EU Parliament Increases EIB's Lending Limit for Mediterranean

    The European Parliament has voted to increase by €1 billion ($1.36 billion) the lending ceiling of the European Investment Bank for infrastructure and small and medium-sized companies in the Mediterranean until the end of 2013.

    The decision was taken in light of European Union foreign affairs chief Catherine Ashton’s appeal for more funding for the region and the recent events in Egypt and Tunisia.

    “If we would like to give a clear signal to the people of the Mediterranean at this crucial time, we should enable the EIB to maintain the intensity of its activities in the region,” Ivailo Kalfin, Parliament’s permanent rapporteur for EIB, said.

    The European Parliament has also agreed to make an additional €2 billion available for EIB loans for climate-related projects.

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    About the author

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      Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.