What changed

MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

(2024/2052(INI))

– having regard to the European Investment Bank (EIB)Group (‘EIB Group’) 2023 activity report of 1 February 2024 entitled ‘A Blueprint for Sustainable Living’, and to the EIB Group document of 2 February 2023 entitled ‘EIB Group Operational Plan 2023-2025’,2023-2025’,– having regard to the European Investment Bank (‘EIB’, ‘the Bank’) Investment Report 2023/2024 entitled ‘Transforming for competitiveness’, published on 7 February 2024,

– having regard to the EIB Investment Report 2023/2024 entitled ‘Transforming for competitiveness’, published on 7 February 2024,

– having regard to the EIB document of 8 May 2023 entitled ‘Mid-term review of the EIB Energy Lending Policy’,

– having regard to the EIB Group report on the implementation of the EIB Group Transparency Policy in 2023, published on 1 July 2024,

– having regard to the EIB Group document of 27 November 2023 entitled ‘The EIB Group PATH Framework – Version 1.2 of November 2023 – Supporting counterparties on their pathways to align with the Paris Agreement’,

– having regard to the EIB Group and EIB documents of 21 June 2024 entitled ‘EIB Group 2024-2027 Strategic Roadmap’ and of 29 November 2023 entitled ‘EIB Global Strategic Roadmap’,

– having regard to the EIB Group Sustainability Report 2023, published on 25 July 2024,

– having regard to the EIB Group Complaints Mechanism Report 2023, published on 10 June 2024,

– having regard to the EIB Group document of 14 October 2024 entitled ‘Diversity, Equity and Inclusion at the EIB Group’,

– having regard to the EIB publication of 23 September 2024 entitled ‘EIB Audit Committee Annual Reports for the year 2023’,

– having regard to the EIB Group report of 15 July 2024 entitled ‘EIB Group activities in EU cohesion regions 2023’,2023’,– having regard to the EIB report of 19 October 2023 entitled ‘EIB Investment Survey 2023 – European Union overview’,

– having regard to the EIB Group report of 1926 OctoberJune 20232024 entitled ‘EIB InvestmentGroup Surveysupport 2023for –EU Europeanbusinesses: UnionEvidence overview’,of impact in addressing market failures’,

– having regard to the EIB report of 26 June 2024 entitled ‘EIB Group support for EU businesses: Evidence of impact in addressing market failures’,

– having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 5 March 2024 entitled ‘A new European Defence Industrial Strategy: Achieving EU readiness through a responsive and resilient European Defence Industry’ (JOIN(2024)0010),

– having regard to European Court of Auditors Special Report 22/2024 entitled ‘Double funding from the EU budget’,

– having regard to the EIB Group report of 29 December 2023 entitled ‘European Investment Bank Group Risk Management Disclosure Report – June 2023’,

– having regard to the joint communication of 19 March 2025 from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy entitled ‘Joint White Paper for European Defence Readiness 2030’ (JOIN(2025)0120),

– having regard to Rule 55 of its Rules of Procedure,

– having regard to the report of the Committee on Budgetary Control (A10-0000/2025),(A10-0068/2025),

A. whereas the EIB is the largest multilateral development bank in the world, given the volume of its borrowing and lending;

A. whereas the EIB Group includes the EIB and the European Investment Fund (EIF); whereas the EIB stands as the world’s largest multilateral development bank; whereas the EIB is treaty-bound to contribute to EU integration; whereas the EIB’s key priorities include providing funding for projects to foster European integration and social cohesion; whereas the EIF acts as a dedicated body for supporting the European Union’s policy objectives in the areas of entrepreneurship, job creation and economic cohesion;

