedoms, and to the implementation of inter
the evaluation (2000-2009) were generally in line with
national environmental agreements to which the Union
Union external policies, the link between Union policy
is a party. In particular, in relation to developing
objectives and their operational implementation by the
countries, as defined in the list of official development
EIB should be strengthened and made more explicit and
assistance (ODA) recipients established by the Organi
structured.
sation for Economic Cooperation and Development
(OECD), EIB financing operations should foster the
following: their sustainable economic, social and environ
mental development, particularly in the most disad
vantaged amongst them; their smooth and gradual inte
(18) In order to enhance the coherence of the mandate and
gration into the world economy; the campaign against
strengthen the focus of the EIB external financing activity
poverty; as well as compliance with objectives approved
on supporting Union policies, and for the maximum
by the Union in the context of the United Nations and
benefit of beneficiaries, this Decision should set out hori
other competent international organisations.
zontal high-level objectives in the mandate for EIB
financing operations across all eligible regions and
countries, building on the comparative strengths of the
EIB in areas where it has a well-proven track record. In
the regions covered by this Decision, the EIB should thus
(21) While
the
EIB’s
strength
remains
its
distinctiveness
as
an
finance projects in the areas of climate change mitigation
investment bank, the EIB should, under this Decision,
and adaptation (including via the transfer of technologies
frame the development impact of its external operations
related to new energy sources), social and economic
in close coordination with the Commission and under
infrastructure (in particular, in transport, energy
the democratic scrutiny of the European Parliament
including renewable energy, energy security, energy infra
following the principles of the European Consensus on
structure, environmental infrastructure including water
Development and those set out in Article 208 TFEU, as
and sanitation, as well as information and communi
well as the principles of aid effectiveness outlined in the
cation technology), and local private sector development,
Paris Declaration of 2005 and the Accra Agenda for
in particular in support of small and medium-sized enter
Action of 2008. This should be implemented through
prises (SMEs). It should be recalled that improving access
a number of concrete measures, in particular by rein
to financing for SMEs can play an essential role in stimu
forcing its capacity to appraise environmental, social
lating economic development and in combating unem
and development aspects of projects, including human
ployment. Within these areas, regional integration among
rights and conflict-related risks, and by promoting local
partner countries, including economic integration
consultation with public authorities and civil society.
between pre-accession countries, neighbourhood
When carrying out due diligence in respect of the
countries and the Union, should be an underlying
project, the EIB should, where appropriate and in line
objective for EIB financing operations. The EIB should
with the Union’s social and environmental principles,
be able to support Union presence in partner countries
require the project promoter to carry out local consul
through foreign direct investment that contributes to
tations and disclose their results to the public. Moreover,
promoting technology and knowledge transfer either
the EIB should increase its focus on sectors where it has
under the EU guarantee for investments within the afore
sound expertise from financing operations within the
mentioned areas or at its own risk.
Union and which will further the development of the
country in question, such as access to financing for
SMEs and micro-entities, environmental infrastructure
including water and sanitation, sustainable transpor
tation, and climate change mitigation, particularly in
(19) In
order
to
effectively
reach
out
to
SMEs,
the
EIB
should
renewable energy. Financing could also include projects
cooperate with local financial intermediary institutions in
in support of health and education infrastructure when
the eligible countries, in particular to ensure that part of
there is clear added value.
the financial benefits is passed on to their clients and
provide added value compared to other sources of
finance. Where appropriate, through its cooperation
agreements with those intermediary institutions, the EIB
should request that their clients’ projects be checked
(22) The
EIB
should
also
progressively
strengthen
its
activity
against agreed criteria in line with Union development
in support of climate change adaptation, where appro
goals so as to provide added value. The financial inter
priate working in cooperation with other international
mediaries’ activities in support of SMEs should be fully
financial institutions (IFIs) and European bilateral
transparent and be reported regularly to the EIB.
financial institutions (EBFIs). The additional requirements
introduced by this Decision would require access to
concessional resources and a gradual adjustment in
human resources while efficiency, effectiveness and
synergies should be pursued and exploited. EIB activity
(20) Moreover,
EIB
financing
operations
should
contribute
to
should also be complementary to Union objectives and
the general principles guiding Union external action, as
priorities relating to institution building and sector
referred to in Article 21 of the Treaty on European
reforms. Finally, the EIB should define performance
Union (TEU), of promoting and consolidating
indicators which are linked to development and
democracy and the rule of law, human rights and funda
environment aspects of the projects and their results.

