European Investment Bank - Annual Report 1997
The European Investment Bank (EIB), the financing institution of the European Union, has published its annual report for 1997, providing an overview of activities during this year. The EIB have also issued two separate publications providing an overview of activities and lending during the past forty years, to mark the 40th anniversary of the institution. Total lending by the EIB during 1997 amounted to over ECU 26 billion compared with ECU 23 billion in the previous year. In order to finance this the Bank's investment portfolio generated a total of ECU 189 million in interest income. The bulk of this income was spent on financing targeted projects within the EU (ECU 23 billion), with the remaining ECU 3.2 billion being devoted to outside lending. The main objective of the EIB, as a European institution, is to further European integration by making long-term finance available. During 1997, over two-thirds of EIB funding went to regional development projects, targeting balanced development and economic and social cohesion within the EU. This covers priority areas such as the Amsterdam Special Action programme for growth and employment launched in August 1997, communications infrastructure, protection of the environment and energy conservation, and enhancing industrial competitiveness. The report provides a breakdown by Member State of the finance contracts signed during 1997 and gives details of the projects undertaken. EIB lending outside the EU in 1997 totalled ECU 3.2 billion, of which ECU 60 million to African, Caribbean and Pacific states, ECU 199 million to South Africa, ECU 1,122 million to Mediterranean countries, ECU 1,486 million to Central and Eastern European countries and ECU 205 million to Asian and Latin American countries. The report also devotes a chapter to the structure and staff of the EIB, and provides details of its aims and objectives. Information on the types of projects eligible for financing are also contained in the report.