EIB ready to lend more to Egypt, Tunisia

22:03, February 22, 2011      

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The European Investment Bank (EIB) said Tuesday that it was ready to lend more money to countries in the Mediterranean region, hoping to help them create more jobs while in transition to democracy.

"We are ready to do more, but we need a joint decision of the Council and the Parliament," said EIB President Philippe Mavstadt at its annual press conference held here Tuesday.

According to Mavstadt, the EIB will be able to lend six billion euros in total to the region including Egypt and Tunisia for the next three years if the EU Council and the European Parliament approves an additional one billion euros.

The bank lent a record 2.6 billion euros to the region in 2010. Mavstadt said the proposal of an additional one billion euros was in the process and that the bank would do as much this year as last year.

Mavstadt stressed that creation of jobs should be the priorities for the region, adding that the bank would focus on financing projects that can help create jobs in three categories, namely building new plants, lending to local banks for small and medium-sized enterprises and constructing economic infrastructure.

He also added that the EIB was not authorized to take operations in Libya.

Source: Xinhua
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