B. whereas, as a multilateral investment bank owned by the EU Member States, the EIB is managedgoverned by a Board of Governors, a Board of Directors and a Management CommitteeCommittee, and hasit itsmaintains ownrobust internal mechanisms for accountability, governance and audit; whereas the EIF is owned by the EIB (60 %), the EU (30 %) and financial institutions (10 %) from the Member States, the UK and Türkiye, and is managed by the General Meeting of EIF shareholders, the Board of Directors and the Chief Executive, with independent internal mechanisms for accountability, governance and audit, some of which are shared at the Group level;

C. whereas both the EIB operates inand athe competitiveEIF market,operate butwithin isa alsocompetitive anmarket EUbut bodyare expectedheld to abide by high standards of transparency and stakeholder engagement;engagement as EU bodies;

D. whereas the EIB hasGroup cross-cuttingpromotes objectivesEU forpolicies climateboth actionwithin and environmentaloutside sustainability,the economicEU and socialcollaborates cohesionclosely with other EU and convergence,national digitalinstitutions, transition,aligning andits supportfinancing forwith the EU’s external actionpolitical prioritiespriorities; aroundwhereas the world,EIB andGroup outlined eight strategic priorities in its financingStrategic isRoadmap alignedfor with2024-2027: climate action, digital transformation, defence, cohesion, agriculture, social infrastructure, external financing and promoting the EU’sCapital politicalMarkets priorities;Union;

E. whereas the EIB is also entrustedtasked with sourcingsecuring resources,resources viathrough borrowing activities, thatwhich are essentialcrucial for the implementation ofimplementing the EU’s policies;

F. whereas the European Council’s strategic agenda for 2024-2029 provides forenvisages an enhanced role for the EIB Group as a catalystdriver of EU defence and security, and highlightsemphasises the need to bolsterboost EU competitiveness throughand aimprove citizens’ economic and social well-being through significant collective investment effort,efforts, mobilisingleveraging both public and private funding;

G. whereas the Draghi report on the future of European competitiveness madeproposed numerous suggestions forways furtherto expandingexpand the role of theEIB’s EIBrole in financing EU policies and enablingto enable the EIB to takeassume more risk;

H. whereas itthe EIB Group’s core mission is essentialto bolster Europe’s potential for job creation and economic growth; whereas its investments should tackle inequalities by improving access to jobs, training opportunities, housing and education in order to address thepoverty barriersand unemployment; whereas it is crucial to accessovercome barriers to financefinancing for small and medium-sized enterprises (SMEs) and mid-caps; whereas public lending and guarantee schemes areserve anas importantvital countercyclical policy tool,tools, particularlyespecially during economic downturns, but also for theand mitigationhelp ofmitigate structural market failures;

I. whereas the EIB is an essentiala componentcornerstone of the European financial architecture for development and the largest multilateral lender in the EUEU’s neighbourhoodneighbouring regions;regions, including the Eastern Neighbourhood countries, the Western Balkans, the Middle East, and North Africa; whereas the EIB is expected to help close the gap in productive investment between Europe and its main competitors by increasing investment in innovation, communication technology and intellectual property;

J. whereas the success of the EU’s policies and thepolicy effectivenessobjectives ofand their effective implementation increasingly reliesdepend on the EIB Group; whereas it is clear that the intensitydepth and quality of Parliament’s scrutinyoversight of the EIB’s financial activitiesoperations should therefore be consistentin line with the intensity of EIB-Commission cooperation, which has become very significant;

K. whereas the EIB’s business model demandsrequires the highest standards of integrity, accountability and transparency, and adequaterobust measures need tomust be adoptedimplemented and continuouslyregularly updated to counter all formscombat offinancial fraud, corruption, money laundering, financingterrorism, oforganised terrorism,crime and organisedboth crime;tax evasion and avoidance; whereas the EIB Group has a control framework aimed at preventing and mitigating sanctions risks;

L. whereas the EIB Group adheres to the Basel Committee on Banking Supervision’s definition of compliance risk, with the aim of preventing the risk of legal or regulatory sanctions, material financial loss, or damage to reputation; whereas the Bank takes appropriate measures to mitigate such risks by ensuring strict compliance with legal and regulatory frameworks, both at EU and international level;