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Official Journal of the European Union
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(23) With
the
entry
into
force
of
the
Lisbon
Treaty,
the
other Union budgetary resources occurs, all financing
function of High Representative of the Union for
decisions should clearly identify the resources to be
Foreign Affairs and Security Policy (‘High Representative’)
employed. The Commission’s annual report to the
has been created with the aim of increasing the impact
European Parliament and to the Council on EIB
and coherence of Union external relations.
financing operations carried out under this Decision
should contain a detailed breakdown of the budgetary
resources and financial instruments used in combination
with the EIB financing.
(24) There
has
also
been
a
broadening
and
strengthening
of
Union external relations policies in recent years. This has
in particular been the case for the Pre-Accession Strategy,
the European Neighbourhood Policy, the Union Strategy
(28) At
all
levels,
from
upstream
strategic
planning
to
down
for Central Asia, the renewed partnerships with Latin
stream project development, it should be ensured that
America and south-east Asia, and the Union’s Strategic
EIB external financing operations comply with and
Partnerships with Russia, China and India. It is also the
support Union external policies and the high-level
case for Union development cooperation policies, which
objectives set out in this Decision. With a view to
have now been extended to include all developing
increasing the coherence of Union external action,
countries. Since 2007, Union external relations have
dialogue on policy and strategy should be further
also been supported by new financial instruments,
strengthened between the Commission, the EEAS and
namely the Instrument for Pre-Accession Assistance
the EIB. To the same end, there should be enhanced
(IPA), the European Neighbourhood and Partnership
cooperation and early mutual exchange of information
Instrument (ENPI), the Development Cooperation
between the Commission, the EEAS and the EIB at oper
Instrument (DCI), the European Instrument for
ational level. EIB offices outside the Union should
Democracy and Human Rights (EIDHR) and the
primarily be located within Union delegations in order
Instrument for Stability.
to foster such cooperation while sharing operating costs.
It is of particular importance to have an early exchange
of views between the Commission, the EEAS and the EIB,
as appropriate, in the process of preparing programming
(25) In light of the establishment of the EEAS and following
the entry into force of this Decision, the Commission
documents in order to maximise synergies between the
and the EIB should amend the memorandum of under
activities of these three Union bodies.
standing on cooperation and coordination in the regions
referred to in Council Decision 2006/1016/EC of
19 December 2006 granting a Community guarantee
to the European Investment Bank against losses under
(29) The
practical
measures
for
linking
the
General
Mandate
loans and loan guarantees for projects outside the
objectives and their implementation are to be set out in
Community (
regional technical operational guidelines. Such guidelines

1 ), and, as appropriate and with the
approval of the High Representative, extend the new
should be consistent with the wider Union regional
memorandum of understanding to the EEAS, in
policy framework set out in this Decision. These
particular as regards the regular and systematic dialogue
guidelines should reflect Union country strategies and
between the Commission and the EIB at the strategic
aim to ensure that EIB financing is complementary to
level, which should include the EEAS, and other aspects
corresponding Union assistance policies, programmes
within the competence of the EEAS.
and instruments in the different regions.
(26) While contributing to the implementation of the
(30) The
EIB
should,
in
consultation
with
the
Commission,
measures necessary to further the objectives of Union
prepare an indicative multiannual programme of the
development cooperation policy in accordance with
planned volume of signatures of EIB financing
Article 209(3) TFEU, the EIB should strive to support
operations, so as to ensure appropriate budgetary
indirectly the achievement of the 2015 Millennium
planning for provisioning the Guarantee Fund and to
Development Goals in all regions where it is active.
ensure compatibility of the EIB’s forecast financing with
the ceilings established in this Decision. The Commission
should take account of this forecast in its regular budget
programming transmitted to the budgetary authority.
(27) With
a
view
to
enhancing
the
coherence
of
overall
Union
support in the regions concerned, opportunities should
be seized to combine EIB financing with Union
budgetary resources when and as appropriate, in the
(31) The
development
of
a
Union
platform
for
cooperation
form of, for example, guarantees, risk capital and
and development should be studied with a view to opti
interest rate subsidies, investment co-financing,
mising the functioning of mechanisms for the blending
alongside technical assistance for project preparation
of grants and loans in the external regions. For this
and implementation, through the IPA, the ENPI, the
purpose, the Commission should create a group of
DCI, the EIDHR and the Instrument for Stability.
experts of Member States, the EEAS and the EIB which
Whenever such a combination of EIB financing with
would assess the costs and benefits of such a platform. In
its reflections, that group should consult other relevant
( 1 ) OJ L 414, 30.12.2006, p. 95.
actors, including European multilateral and bilateral

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finance institutions. Such a platform would continue to
particular include having sufficient capacity to support
promote synergies and mutual reliance arrangements
Union development cooperation objectives, to increase
based on the comparative advantage of the different insti
focus on ex-ante appraisal of the environmental, social
tutions while respecting the role and prerogatives of the
and development aspects of its activities, and to
Commission and of the EIB in implementing respectively
effectively monitor projects during implementation.
the Union budget and EIB loans. Based on the findings of
Opportunities to further enhance efficiency and effec
that group of experts, the Commission should report to
tiveness should be exploited, and synergies should be
the European Parliament and to the Council by mid-
actively pursued.
2012 and, if appropriate, make a proposal for the
platform.
(36) In
its
financing
operations
outside
the
Union
that
fall
within the scope of this Decision, the EIB should
(32) The EIB should be encouraged to increase its operations
endeavour further to enhance coordination and coop
and to diversify its financial instruments outside the
eration with IFIs and EBFIs, including, where appropriate,
Union without recourse to the EU guarantee so that
cooperation on sector conditionality and mutual reliance
use of the guarantee can be encouraged for countries
on procedures, use of joint co-financing and participation
and projects with poor access to the market, taking
in global initiatives, such as those promoting aid coor
into account debt sustainability considerations, and
dination and effectiveness. Such coordination and coop
where the guarantee therefore provides greater added
eration should strive to minimise possible duplication of
value. Consequently, and always with the aim of
costs and unnecessary overlap. These efforts are to be
supporting the objectives of the Union external
based on reciprocity. The principles set out in this
relations policy, the EIB, while taking into account its
Decision should also be applied when EIB financing is
own risk absorption capacity, should be encouraged to
implemented through cooperation agreements with other
increase the amounts it lends at its own risk, including
IFIs and EBFIs.
through the support of Union economic interests,
particularly in pre-accession countries and neigh
bourhood countries and in investment grade countries
in other regions, but also in sub-investment grade
countries when the EIB has the appropriate third party
guarantees. In consultation with the Commission, the EIB
(37) In
particular,
in
the
countries
of
common
intervention
outside the Union, the EIB should improve its coop
should develop a policy for deciding between the allo
eration with the other European financial institutions
cation of projects to either the mandate under EU
through agreements such as the tripartite memorandum
guarantee or to EIB own-risk financing. Such a policy
of understanding between the Commission, the EIB
would in particular take into account the creditwor
Group and the European Bank for Reconstruction and
thiness of the countries and projects concerned.
Development (EBRD), in respect of cooperation outside
the Union and through allowing the EIB Group and the
EBRD to act in a complementary way by relying on their
respective comparative advantages.
(33) The EIB should consider increasing its financing
operations to be carried out under this Decision for
sub-sovereign public entities, where such operations
have an appropriate EIB credit risk assessment.
(38) The
reporting
and
transmission
of
information
by
the
EIB to the Commission should be strengthened in
order to allow the Commission to enhance its annual
report to the European Parliament and to the Council
(34) The
EIB
should
expand
the
range
of
new
and
innovative
on the EIB financing operations carried out under this
financing instruments it offers, including by focusing
Decision. The additional reporting requirements
more on developing guarantee instruments in so far as
mentioned in this recital should apply only to EIB
is possible, taking account of the EIB’s risk policies.
financing operations for which the EIB financing appli
Moreover, the EIB should be encouraged to provide
cation is submitted after the date of entry into force of
loans in local currencies and issue bonds in local
this Decision and which are signed after 1 January 2012.
markets, provided that partner countries put in place
The report should in particular assess the compliance of
the necessary structural reforms, in particular in the
EIB financing operations with this Decision, taking into
financial sector, as well as other measures to facilitate
account the regional technical operational guidelines, and
EIB activities.
should include sections on the following: EIB added
value, such as support to Union external policies;
mandate requirements; the quality of financed operations;
the transfer of financial benefits to clients; and sections
on cooperation, including co-financing, with the
(35) In order to ensure that the EIB meets the requirements of
Commission and with other IFIs and bilateral donors.
the mandate across regions and sub-regions, sufficient
The report should also assess the extent to which the
human and financial resources should, over time, be
EIB has taken into account economic, financial, environ
allocated to its external activities. This should in
mental and social sustainability in the design and

