EIB Board approves rise in 2007 funding ceiling

EIB’s Board of Directors has approved an increase in the ceiling for funding under the 2007 programme, from EUR 50bn to EUR 55bn. This gives EIB the flexibility to fund up to EUR 55bn, in parallel with progress in its 2007 lending programme and loan disbursements.  EIB is already well advanced with its funding and had raised over EUR 44bn as of end September 2007.

Background Information

The European Investment Bank, based in Luxembourg, was set up in 1958 under the Treaty of Rome. Owned by the European Union Member States, the EIB is the EU’s long-term lending institution, financing projects that promote European economic development and integration. Besides supporting projects in the Member States, its main lending priorities include financing investments in future Member States of the EU and EU Partner countries. The EIB operates on a non-profit maximising basis and lends at close to the cost of borrowing. The Bank’s consistent AAA rating is underpinned by firm shareholder support, a strong capital base, exceptional asset quality, conservative risk management and a sound funding strategy. In 2006, EIB raised around EUR 48 billion.