Financial operations and performance

1. NotesAcknowledges that the EIB has performedoperated effectively and efficiently in an internationala contextlandscape affectedmarked by globalsignificant challengesglobal relatedchallenges, toincluding geopolitical situations, the effects oftensions, climate change impacts and other situationsfactors affectinginfluencing the global economy; suggests exploring both the EIB’s effectiveness and efficiency through thoughtful analysis, particularly focusing on the impact on competitiveness and growth;

2. Notes that the EIB Group’s consolidated result under the International Financial Reporting Standards (IFRS) amounted to EUR 2.272 billion in 2023, compared to EUR 2.327 billion in 2022 (a decrease of 2.4 % year on year);

2. Recognises that EIB financing is becoming increasingly crucial in the context of high interest rates and constrained public finances; expects the EIB, in the context of a challenging economic outlook and increased global competition, to address constraints to EU competitiveness, such as volatile energy prices, skills shortages in key sectors and insufficient investments in innovation and new technologies;

3. Observes that the EIB’s total liquidity ratio remained within internal limits to the end of 2023; stresses that the EIB’s AAA rating with a ‘stable’ outlook is necessary to ensure appropriate market sources of financing at preferential rates and that it must be preserved; underlines that the EIB’s high credit standing is key to its successful business model;

3. Notes that the EIB Group achieved strong consolidated results amounting to EUR 2.272 billion in 2023 under the International Financial Reporting Standards (IFRS), compared to EUR 2.327 billion in 2022, reflecting a year-on-year decrease of 2.4 %; calls for a detailed analysis of the factors contributing to this decrease, especially since the period was marked by steady economic growth; observes that EIB reserves reached over EUR 56 billion in 2023, up from EUR 53.9 billion in 2022 and EUR 36 billion in 2014;

4. Notes that the EIB’s total disbursements amounted to EUR 54.4 billion in 2023 (of which EUR 53.4 billion under the EIB’s own resources), compared to EUR 54.3 billion (of which EUR 53.3 billion under the EIB’s own resources) in 2022; observes that, according to an economic model developed jointly by the EIB’s Economics Department and the Commission’s Joint Research Centre, the overall investment signed within the EU by the EIB Group in 2023 alone will create about 1 460 000 new jobs in the EU-27 by 2027 and will have an impact on the EU’s economy equivalent to a 1.03 percentage point increase in GDP;

4. Notes that the EIB’s total liquidity ratio remained well within internal limits to the end of 2023 and that the EIB’s Common Equity Tier 1 (CET1) ratio stood at 33.1 % in 2023, significantly higher than the average ratio of significant institutions supervised by the European Central Bank (ECB) at that time; emphasises that maintaining the EIB’s AAA rating with a ‘stable’ outlook is crucial for securing favourable market financing at preferential rates and should be preserved; underlines that the EIB’s high credit standing is key to its successful business model;

5. Calls on the EIB to maintain its strong capital position and consistently high profits, but notes that the Bank has potential to absorb potential fluctuations in returns without compromising shareholder capital or its credit rating, has the capacity to take on more risk in strategic investments and is well-equipped to invest more in higher-risk innovative projects where private capital remains hesitant;

6. Highlights that the EIB’s total disbursements reached EUR 54.4 billion in 2023, with EUR 53.4 billion from its own resources, compared to EUR 54.3 billion (EUR 53.3 billion from its own resources) in 2022; observes that the EIF’s disbursements on private equity investments amounted to EUR 139.7 million in 2023, compared to EUR 113.7 million in 2022; notes that, according to an economic model developed jointly by the EIB’s Economics Department and the Commission’s Joint Research Centre, the EIB Group’s overall investment within the EU in 2023 is expected to create around 1 460 000 new jobs in the EU-27 by 2027 and boost the EU’s GDP by 1.03 percentage points; calls on the EIB Group to ensure a more balanced geographical distribution of investments to maximise their impact across all EU regions, promoting cohesive and inclusive growth throughout the Union, with particular attention to under-represented and less developed areas;