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Official Journal of the European Union
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monitoring of the projects financed. It should also
guarantee shall be granted as a global guarantee in respect of
contain a specific section devoted to a detailed evaluation
payments not received by the EIB, but due to it, in connection
of the measures taken by the EIB to comply with the
with loans and loan guarantees for EIB investment projects that
current mandate as established by Decision No
are eligible in accordance with paragraph 2. EIB financing
633/2009/EC, paying particular attention to the EIB
activities shall comply with the general guiding principles, and
financing operations using financial vehicles situated in
contribute to the achievement of the objectives and policies, of
non-cooperative jurisdictions. In its financing operations
Union external action. An objective for EIB financing in
the EIB should adequately implement its policies towards
developing countries, as defined in the list of official devel
weakly regulated or non-cooperative jurisdictions to
opment assistance (ODA) recipients established by the OECD,
contribute to the international fight against tax fraud
shall be to contribute indirectly to development objectives such
and tax evasion. The report should also include an
as reducing poverty through inclusive growth and sustainable
appraisal of social and development-related aspects of
economic and social development.
projects. It should be made public, thus allowing civil
society and recipient countries to express their views.
Where necessary, the report should include references
to significant changes in circumstances that would
2. The
EIB
loans
and
loan
guarantees
that
are
eligible
for
the
justify further amendments to the mandate before the
EU guarantee shall be those granted for investment projects
end thereof. The report should in particular include a
carried out in the countries listed in Annex III, granted in
breakdown of EIB financing under this Decision in
accordance with the EIB’s own rules and procedures, including
combination with all Union financial resources and
the EIB’s statement on social and environmental standards, and
other donors, thus giving an overview of the financial
in support of the relevant Union external policy objectives,
exposure of financing operations.
where EIB financing has been granted in accordance with a
signed agreement which has neither expired nor been
cancelled (‘EIB financing operations’).
(39) EIB financing operations should continue to be managed
in accordance with the EIB’s own rules and procedures,
including appropriate control measures and measures
3. The
EU
guarantee
shall
be
restricted
to
65
%
of
the
taken to avoid tax evasion, as well as with the relevant
aggregate amount of credits disbursed and guarantees
rules and procedures concerning the Court of Auditors
provided under EIB financing operations, less amounts reim
and the European Anti-Fraud Office (OLAF).
bursed, plus all related amounts.
(40) When submitting the proposal on the EU guarantee
under the next multiannual financial framework, the
4. The
EU
guarantee
shall
cover
EIB
financing
operations
Commission should be invited in particular to examine,
signed during the period from 1 February 2007 to
in close cooperation with the EIB and taking into
31 December 2013. EIB financing operations signed under
account the implications of the provisioning of the
Council Decisions 2006/1016/EC and 2008/847/EC ( 1 ) and
Guarantee Fund, the ceilings covered by the EU
under Decision No 633/2009/EC shall continue to benefit
guarantee, the list of potentially eligible countries and
from the EU guarantee under this Decision.
the possibility for the EIB to provide micro-credit
financing and other types of instruments. The
Commission and the EIB should also examine the possi
5. If,
on
expiry
of
the
period
referred
to
in
paragraph
4,
the
bilities of enhancing, in the future, synergy between the
European Parliament and the Council have not adopted a
financing through the IPA, the ENPI, the DCI, the EIDHR
decision granting a new EU guarantee to the EIB for its
and the Instrument for Stability and the external mandate
financing operations outside the Union in accordance with
of the EIB.
Article 16, that period shall be automatically extended by six
months.
(41) This Decision should be without prejudice to any
negotiations and decisions on the next multiannual
financial framework.
Article 2
Mandate ceilings
(42) Therefore,
and
for
the
reasons
of
legal
certainty
and
1. The
maximum
ceiling
of
the
EIB
financing
operations
clarity, Decision No 633/2009/EC should be repealed,
under EU guarantee throughout the period 2007-2013, less
amounts cancelled, shall not exceed EUR 29 484 000 000,
broken down into two parts:
HAVE ADOPTED THIS DECISION:
Article 1
(a) a General Mandate of EUR 27 484 000 000;
EU guarantee
( 1 ) Council Decision 2008/847/EC of 4 November 2008 on the eligi
1. The European Union shall grant the European Investment
bility of central Asian countries under Decision 2006/1016/EC
granting a Community guarantee to the European Investment
Bank (EIB) an EU budgetary guarantee for financing operations
Bank against losses under loans and loan guarantees for projects
carried out outside the Union (‘EU guarantee’). The EU
outside the Community (OJ L 301, 12.11.2008, p. 13).

