Cohesion and Convergence
Cohesion and Convergence is one of the EIB's operational priorities, in line with its Treaty-based tasks, supporting developments in the less favoured regions and in particular to meet the challenges of enlargement.
In 2006, EUR 20.2 billion were devoted to projects located in assisted areas.
The main sectors for lending were:
- transport and telecommunications infrastructure
- investment in industry and the services sector
- urban infrastructure
- health and education infrastructure
Bank operations furthering other priority European objectives often also contribute to cohesion and convergence:
- Trans European Networks
- natural and urban environment
- human capital
- loans to small and medium sized enterprises based in assisted areas
JASPERS and JEREMIE
In October 2005, the European Commission and the EIB presented to the Member States and Acceding Countries two major joint policy initiatives, JASPERS (Joint Assistance to Support Projects in European Regions) and the European Investment Fund-managed JEREMIE (Joint European Resources for Micro-to-Medium Enterprises).
The first initiative is aimed at helping beneficiary countries to absorb EU Structural and Cohesion Funds to finance needed investments over the EU's next budgetary planning period 2007-2013, while the second will help to increase access to finance in the regions to encourage more business start-ups and new ventures.