7. Recalls that the EIB’s Statute mandates geographical balance among its staff and that the selection of staff members must be based on merit, while also considering fair representation of nationals from all Member States; encourages the Bank to continuously monitor geographical balance among its staff and to adjust the recruitment process accordingly, if needed;

8. Welcomes the fact that the EIB Group upholds a rigorous policy against tax fraud, tax evasion, tax avoidance, money laundering and terrorism financing;

InvestEU, the simplification of the multiannual financial framework, and the Recovery and Resilience Facility

5.9. Welcomes the adoption, on 13 December 2023, of the EIB Group Operational Plan 2024-2026, which summarisesoutlines the priorities set and activities to be carried out tofor deliverimplementing the EIB Group’s strategy forover the next three years; calls for adjustments to new market conditions, including simplification and a reduction of bureaucracy to remove barriers to financing for SMEs, which must be significantly increased; acknowledges that increasing higher-risk activities and mandates is crucial for providing effective support to high value-added and innovative sectors;

6.10. Recalls that the EIB Group has been assignedallocated 75 % (EUR 19.6 billion) of the EU budgetary guarantee provided under the InvestEU Regulation; highlights thatthat, in 2023 alone, the EIB approved 30 operations under InvestEU fortotalling EUR 9.1 billion; believes that in order to stay competitive, significant investments are needed, primarily from the private sector; believes that focusing on innovative projects, start-ups and scale-ups would enhance European competitiveness and growth; notes that this requires mobilising private investments; calls, therefore, on the EIB to play a totalmore ofsignificant EURrole 9.1in billion;strategic de-risking through guarantees, thereby encouraging private capital investment;

7.11. Stresses that, within the current 2021-2027 multiannual financial framework, the EIB manages 87 mandates from the Commission, increasing to about 130 if those relating to shared management and assigned by local governments and the Member States are included, and notes that the EIB produces no fewer than 457 reports a year for these; points out that de-bureaucratisation and simplification are deemed necessary to enable better use of resources;

8.12. HighlightsEmphasises that the EIB is managing six Recovery and Resilience Facility (RRF) mandates in four Member States, signed in 2021 (Greece and Italy), in 2022 (Romania) and in 2024 (Spain), for an overall value oftotalling EUR 8.7 billion; understands, however,acknowledges that the introductionadoption of instruments based on ‘financing not linked to costs’,costs’ instruments, which have greatly grown insignificantly volumeexpanded with the RRF, objectivelyinherently increasesraises the risk of errors and mismanagement, in particular double funding; callsexpresses onits concern about the Commissiontransparency, auditing and monitoring of the implementation of the RRF; calls on the EIB,EIB into itscooperate capacitywith asMember aStates mainto partneraddress government capacity constraints and advisor,the tolack refrainof fromtechnical submittingskills fromso anyas newto proposalsensure that useRRF theresources RRFare managed as aeffectively blueprintas forpossible, settingin financingalignment mechanisms,with includingnational structures and complying with all RRF reporting requirements, especially in the Commission’simplementation upcomingof proposalinvestment forprojects aand multiannualreforms; financialurges frameworkthe forCommission and the periodEIB, afterin 2027;its reiteratesadvisory thatrole, theto simplificationrefrain thatfrom proposing new financing mechanisms based on the EIBRRF pursuesmodel shouldwithout nottaking comecorrective atmeasures, including in the costupcoming ofpost-2027 weakeningmultiannual thefinancial soundnessframework; ofstresses that, while the managementEIB ofseeks EU’ssimplification, resourcesit andmust erodingnot compromise the possibilitysoundness toof exerciseEU scrutinyresource tomanagement keepor the relevantability actorsto accountable,maintain oversight and accountability, as establishedmandated underby the Treaties;