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(b) a Climate Change Mandate of EUR 2 000 000 000.
(a) local private sector development, in particular support to
SMEs;
2. The
General
Mandate
shall
be
broken
down
into
regional
ceilings and sub-ceilings as laid down in Annex I. Within the
(b) development of social and economic infrastructure,
regional ceilings, the EIB shall progressively ensure a balanced
including transport, energy, environmental infrastructure,
country distribution within the regions covered by the General
and information and communication technology;
Mandate.
(c) climate change mitigation and adaptation, as referred to in
Article 2(4).
3. The
General
Mandate
shall
cover
only
EIB
financing
operations pursuing the objectives set out in Article 3.
2. Within the core competences of the EIB, its financing
operations carried out under this Decision shall contribute to
4. The
Climate
Change
Mandate
shall
cover
the
EIB
financing the general principles guiding Union external action, as referred
operations in all countries covered by this Decision, where such
to in Article 21 TEU and shall contribute to the implementation
operations support the key Union policy objective of tackling
of international environmental agreements to which the Union
climate change by supporting projects in climate change miti
is a party.
gation and adaptation which contribute to the overall objective
of the United Nations Framework Convention on Climate
3. Regional
integration
among
partner
countries,
including
Change, in particular by avoiding or reducing greenhouse gas
economic integration between pre-accession countries, neigh
emissions in the areas of renewable energy, energy efficiency
bourhood countries and the Union, shall be an underlying
and sustainable transport, or by increasing resilience to the
objective for EIB financing operations within areas covered by
adverse impacts of climate change on vulnerable countries,
the general objectives listed in paragraph 1.
sectors and communities. The Climate Change Mandate shall
be implemented in close cooperation with the Commission,
combining where possible and appropriate EIB financing with
4. The EIB shall consider increasing its activity in support of
Union budget funds.
health and education infrastructure when there is clear added
value in doing so.
The Council may, where appropriate and on a proposal from
Article 4
the Commission, decide to restrict the eligibility of a country to
receive EIB financing for climate-change mitigation under the
Countries covered
EU guarantee. Any such restriction of eligibility under the
Climate Change Mandate shall apply only to those EIB
1. The
list
of
countries
potentially
eligible
for
EIB
financing
financing operations for which an EIB financing application is
under EU guarantee is set out in Annex II. The list of countries
submitted after 30 October 2011 and which are signed after
eligible for EIB financing under EU guarantee is set out in
1 January 2012.
Annex III and shall include no countries other than those
listed in Annex II. For countries not listed in Annex II, eligibility
for EIB financing under EU guarantee shall be decided on a
5. For
the
Climate
Change
Mandate,
the
EIB
shall
endeavour case-by-case basis in accordance with the ordinary legislative
to ensure a balanced distribution of financing operations signed
procedure.
across the regions covered by Annex III, by the end of the
period referred to in Article 1(4). In particular, the EIB will
2. The
Commission
shall
be
empowered
to
adopt
delegated
ensure that the region referred to under point A of Annex III
acts in accordance with Article 5 concerning amendments to
does not receive more than 40 % of the amount allocated to
Annex III. The Commission’s decisions shall be based on an
this Mandate; the region under point B not more than 50 %; the
overall economic and political assessment, including aspects
region under point C not more than 30 %; and the region under
related to the democracy, human rights and fundamental
point D not more than 10 %. Generally, the Climate Change
freedoms as well as the relevant European Parliament
Mandate shall be used to finance projects that are closely related
resolutions and Council decisions and conclusions. Delegated
to the EIB’s core competences, that add value and that maximise
acts amending Annex III shall not affect the EU guarantee
the effect on adaptation and mitigation of climate change.
coverage of EIB financing operations signed before the entry
into force of those delegated acts.
6. Both the General Mandate and the Climate Change
Mandate shall be managed in accordance with the principles
3. The
EU
guarantee
shall
cover
only
EIB
financing
of sound banking practices.
operations carried out in eligible countries that have
concluded a framework agreement with the EIB establishing
the legal conditions under which such operations are to be
Article 3
carried out.
General Mandate objectives
4. The
EU
guarantee
shall
not
cover
EIB
financing
operations
1. The
EU
guarantee
shall
be
granted
for
EIB
financing in a specific country with which the agreement concerning such
operations which support any of the following general
operations has been signed after that country’s accession to the
objectives:
Union.

