EIB and Committee of the Regions Reinforce Partnership to Drive Economic Growth and Social Infrastructure in Europe

EIB and Committee of the Regions Reinforce Partnership to Drive Economic Growth and Social Infrastructure in Europe

(IN BRIEF) During a recent plenary session, the Committee of the Regions and the European Investment Bank (EIB) renewed their commitment to fostering economic cohesion across the EU, focusing on both urban and rural areas. EIB President Nadia Calviño emphasized the importance of affordable housing and social infrastructure as key investment priorities. The collaboration aims to improve access to funding and enhance local investments, with nearly half of the EIB’s €36 billion financing in the EU last year directed toward less developed regions. The partnership seeks to address the challenges of the green and digital transitions, ensuring equal opportunities for European citizens.

(PRESS RELEASE) LUXEMBOURG, 10-Oct-2024 — /EuropaWire/ — In a recent plenary session, the Committee of the Regions engaged with Nadia Calviño, President of the European Investment Bank (EIB) Group, to reaffirm their joint commitment to fostering economic convergence throughout the European Union, targeting both urban and rural areas. The discussion highlighted a mutual focus on advancing affordable housing and enhancing social infrastructure as pivotal investment priorities.

Over the past few years, the EIB Group and the Committee of the Regions have worked diligently to improve funding access for localities and elevate the quality of investments at the local level. This collaboration has been supported by a joint action plan, which was renewed earlier this year.

Local and regional leaders have expressed their appreciation for the EIB Group’s increased dedication to aiding cities and regions in their transition toward greener and more equitable practices, alongside efforts to enhance competitiveness. Additionally, the importance of investing in education, healthcare, and housing has emerged as a shared priority for both the EIB and municipal authorities.

The emphasis on housing aligns with the recent announcement by European Commission President Ursula von der Leyen regarding a European affordable housing initiative, prompting the CoR and the EIB to amplify their collaborative efforts in this area.

Vasco Alves Cordeiro, President of the Committee of the Regions, stated, “The renewed agreement established last February has fortified our partnership with the EIB, benefitting European local communities. The EU faces numerous challenges, including the green and digital transitions, and the need for investments in social infrastructure. Strengthening our collaboration is essential for addressing these issues. With the renewed focus on housing, the partnership between the Committee of the Regions and the EIB will become even more critical in the coming years.”

In the previous year, nearly half of the EIB Group’s financing—amounting to €36 billion—was directed toward less developed and transitioning regions within the EU.

“Ensuring that projects enhance lives across every region and city in our Union, from Valletta to Riga, remains the EIB Group’s priority,” President Nadia Calviño remarked. “European citizens must be assured of equal opportunities, regardless of where they live, work, or study. Contributing to a modern cohesion policy alongside our local and regional partners is a strategic priority for the EIB Group from 2024 to 2027.”

For further insights, read President Calviño’s full speech here.

Background information

The European Committee of the Regions is the EU’s assembly of regional and local representatives from all 27 Member States. Created in 1994 following the signing of the Maastricht Treaty, its mission is to involve regional and local authorities in the EU’s decision-making process and to inform them about EU policies. The European Parliament, the Council and the European Commission consult the Committee in policy areas affecting regions and cities. To sit on the European Committee of the Regions, all of its 329 members and 329 alternates must either hold an electoral mandate or be politically accountable to an elected assembly in their home regions and cities.

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

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SOURCE: European Investment Bank