Energy security

9.13. Notes the EIB’s continued support for security of supply, which mainly takes the form of reinforcing electricity grids and cross-border infrastructure, of reducing energy demand through energy efficiency projects and of fostering low-carbon power generation; underlinescommends the fact that the EIB has supported new dimensions of energy security, such as demand response and energy storage, and has promoted the development of a sustainable supply of critical raw materials (CRM) needed for the energy transition; calls for an urgent analysis of the real impact of these projects implemented to date, especially of their impact on the availability and cost of energy and thus on the general competitiveness of European companies;

10.14. Reiterates itsthe callneed to tackleaddress energy poverty and emphasises the need for a fair and inclusive energy transition; recalls that the energy crisis is fuelling inflationaryexacerbating pressures,inflation, increasing food insecurity and squeezingstraining household budgets, andbudgets; invitesencourages the EIB to useleverage the Just Transition Mechanism and the Modernisation Fund to support the regions and populations most affected by the energy transition; isstresses awarethe importance of using the Just Transition Mechanism to support workers and regions affected by the phase out of fossil fuels, ensuring access to retraining and quality jobs; recognises that manynumerous sectors are facinggrappling increasingwith challenges becausestemming offrom the jointcombined effecteffects of adaptationadaption to European Green Deal objectives and the consequencesrepercussions of the energy crisis and inflation; stresses that accelerating the risedeployment inof inflation;innovative callslow-carbon ontechnologies therequires EIBbringing their costs to stepa uplevel itsthat effortsis tocompetitive lowerwith thefossil costfuels ofand capitaladjusting to the ongoing reform of cleanthe technologies;green policies;

11.15. NotesAcknowledges that the REPowerEU plan is a crucial new element in the EU policy response to the energy crisis; notes that, in July 2023, the EIB Group increased the financing targets of the October 2022 commitment from EUR 30.0 billion until 2027 to EUR 45.0 billion (REPowerEU+), in order to scale up its efforts to support the EU’s energy security; calls for a clear overview of potential double funding of energy projects;

12.16. Underlines that in 2023, the EIB provided approximately EUR 21.4 billion ofin financing for energy-related projects, of which around EUR 19.8 billion in the EU and EUR 1.6 billion outside the EU; considers it necessary to increase not only the volume of financing for energy-related projects, but also the efficiency of the investments; underlines, in this regard, the importance of the EIB’s combined offer of competent technical assistance and innovative financial support, and encourages the Bank to expand the range of innovative financing products offered to economic operators, going beyond the standard market offer;

13. Believes that hydrogen and its derivatives, especially when obtained from renewable sources, can play a role in meeting the EU’s decarbonisation objectives and reducing fossil fuel dependence; calls on the EIB to play a key role in mobilising private investments;

17. Believes that hydrogen and its derivatives, particularly when sourced from renewable energy, can significantly contribute to the EU’s decarbonisation goals and reduce dependence on fossil fuels; urges the EIB to take a leading role in mobilising private investments, which are essential for scaling up hydrogen production across the EU, while ensuring technological neutrality and supporting a diverse range of innovative solutions for decarbonisation, including further scientific research aimed at enhancing and stabilising the efficiency of hydrogen technology; encourages the Bank to consider the cost-effectiveness of such projects from the perspective of their total life cycle;

Defence and security policy

14. Stresses that in May 2024, the EIB’s Board of Directors approved the EIB Group Security and Defence Action Plan to step up support for the EU’s security and defence industry; points out that EIB support is provided to SMEs and innovative start-ups within the security and defence sector under the ‘dual use’ principle, upholding the ‘credible civil use’ criterion but discontinuing the revenue test;

18. Welcomes the significant role that the EIB Group plays in supporting the EU’s defence and security policy by providing funding and leveraging private investment to enhance the Union’s strategic autonomy and resilience; stresses the importance of the EIB’s investment capabilities, supporting initiatives that contribute to strengthening the EU’s defence industry, advancing cybersecurity infrastructure and promoting innovation in critical defence technologies;