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L 280/8
EN
Official Journal of the European Union
27.10.2011
Article 5
2. The
consistency
of
EIB
financing
operations
with
Union
external policy objectives shall be monitored in accordance with
Exercise of the delegation
Article 11. The EIB shall develop performance indicators in
1. The
power
to
adopt
delegated
acts
is
conferred
on
the relation to development, environmental and human rights
Commission subject to the conditions laid down in this Article.
aspects of projects funded taking into account the relevant
indicators under the Paris Declaration for Aid Effectiveness, in
order to facilitate such monitoring. Indicators for environmental
2. The power to adopt delegated acts referred to in Article 4
aspects of projects should include criteria for ‘clean technology’
shall be conferred on the Commission for an indeterminate
which are oriented in principle at energy efficiency and tech
period of time from 30 October 2011.
nologies for reducing emissions.
3. The
delegation
of
power
referred
to
in
Article
4
may
be
revoked at any time by the European Parliament or by the
3. An EIB financing operation shall not be covered by the
Council. A decision to revoke shall put an end to the delegation
EU guarantee in the event that the Commission delivers a
of the power specified in that decision. It shall take effect the
negative opinion on such an operation within the framework
day following the publication of the decision in the Official
of the procedure provided for in Article 19 of the Statute of the
Journal of the European Union or at a later date specified
EIB.
therein. It shall not affect the validity of any delegated acts
already in force.
4. In
line
with
Union
and
international
climate
change
4. As
soon
as
it
adopts
a
delegated
act,
the
Commission
shall objectives, the EIB shall, in cooperation with the Commission,
notify it simultaneously to the European Parliament and to the
present by 31 December 2012 a strategy on how to gradually
Council.
and steadily increase under its external mandate the percentage
of projects promoting the reduction of CO 2 emissions and
phase out financing projects detrimental to the achievement
5. A
delegated
act
adopted
pursuant
to
Article
4
shall
enter of Union climate objectives.
into force only if no objection has been expressed either by the
European Parliament or by the Council within a period of two
months of notification of that act to the European Parliament
and to the Council or if, before the expiry of that period, the
5. With
a
view
to
the
additional
requirements
introduced
by
European Parliament and the Council have both informed the
this Decision, the EIB governing bodies shall ensure that EIB
Commission that they will not object. That period shall be
resources, including staff, are gradually adjusted in order to
extended by two months at the initiative of the European
adequately meet the requirements laid down in this Decision.
Parliament or of the Council.
Opportunities to further enhance efficiency and effectiveness
should be exploited, and synergies should be actively pursued.
Article 6
Contribution of EIB financing operations to Union policies
Article 7
1. The
Commission
shall
develop,
together
with
the
EIB, EIB assessment of development-related aspects of projects
regional technical operational guidelines for EIB financing
1. The
EIB
shall
carry
out
thorough
due
diligence
and,
where
under this Decision.
appropriate and in line with Union social and environmental
principles, require the presence of appropriate local public
The regional technical operational guidelines, aiming at ensuring
consultation, on development-related aspects of projects
that EIB financing operations support Union policies, shall be
covered by the EU guarantee.
consistent with the wider Union regional policy framework set
out in Annex IV. In particular the regional technical operational
guidelines will ensure that EIB financing under this Decision is
The EIB’s own rules and procedures shall include the necessary
complementary to corresponding Union assistance policies,
provisions on assessment of environmental and social impact of
programmes and instruments in the different regions.
projects and of aspects related to human rights to ensure that
only projects that are economically, financially, environmentally
and socially sustainable are supported under this Decision.
In drawing up these guidelines, the Commission and the EIB
will consult with the EEAS on policy issues, as appropriate, and
shall take into account relevant European Parliament resolutions
and Council decisions and conclusions.
The Commission shall include on an aggregate basis in the
annual report to the European Parliament and to the Council
an assessment of the development dimension of the activities of
The Commission shall transmit to the European Parliament and
the EIB, based on the due diligence carried out for projects.
to the Council the guidelines, and any update thereof, as soon
as they are established.
Where appropriate, the appraisal shall include an assessment of
Within the framework set out by the regional technical oper
how the capacities of the beneficiaries of EIB financing can be
ational guidelines, the EIB shall define corresponding financing
reinforced throughout the project cycle with technical
strategies and ensure their implementation.
assistance.

