EIB supports the southern Mediterranean area with new priority investments

Irene Muraca|News|17 July 2023|

MED Conference 2023 - Copyright: EIB After showing support during the Covid-19 pandemic and in these days of , the European Investment Bank is confirming its commitment in the southern Mediterranean region providing almost 3 billion euros in priority investments for high impact education, health, clean transport, renewable energy, food security and business investment.

At the beginning of the week, for the first time since Covid-19, the high-level MED Conference took place again - this time in Barcelona. The theme was “Connectivity in the Mediterranean: Together for a better future” and saw the participation of more than 200 government, business, banking and policy partners from the region for two days of discussions.

The conference was organized by the European Investment Bank (EIB) and the intergovernmental institution Union for the Mediterranean after a four-year hiatus. The discussion revolved around the different possibilities on how to leverage the European Union’s Economic and Investment Plan for the Southern Neighbours and its new Global Gateway strategy to strengthen investment in the green transition, infrastructure development, digitalisation and social inclusion in the Mediterranean region.

Summing things up, it emerged that since Russia’s invasion of Ukraine, EIB has provided nearly 3 billion euros to support transformational public and private investment across the southern Mediterranean region and during the conference the bank highlighted new initiatives to bolster economic growth and development in the region. The country that is going to benefit the most from these new investments is Tunisia.

EIB in fact signed, in the contest of the conference:

a 40 million euros new financing contract for construction of 80 new primary schools across the country.
12 million euros in support for microfinance, agreed with ENDA, the country’s largest microfinance institution as part of the Enda Tamweel microfinance loan, a project that aims at promoting access to finance for micro/small enterprises specifically targeting women, youth, refugees and poor populations living in rural areas.
two new business financing schemes built on more than 1.52 billion euros support for private sector investment across the region since the start of last year.

EIB Vice President Gelsomina Vigliotti underlined the importance of sustaining priority investment, stating, "In the face of significant challenges, it is crucial that we ensure continuous support for investment in the southern Mediterranean. By fostering business growth and addressing climate and energy concerns, we can drive sustainable development and create a prosperous future for the region."

EIB supports the southern Mediterranean area with new priority investments

Irene Muraca|News

17 July 2023

EIB in fact signed, in the contest of the conference:

a 40 million euros new financing contract for construction of 80 new primary schools across the country.
12 million euros in support for microfinance, agreed with ENDA, the country’s largest microfinance institution as part of the Enda Tamweel microfinance loan, a project that aims at promoting access to finance for micro/small enterprises specifically targeting women, youth, refugees and poor populations living in rural areas.
two new business financing schemes built on more than 1.52 billion euros support for private sector investment across the region since the start of last year.

EIB Vice President Gelsomina Vigliotti underlined the importance of sustaining priority investment, stating, "In the face of significant challenges, it is crucial that we ensure continuous support for investment in the southern Mediterranean. By fostering business growth and addressing climate and energy concerns, we can drive sustainable development and create a prosperous future for the region."