European Investment Bank joins global initiative

The European Investment Bank (EIB) has joined a number of other banks, institutions and finance groups to create a new Global Infrastructure Facility (GIF).

Launched at a meeting of the World Bank Group in Washington, it is projected that its framework will help unlock billions of dollars in investment in emerging countries.

It has been estimated that $1 trillion (€790 billion) a year will be required for its operations between now and 2020, met through public and private funding.

The EIB has said it will contribute on the basis of its record of financing economically and financially viable infrastructure projects, and experience in developing public-private partnerships.

President of the EIB Werner Hoyer said, “We welcome the proposed collaboration of the multilateral development banks and the private sector and capital market institutions on GIF, as it will increase the resources available to prepare major infrastructure projects.

“It will also strengthen market investment in key infrastructure sectors and countries where such resources are lacking. What we need are viable, bankable and innovative projects which provide added value for investment and modernising the economy.”