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EN
27.10.2011 Official
Journal
of
the
European
Union
L
280/9
2. In
addition
to
the ex-ante assessment of development-
order to maximise synergies, cooperation and efficiency and to
related aspects, the EIB shall require the project promoters to
ensure prudent and reasonable sharing of risks and coherent
carry out thorough monitoring during project implementation
project and sector conditionality, in order to minimise
until completion, inter alia, on the development, environmental
possible duplication of costs and unnecessary overlap.
and human rights impact of the project. The EIB shall assess the
information provided by the project promoters. The EIB moni
toring shall include, where possible, monitoring of the
2. The
cooperation
referred
to
in
paragraph
1
shall
be
performance of financial intermediaries in support of SMEs.
facilitated by coordination, carried out in particular in the
The results of monitoring shall, where possible, be disclosed.
context of memoranda of understanding or other Union
regional cooperation frameworks, where appropriate, between
the Commission, the EIB and the main IFIs and EBFIs operating
3. The
EIB
shall
submit
to
the
Commission
annual
reports in the different regions, whilst taking into account the
assessing the estimated development impact of the operations
competences of the EEAS.
financed during the year.
The reports shall be based on the EIB performance indicators
Article 10
referred to in Article 6(2). The Commission shall present the
Coverage and terms of the EU guarantee
development reports of the EIB to the European Parliament and
to the Council in the framework of the annual reporting
1. For
EIB
financing
operations
entered
into
with
a
State,
or
exercise provided for in Article 11 and make them publicly
guaranteed by a State, and for other EIB financing operations
available so that interested stakeholders, including civil society
entered into with regional or local authorities, or government-
and recipient countries, are also able to express their views on
owned and/or government-controlled public enterprises or insti
the matter.
tutions where such other EIB financing operations have an
appropriate EIB credit risk assessment taking into account the
credit risk situation of the country concerned, the EU guarantee
The European Parliament shall discuss the annual reports, taking
shall cover all payments not received by the EIB, but due to it
into consideration the views of all interested parties.
(‘Comprehensive Guarantee’).
4. The
requirements
referred
to
in
this
Article
shall
apply
only to the EIB financing operations for which the EIB
2. For
the
purposes
of
paragraph
1,
the
West
Bank
and
Gaza
financing application is submitted after 30 October 2011 and
Strip is represented by the Palestinian Authority and Kosovo ( 1 )
which are signed after 1 January 2012.
is represented by the United Nations Mission in Kosovo or by
an administration designated in the regional technical oper
ational guidelines referred to in Article 6.
Article 8
Cooperation with the Commission and the EEAS
3. For
EIB
financing
operations
other
than
those
indicated
in
1. The
consistency
of
EIB
external
actions
with
Union
paragraph 1, the EU guarantee shall cover all payments not
external policy objectives shall be strengthened, with a view
received by the EIB, but due to it, where the non-receipt has
to maximising synergies between EIB financing and Union
been caused by the realisation of one of the following political
budgetary resources, in particular through the establishment
risks (‘Political Risk Guarantee’):
of the regional technical operational guidelines referred to in
Article 6, as well as through regular and systematic dialogue
and early exchange of information on:
(a) non-transfer of currency;
(a) strategic documents prepared by the Commission and/or the
(b) expropriation;
EEAS as appropriate, such as country and regional strategy
papers, indicative programmes, action plans and pre-
accession documents;
(c) war or civil disturbance;
(b) the EIB’s strategic planning documents and project pipelines;
(d) denial of justice upon breach of contract.
(c) other policy and operational aspects.
4. The EIB shall, in consultation with the Commission,
develop a clear and transparent allocation policy for deciding
2. The
cooperation
shall
be
carried
out
on
a
region-by-region upon the source of financing of operations which are eligible
basis, taking into consideration the EIB’s role as well as the
both for coverage by the EU guarantee and for EIB own-risk
policies of the Union in each region.
financing.
Article 9
5. When the EU guarantee is called, the EIB shall assign to
the Union the relevant rights in accordance with the agreement
Cooperation with other public financing institutions
referred to in Article 13(2).
1. EIB
financing
operations
shall
increasingly
be
carried
out,
where appropriate, in cooperation with other IFIs or EBFIs, in
( 1 ) Under United Nations Security Council Resolution 1244 (1999).

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L 280/10
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Official Journal of the European Union
27.10.2011
Article 11
5. For the purposes of the Commission’s accounting and
reporting of the risks covered by the Comprehensive Guarantee,
Annual reporting and accounting
as defined in Article 10(1), the EIB shall provide the
1. The
Commission
shall
report
annually
to
the
European Commission with the EIB’s risk assessment and grading
Parliament and to the Council on EIB financing operations
information concerning EIB financing operations with
carried out under this Decision. The report shall include an
borrowers or guaranteed obligors other than States.
assessment of EIB financing operations at project, sector,
country and regional levels, as well as an assessment of the
contribution of those financing operations to the fulfilment of
6. The
EIB
shall
provide
the
information
referred
to
in
Union external policy and strategic objectives. The report shall
paragraphs 3, 4 and 5 at its own expense.
provide an overview of ongoing projects at an aggregated level.
7. The EIB shall also make publicly available the information
referred to in paragraphs 3 and 4, in general terms and
The report shall in particular assess the compliance of EIB
excluding any confidential information.
financing operations with this Decision, taking into account
the regional technical operational guidelines referred to in
8. Information on whether the project is covered by the EU
Article 6, and shall include sections on added value for the
guarantee shall be included in the ‘project summary’ disclosed
achievement of Union policy objectives, on the assessment of
on the EIB website after the approval stage.
the estimated development impact at an aggregated level and
the extent to which the EIB has taken into account environ
mental and social sustainability in the design and monitoring of
9. The
EIB
shall
include
in
its
annual
report
a
follow-up
the projects financed, as well as on cooperation with the
assessment of the functioning of the memorandum of under
Commission and other IFIs and EBFIs, including co-financing.
standing with the European Ombudsman in so far as that
memorandum concerns EIB financing operations covered by
this Decision.
The report shall in particular include a breakdown of all Union
financial resources used in combination with EIB financing and
10. Where
appropriate,
the
requirements
mentioned
in
other donors, thus giving an overview of the financial exposure
paragraphs 1 and 3 shall apply only to EIB financing operations
of financing operations carried out under this Decision.
for which the EIB financing application is submitted after
Moreover, it shall contain a specific section devoted to a
30 October 2011 and which are signed after 1 January 2012.
detailed evaluation of the measures taken by the EIB to
comply with Article 1(2).
Article 12
Non-cooperative jurisdictions
2. The EIB shall continue to provide the European In its financing operations, the EIB shall not tolerate any
Parliament, the Council and the Commission with all its inde
activities carried out for illegal purposes, including money laun
pendent evaluation reports which assess the practical results
dering, financing of terrorism, tax fraud and tax evasion. In
achieved by the specific activities of the EIB under the
particular the EIB shall not participate in any financing
external mandates.
operation implemented in an eligible country through a
foreign non-cooperative jurisdiction identified as such by the
OECD, the Financial Action Task Force or other relevant inter
national organisations.
3. For the purposes of paragraph 1, the EIB shall provide the
Commission with yearly reports on EIB financing operations
carried out under this Decision at project, sector, country and
Article 13
regional levels and on the fulfilment of Union external policy
and strategic objectives, including cooperation with the
Recovery of payments made by the Commission
Commission, other IFIs and EBFIs, as well as a development
1. Where the Commission makes any payment under the EU
impact assessment report, as referred to in Article 7. Any
guarantee, the EIB shall, in the name and on behalf of the
memoranda of understanding between the EIB and other IFIs
Commission, pursue the recovery of claims for the amounts
or EBFIs relating to carrying out financing operations under this
paid.
Decision shall be made public or, where that is not possible,
notified to the European Parliament and to the Council as part
of the Commission’s annual reporting referred to in paragraph 1
2. No later than the date of conclusion of the guarantee
of this Article.
agreement referred to in Article 14, the Commission and the
EIB shall enter into an agreement laying down the detailed
provisions and procedures relating to recovery of claims.
4. The
EIB
shall
provide
the
Commission
with
statistical,
financial and accounting data on each of the EIB financing
3. In the interests of transparency, the Commission shall
operations, as well as any additional information necessary to
make publicly available on its website specific information
fulfil the Commission’s reporting duties or requests by the
relating to all cases of recoveries under the guarantee
Court of Auditors and an auditor’s certificate on the outstanding
agreement referred to in Article 14 unless confidentiality is
amounts of the EIB financing operations.
necessary.

