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    EIB Global Impact Report 2023/2024
    EIB Global Impact Report 2023/2024
    EIB Global Impact Report 2023/2024
    Ebook193 pages1 hour

    EIB Global Impact Report 2023/2024

    By European Investment Bank

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    About this ebook

    Covering EIB Global's activities in 2023, this annual report shows how these activities are aligned with EU priorities and initiatives in different regions. It details the results and impact achieved by EIB Global's activities and provides an update on how the Bank is improving its mode of delivery, in order to enhance that impact. It is divided into four main sections:
    A tailored, regional approach: This section reports on the activities of EIB Global. Beginning with a special focus on Ukraine, it then covers Enlargement countries, the Neighbourhood regions, sub-Saharan Africa and finally Asia and Latin America (including Central Asia, the Pacific and the Caribbean). It examines the challenges in each region and how EIB Global is working with partners to address them in line with EU enlargement, regional and development policy.
    Delivering on EU priorities: This section describes how EIB Global is investing in social and economic infrastructure under the Global Gateway Initiative, helping partner countries step up climate action through both mitigation and acceleration, and expanding access to finance for entrepreneurs and small businesses to unlock job creation and growth. Two further parts focus on promoting gender equality through EIB Global operations, and how we work in fragile and conflict-affected states.
    Enhancing impact: This section examines the progress that EIB Global is making in achieving an improved mode of delivery under its Strategic Roadmap, in order to enhance and increase the impact it delivers. It covers key deliverables such as increasing local presence, the roll-out of advisory services and new products and initiatives, and how the Bank is learning from evaluations.
    Tracking results: Maximising EU impact is the ultimate goal of EIB Global. This section therefore describes how the Bank is managing for results, and reports on project results in detail, including results expected at appraisal and those achieved at project completion. It also reports on the Bank's additionality, carbon footprint and modelled impact on jobs.
    LanguageEnglish
    PublisherEuropean Investment Bank
    Release dateJul 1, 2024
    ISBN9789286157721
    EIB Global Impact Report 2023/2024

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      EIB Global Impact Report 2023/2024 - European Investment Bank

      FOREWORD

      BY THE PRESIDENT

      The European Union is the most successful example of economic, social and political integration in history. It is the main contributor of humanitarian assistance and development finance in the world, acting as a beacon of peace, freedom, democracy, prosperity, human rights and social progress through its different public policies inside and outside the Union.

      In the current geopolitical context, as the world is confronted with a tectonic shift in the global order that guided economic and political relations since World War II, it is more important than ever that Europe plays an active role around the world, promoting our shared values and contributing to stability, rising living standards and a more sustainable and inclusive growth model throughout the world.

      As the financing arm of the European Union, the European Investment Bank Group has a key role to play to support policy priorities, financing projects on the ground and building strategic partnerships that can foster cooperative responses to our shared challenges and build a better future: mitigating climate change, fostering security, ensuring resilient supply chains and access to critical raw materials, and contributing to geopolitical and economic stability, gender equality, food security and health.

      The challenges are immense, but so are the opportunities.

      Working as part of Team Europe and cooperating with other international organisations, the EIB Group brings together flexible finance and technical assistance to prepare and unblock projects. Building on the mandates and guarantees from the EU budget, the EIB Group can maximise the impact of its own capital, take risks and mobilise private investment to fill the financing gaps for development and the global climate transition.

      Nowhere is that clearer than in Ukraine, where the Group is providing immediate, emergency support, and will scale up its actions through the Ukraine Facility. By supporting the resilience of the country now and the reconstruction effort, the Group will help it ensure a prosperous future as part of the European Union.

      Supporting the enlargement process through investments that foster deeper integration of our Eastern neighbourhood and the attainment of EU standards in candidate countries is a top priority for the EIB Group. Fast and efficient project execution, building on the EIB’s existing financial relations and advisory services, is key.

      This economic partnership is also vital for countries in the Southern Neighbourhood, where we invest to help build prosperous, inclusive and sustainable economies, contributing to security and stability throughout the region.

      In other emerging markets and developing economies, in sub-Saharan Africa, America and Asia, we finance key flagship projects of Europe’s Global Gateway initiative, supporting the North-South dialogue as well as green growth, climate resilience and the achievement of the Sustainable Development Goals.

      Beyond flagship projects in the different geographical regions, the EIB Group finances impactful initiatives through strategic global partnerships, including those with the UN development programme, UNICEF, the World Health Organization, the Vaccine Alliance and private foundations with ambitious and life-changing goals, such as ending polio for good or deploying vaccine production facilities in Africa.

      This report details our activities outside the European Union in 2023 and their expected results and impact, showing our strong commitment to furthering EU objectives for a more prosperous, safer, more sustainable and fairer world.