15. Underlines the added value of the innovative measures that the EIB has adopted to accelerate investments in security and defence, and of the ‘one-stop shop’ that acts as the single point of entry for clients and external stakeholders, to whom it offers expert assistance to facilitate access to EIB Group support;

19. Appreciates that security and defence is set as one of the Bank’s core priorities in its Strategic Roadmap for 2024-2027; highlights that in May 2024, the EIB’s Board of Directors approved the EIB Group Security and Defence Industry Action Plan, which follows the EIB Group 2022 Strategic European Security Initiative aimed at supporting innovation in dual-use technology, in order to enhance support for the EU’s security and defence industry; notes, with satisfaction, that EIB Group support is provided to SMEs and innovative start-ups within the security and defence sector under the ‘dual-use’ principle, upholding the ‘credible civil use’ criterion, but waiving the revenue test; welcomes the decision of the EIB Board of Directors of 21 March 2025 to expand the Bank’s eligibilities for financing Europe’s security and defence industry and infrastructure, by ensuring that excluded activities are as limited as possible in scope;

16. Is aware that in June 2023, the EIB approved an increase in the Strategic European Security Initiative for security investments in the EU from EUR 6.0 billion to EUR 8.0 billion for the period from 2022 to 2027, also including the space and cybersecurity sectors; encourages the EIB to strengthen institutional partnerships with the EU Agency for the Space Programme and other potentially relevant partners;

20. Welcomes the EIB’s targeted investments in both defence and civilian infrastructure and emphasises the need for strategic investment in technologies that serve both civilian and defence purposes, in line with the EU’s broader goals of promoting innovation and enhancing the Union’s security; calls on the EIB Group to conduct a review of the impact of the extension of its new dual-use goods policy;

17. Appreciates the EIB’s cooperation with the European Defence Agency and welcomes the signing of an update to the memorandum of understanding between the two bodies on 3 October 2024;

21. Stresses the importance of SMEs, start-ups and mid-caps in the security and defence industry and in developing a common European market for defence; believes that smaller actors play a crucial role in strengthening the Union’s capacity and autonomy to develop innovative defence products; encourages the EIB to further support cross-border research and development (R&D) cooperation, particularly by paving the way for smaller actors to take part in the defence supply chains; stresses that greater EIB investment in the defence sector can encourage investment by commercial banks in the same area and considers it necessary to increase the flexibility of lending to SMEs in this regard;

22. Notes that the resources allocated to support the defence and security sector mainly come from the European Defence Fund (EDF) (EUR 8 billion), the EIB Strategic European Security Initiative (SESI) (EUR 8 billion) and the European Defence Industry Programme (EDIP) (EUR 1.5 billion); calls for a dedicated capital allocation on defence and the further adjustment of the scope of eligible investments in order to meet the ambitious role of contributing to Europe’s peace and security set by the White Paper on European Defence Readiness 2030 for the EIB Group; welcomes the integration of the EIB’s existing EUR 8 billion SESI into a cross-cutting and permanent public policy goal and the removal of a predefined ceiling for financing in this area; believes that these measures will allow the Bank to respond to the investment needs in security and defence, while safeguarding its operations and strong financial position; believes that the decision by the Board of Governors in June 2024 to increase the gearing ratio of the Bank will enable increased investments in areas of strategic importance, including in security and defence;

23. Underlines the added value of the innovative measures that the EIB has adopted to accelerate investments in security and defence, and of the ‘one-stop shop’ that acts as the single point of entry for clients and external stakeholders, to whom it offers expert assistance to streamline access and speed up deployment of financing available under the SESI; encourages the EIB to continue developing and implementing agreed upon measures that simplify client procedures and further accelerate investment processes, while ensuring that the AAA rating is preserved;