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EN
27.10.2011 Official
Journal
of
the
European
Union L
280/11
Article 14
Article 18
Guarantee agreement
Repeal
The Commission and the EIB shall enter into a guarantee
Decision No 633/2009/EC is hereby repealed.
agreement laying down the detailed provisions and procedures
relating to the EU guarantee and shall inform the European
Parliament accordingly.
Article 19
Article 15
Entry into force
Auditing by the Court of Auditors
This Decision shall enter into force on the third day following
The EU guarantee and the payments and recoveries under it
its publication in the Official Journal of the European Union.
attributable to the general budget of the European Union
shall be audited by the Court of Auditors.
Article 16
Review
The Commission shall present to the European Parliament and
Done at Strasbourg, 25 October 2011.
to the Council a proposal, as appropriate, for establishing the
EU guarantee under the next multiannual financial framework.
Article 17
Final reporting
For the European Parliament
For the Council
By 31 October 2014, the Commission shall present to the
European Parliament and to the Council a final report on the
The President
The President
application of this Decision.
J. BUZEK
M. DOWGIELEWICZ

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L 280/12
EN
Official Journal of the European Union
27.10.2011
ANNEX I
REGIONAL CEILINGS OF THE GENERAL MANDATE
A. Pre-accession countries: EUR 9 048 000 000
B. Neighbourhood and Partnership countries: EUR 13 548 000 000, broken down into the following indicative sub-
ceilings:
(i) Mediterranean countries: EUR 9 700 000 000;
(ii) Eastern Europe, Southern Caucasus and Russia: EUR 3 848 000 000;
C. Asia and Latin America: EUR 3 952 000 000, broken down into the following indicative sub-ceilings:
(i) Latin America: EUR 2 912 000 000;
(ii) Asia (including central Asia): EUR 1 040 000 000;
D. Republic of South Africa: EUR 936 000 000.
Within the overall ceiling of the General Mandate, the EIB governing bodies may decide to reallocate an amount of up to
10 % of the regional ceilings within and between regions.

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EN
27.10.2011 Official
Journal
of
the
European
Union L
280/13
ANNEX II
POTENTIALLY ELIGIBLE REGIONS AND COUNTRIES
A. Pre-accession countries
1. Candidates
Croatia, Iceland, the former Yugoslav Republic of Macedonia, Montenegro, Turkey
2. Potential candidates
Albania, Bosnia and Herzegovina, Kosovo ( 1 ), Serbia
B. Neighbourhood and Partnership countries
1. Mediterranean countries
Algeria, Egypt, the West Bank and the Gaza Strip, Israel, Jordan, Lebanon, Libya, Morocco, Syria, Tunisia
2. Eastern Europe, Southern Caucasus and Russia
Eastern Europe: Belarus, Republic of Moldova, Ukraine
Southern Caucasus: Armenia, Azerbaijan, Georgia
Russia
C. Asia and Latin America
1. Latin America
Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela
2. Asia
Asia (excluding central Asia): Afghanistan, Bangladesh, Bhutan, Brunei, Cambodia, China (including Hong Kong and
Macao Special Administrative Regions), India, Indonesia, Iraq, Laos, Malaysia, Maldives, Mongolia, Nepal, Pakistan,
Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Vietnam, Yemen
Central Asia: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan
D. South Africa
Republic of South Africa
( 1 ) Under United Nations Security Council Resolution 1244 (1999).

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L 280/14
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Official Journal of the European Union
27.10.2011
ANNEX III
ELIGIBLE REGIONS AND COUNTRIES
A. Pre-accession countries
1. Candidates
Croatia, Iceland, the former Yugoslav Republic of Macedonia, Montenegro, Turkey
2. Potential candidates
Albania, Bosnia and Herzegovina, Kosovo ( 1 ), Serbia
B. Neighbourhood and Partnership countries
1. Mediterranean countries
Algeria, Egypt, the West Bank and the Gaza Strip, Israel, Jordan, Lebanon, Libya, Morocco, Syria, Tunisia
2. Eastern Europe, Southern Caucasus and Russia
Eastern Europe: Republic of Moldova, Ukraine
Southern Caucasus: Armenia, Azerbaijan, Georgia
Russia
C. Asia and Latin America
1. Latin America
Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela
2. Asia
Asia (excluding central Asia): Bangladesh, Brunei, Cambodia, China (including Hong Kong and Macao Special
Administrative Regions), India, Indonesia, Iraq, Laos, Malaysia, Maldives, Mongolia, Nepal, Pakistan, Philippines,
Singapore, South Korea, Sri Lanka, Thailand, Vietnam, Yemen
Central Asia: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan
D. South Africa
Republic of South Africa
( 1 ) Under United Nations Security Council Resolution 1244 (1999).