      Nadia Calviño

      President of the European Investment Bank

      OVERVIEW OF THE YEAR

      Now entering the third year since its launch in 2022, EIB Global builds upon the EIB’s many decades of experience as a leading representative of the European Union outside Europe, upholding EU standards and values while bringing our expertise to projects worldwide. Our unique structure, including a dedicated Board Advisory Group, brings together various parts of the EU family, guiding our operations and strategies to develop instruments and initiatives with lasting global impact. EIB Global’s activities focus on the areas of climate action, digital, energy, infrastructure, inclusive finance for small businesses and job creation, education and health.

      Our default working mode, Team Europe, involves close coordination with European partners and local stakeholders to provide financial and technical backing to projects reflecting regional opportunities and joint priorities. We finance projects that matter to our partners in both the public and private sectors, aligning with Europe’s interests while delivering tangible contributions to global challenges. Recent years have brought an array of uncertainties that have underscored the interconnectedness of our lives and the importance of investing in long-term partnerships and common goals.

      EIB Global largely relies on EU mandates that allow the Bank to combine the advantages of an AAA-rated institution with lending to emerging markets and developing economies, including in less developed states where a high degree of concessionality is essential. It implements mandates under the Neighbourhood, Development and International Cooperation Instrument (NDICI). Blending EIB resources with European Commission and donor resources and guarantees also plays a critical role in achieving concessionality, and in enabling the advice and technical assistance that is often essential to project preparation and success.

      As a natural convener, EIB Global works very closely in the context of the NDICI Global Europe framework, not only with the European Commission and the European External Action Service, as part of the EU family, but also with other European development finance institutions in the context of Team Europe. EIB Global is part of 110 out of 168 Team Europe initiatives. It is at the forefront of innovative EU programmes and is in close collaboration with other Team Europe players, as in the case of the Global Green Bond Initiative (Here).

      Our commitment to Ukraine and other Enlargement countries remains steadfast. With crucial contributions from EU Member States, we established the EU for Ukraine (EU4U) Fund, which is already helping the reconstruction of Ukraine’s technology sector through initiatives such as Horizon Capital Growth Fund IV. We prioritise investments in stability and prosperity in our neighbouring regions to the east and the south, as well as the African continent as a whole.

      Our focus on maximising and mobilising resources for the Global Gateway, supporting projects critical to sustainable development and climate goals, also increases the visibility of EU development impact worldwide.

      In the past year, we provided €8.44 billion in financing globally. We contributed significantly to the Global Gateway initiative, with about €60 billion of total investments supported by EIB financing in 2022 and 2023.

      For the first time, more than half of our projects contributed to climate action and environmental sustainability, with 18% of this devoted to adaptation. As the EU climate bank, our commitment to addressing climate change extends beyond Europe’s borders, acknowledging that developing and emerging countries are often most vulnerable to its effects and have fewer resources to adapt to climate impacts. Our approach on just transition and just resilience complements our long-standing support for climate action and social development.

      In 2023 alone, EIB Global supported the water sector with €1.2 billion of financing, contributing significantly to adaptation efforts. We recognise the urgent need to address the effects of climate change, particularly its effects on vulnerable populations who are suffering the most, despite having done the least to cause it. That is why we have put particular emphasis on adaptation, focusing on areas such as agriculture and food security, nature-based solutions, water vulnerability, livelihoods and health.

      EIB Global further contributed to improving peoples’ lives by supporting equitable access to health services and building resilience in partner countries with some €1 billion of financing in 2023 alone. Innovative and coordinated financing approaches are needed to help bridge the gap between health system investment needs and the challenge of limited domestic funding in low-income countries. Through partnerships with a core group of multilateral development banks and other organisations, we are committed to developing high-impact, equitable, people-centred primary health services in low- and low-middle income countries. More support will be rolled out under the Human Development Accelerator (HDX), an innovative health programme backed by the European Commission in partnership with the Bill and Melinda Gates Foundation, the World Health Organisation and UNICEF.

      An unprecedented 40% of our projects signed last year are set to make a significant contribution to gender equality and women’s economic empowerment. These investments supported public and private sector projects that advance gender equality and close gender gaps, and facilitate women’s access to finance. By empowering women and allowing female entrepreneurs to thrive and reach their full potential, we can build a more inclusive and prosperous world for all.

      Additionally, we supported smaller businesses, which are the backbone of economies and drivers of employment. The challenges posed by multiple crises have affected many smaller businesses' ability to access financing, especially longer-term lending. Our partnerships with businesses and local banks are key to providing targeted support that fosters lasting transformation contributing to greener, digital and inclusive private sector development.

      With support from donors and mandates, we have directed 42% of our lending to least developed countries and fragile states, maintaining strong

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