24. Notes, with appreciation, that in June 2023, the EIB approved an increase in SESI for security investments in the EU from EUR 6.0 billion to EUR 8.0 billion for the period from 2022 to 2027, also including the space and cybersecurity sectors; encourages the EIB to strengthen institutional partnerships with the EU Agency for the Space Programme and other potentially relevant partners, in accordance with EU competition rules;

25. Commends the EIB’s cooperation with all relevant stakeholders, including Member State governments, the European Defence Agency (EDA) and the NATO Innovation Fund; appreciates, in particular, the EIB Group’s cooperation with the EDA and welcomes the signing of an update to the memorandum of understanding between the two bodies on 3 October 2024, which will allow them to strengthen strategic partnerships and jointly identify financing needs to better support research, development and innovation (RDI) in the area of security and defence in the Union;

26. Invites the EIB to further strengthen such collaboration with key stakeholders with a view to increasing impact, synergies and complementarity with EU defence programmes, ensuring that its investments complement broader EU defence policy goals and contribute to achieving economies of scale in European defence capabilities; asks the EIB to enhance regional security and resilience, particularly in Eastern Europe and the Mediterranean through the creation of infrastructure that supports regional security and fosters greater cooperation between EU Member States on defence matters; stresses, furthermore, the importance of exploring cooperation with the NATO Innovation Fund in order to improve access to financing for technology start-ups, in parallel to the deployment of the EIF Defence Equity Facility;

Social infrastructure and housing

18. Stresses that housing purchase and rental prices have increased significantly in recent years, diminishing the affordability of many metropolitan areas in the EU and compromising access to these; welcomes the inclusion of support for social infrastructure in the EIB Group’s eight strategic priorities for 2024-2027 and agrees that investments in energy-efficient, sustainable and accessible housing, state-of-the-art healthcare, and education are vital for increasing productivity and contribute to strong and resilient societies;

27. Asks the EIB to increase risk-taking for projects providing essential services with long-term clear and measurable benefits; welcomes, in this vein, the EIB Group’s actions and measures in the area of housing and social infrastructure that contribute to affordable housing, social inclusion and regional development, while also supporting sustainability and innovation; calls on the EIB to prioritise its investments towards these goals in order to achieve better economic growth, social inclusion and regional cohesion, while also supporting the EU’s sustainability objectives; invites the Bank to focus on sustainable urban development and inclusive growth by ensuring that the EU’s housing and infrastructure needs are met for a stronger, more cohesive and prosperous Europe;

19. Believes that cooperation with local authorities, local governments and civil society representatives should foster the development of social housing; is aware that the effectiveness of the EIB’s action in the housing and social infrastructure sector also depends on the removal of policy and regulatory hurdles;

28. Emphasises that housing purchase and rental costs have surged significantly in recent years, reducing the affordability of many metropolitan areas in the EU and limiting access to housing; stresses that the EIB must play a stronger role in addressing the housing crisis; welcomes the inclusion of support for social infrastructure in the EIB Group’s eight strategic priorities for 2024-2027 and agrees that investments in energy-efficient, sustainable and accessible housing, and education within easy reach are crucial for boosting productivity and fostering strong and resilient societies; encourages the EIB to prioritise investments in housing cooperatives, energy-efficient social housing and renovation projects targeting low-income households; believes that addressing the EU’s major housing investment gaps requires overcoming both financial and non-financial investment barriers and the large-scale mobilisation of resources and capacities;

Support for SMEs, mid-caps, start-ups and scale-ups, the capital market union and the role of the European Investment Fund

29. Welcomes that the EIB, in collaboration with the Commission, has initiated a pan-European investment platform aimed at promoting affordable and sustainable housing, combining advisory services and financing, and encourages the participants to continue this initiative;

20. Emphasises that SMEs, start-ups and scale-ups are crucial for the EU’s economy; points out these businesses face significant challenges in accessing finance, markets and talent, which limits their growth; maintains that business growth and dynamism are key drivers for innovation, competitiveness and productivity; encourages the EIB Group to continue addressing these issues through tailored financial programmes, risk-sharing mechanisms, and business-targeted financial instruments;