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EN
27.10.2011 Official
Journal
of
the
European
Union L
280/15
ANNEX IV
REGIONAL POLICY FRAMEWORK
EIB activity in partners participating in the pre-accession process takes place in the framework established in the
Accession and European Partnerships which set out the priorities for candidates and potential candidates with a view
to making progress in moving closer to the Union, and which provide a framework for Union assistance. The Stabili
sation and Association Process is the Union policy framework for the western Balkans. It is based on progressive
partnership, in which the Union offers trade concessions, economic and financial assistance and contractual relationships
through Stabilisation and Association Agreements. Pre-accession financial assistance, through the IPA, helps the
candidates and potential candidates prepare for the obligations and challenges of membership of the Union. This
assistance supports the reform process, including preparations for eventual membership. It focuses on institution-
building, alignment with the acquis of the Union, preparation for Union policies and instruments and promotion of
measures to achieve economic convergence.
EIB activity in neighbourhood countries takes place in the framework of the European Neighbourhood Policy, under
which the Union aims to develop a special relationship with neighbourhood countries with a view to establishing an area
of prosperity and good neighbourliness, founded on the values of the Union, such as democracy, the rule of law, good
governance and respect for human rights, and characterised by close and peaceful relations based on cooperation in
accordance with performance-driven differentiation. In the framework of this cooperation, EIB financing under this
Decision will also be targeted at policies promoting inclusive growth and job creation contributing to social stability
in line with an incentive-based approach supporting Union external policy objectives, including in relation to migration
issues.
In order to achieve these objectives the Union and its partners implement jointly agreed bilateral action plans defining a
set of priorities including on political and security issues, trade and economic matters, environmental and social concerns
and integration of transport and energy networks.
The Union for the Mediterranean, the Union Strategy for the Danube Region, the Union Strategy for the Baltic Sea
Region, the Eastern Partnership and the Black Sea Synergy are multilateral and regional initiatives complementary to the
European Neighbourhood Policy aimed at fostering cooperation between the European Union and the respective group of
neighbourhood partner countries facing common challenges and/or sharing a common geographical environment. The
Union for the Mediterranean aims to relaunch the Euro-Mediterranean integration process by supporting mutual
economic, social and environmental development on both sides of the Mediterranean and supports improved socioe
conomic development, solidarity, regional integration, sustainable development and knowledge building, underlining the
need to increase financial cooperation to support regional and trans-national projects. The Union for the Mediterranean
supports, in particular, the creation of maritime and land highways, the de-pollution of the Mediterranean, the Medi
terranean solar energy plan, the Mediterranean Business Development Initiative, civil protection initiatives and the Euro-
Mediterranean university. The Union Strategy for the Baltic Sea Region supports a sustainable environment and optimal
economic and social development in the Baltic Sea region. The Union Strategy for the Danube Region supports, in
particular, the development of transport, energy connections and security, sustainable environment and socioeconomic
development in the Danube region. The Eastern Partnership aims to create the necessary conditions to accelerate political
association and further economic integration between the Union and eastern partner countries. The Russian Federation
and the Union have a wide-ranging strategic partnership, distinct from the European Neighbourhood Policy and expressed
through the Common Spaces and Roadmaps. These are complemented at multilateral level by the Northern Dimension
which provides a framework for cooperation between the Union, Russia, Norway and Iceland.
EIB activity in Latin America takes place in the framework of the Union, Latin America and the Caribbean Strategic
Partnership. As highlighted in the September 2009 Commission Communication ‘The European Union and Latin
America: Global Players in Partnership’, the Union’s priorities in the field of cooperation towards Latin America are
the promotion of regional integration and the eradication of poverty and social inequality in order to promote sustainable
economic and social development. These policy objectives will be fostered taking into account the different level of
development of Latin America countries. Bilateral dialogue will be pursued in areas of common interest for the Union and
Latin America, including environment, climate change, disaster risk reduction and energy, science, research, higher
education, technology and innovation.
The EIB is encouraged to be active in Asia both in dynamic emerging economies and in less prosperous countries. In this
diverse region, the Union is deepening its strategic partnerships with China and India and negotiations are progressing on
new partnership and free trade agreements with south-east Asian countries. At the same time, development cooperation
remains high on the Union’s agenda with Asia; the Union development strategy for the Asian region aims at eradicating
poverty by supporting broad-based sustainable economic growth, promoting a conducive environment and conditions for
trade and integration within the region, enhancing governance, increasing political and social stability, and supporting the
achievement of the 2015 Millennium Development Goals. Policies are being put in place jointly to address common
challenges, such as climate change, sustainable development, security and stability, governance and human rights, as well
as the prevention of, and response to, natural and human disasters. The Union Strategy for a new partnership with central
Asia adopted by the European Council in June 2007 has strengthened regional and bilateral dialogue and Union
cooperation with central Asian countries on major issues facing the region, such as poverty reduction, sustainable

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L 280/16
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Official Journal of the European Union
27.10.2011
development and stability. The implementation of the strategy has brought about important advances in the fields of
human rights, the rule of law, good governance and democracy, education, economic development, trade and investment,
energy and transport and environmental policies.
EIB activity in South Africa takes place in the framework of the EU Country Strategy Paper for South Africa. The focal
areas identified in that Strategy Paper are employment creation and capacity development for service delivery and social
cohesion. EIB activities in South Africa have taken place in high complementarity with the Commission’s development
cooperation programme, namely through the EIB focus on private sector support and investments in expansion of
infrastructure and social services (housing, electric power, drinking water purification and municipal infrastructure).
The mid-term review of the EU Country Strategy Paper for South Africa has proposed the strengthening of actions in
the area of climate-change through activities supporting the creation of green jobs.

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