30. Welcomes the EIB’s commitment to easing the pressure on housing markets in Europe; stresses that housing purchase and rental prices have increased significantly in recent years, reducing the affordability of many metropolitan areas in the EU and compromising access to these; emphasises that EIB analysis shows that the EU needs about 1.5 million new housing units per year to cope with demand, and that about 75 % of the EU’s building stock needs to be renovated, representing an additional 5 million units per year; welcomes the fact that the EIB supports the reconstruction of existing housing and the construction of new social and affordable accommodation; encourages the EIB to mobilise more funding for affordable housing projects among the Member States;

21. Believes that a stronger capital markets union will boost securitisation and venture capital markets, making it possible to increase investment in the real economy, and that financing European scale-ups with European capital should be a priority, as exemplified by the European Tech Champions Initiative, which was launched in February 2023 to finance promising European tech companies; observes that the European Tech Champions Initiative is complemented by the European Scale-up Initiative, which is aimed at providing crucial financing for Europe’s high-tech companies in their late-stage development;

31. Calls for the strengthening of technical assistance and financial expertise in support of local and regional authorities, especially in areas with low investment capacity, in order to improve access to EIB funding; believes that cooperation with local authorities, local governments and civil society representatives should foster the development of social housing suitable for all, and especially for the most vulnerable citizens of the concerned Member State; is aware that the effectiveness of the EIB’s action in the housing and social infrastructure sector also depends on the removal of policy and regulatory hurdles;

22. Acknowledges the mission of the European Investment Fund (EIF) to support access to finance for the European micro, small and medium-sized enterprises; believes that the EIF’s activities for the development of the European venture capital ecosystem should be increased;

32. Notes that, in 2023, the EIB signed EUR 8.3 billion in financial support for energy efficiency operations, of which 65 % was for energy efficiency in buildings; invites the EIB to prioritise long-term affordable and accessible solutions, and sustainable investments, such as energy-efficient renovations and the reuse of vacant buildings;

23. Praises the support provided by the EIB Group to about 400 000 SMEs and mid-caps in 2023 alone, with EUR 31.1 billion in financing, including loans and guarantees for businesses (of which EUR 14.9 billion were deployed by the EIF), resulting in the mobilisation of over EUR 134 billion, and notes that it teamed up with almost 300 partner institutions across Europe to this end;

33. Believes that the related investments should ensure sufficient durability before any change of destination or use is authorised;

24. Recalls that the deployment of the European Guarantee Fund ended in 2023 and that its disbursements to help SMEs to recover from the adverse impact of the pandemic reached approximately 200 000 SMEs across the EU; recalls the concerns expressed in previous resolutions about the transparency of the decision-making processes and information about final recipients;

34. Invites the EIB to build on its long-standing experience as an accelerator of European investments and to also deploy its potential in the education and training and healthcare sectors, including through advisory services; calls on the Bank to strengthen support for healthcare capacities, both within and outside the EU, thus ensuring a stronger role for Europe in the world;

25. Notes that EIF measures on anti-money-laundering and countering the financing of terrorism include assessing the risks linked with products and transactions, carrying out counterparty due diligence, screening the ownership structure and key persons against sanctions and adverse media, introducing mandatory training for all staff and concluding an agreement with the Luxembourgish Financial Intelligence Unit on the reporting and follow-up of any suspicious transactions detected;

Support for SMEs, mid-caps, start-ups, scale-ups and businesses in rural and remote areas, the Capital Markets Union and the role of the EIF

35. Highlights that SMEs, start-ups and scale-ups are vital for the EU’s economy; notes that these businesses encounter significant hurdles in accessing financing, markets and talent, which constrains their growth; asserts that business growth, dynamism and public investment are essential for fostering innovation, competitiveness and productivity; encourages the EIB Group to continue addressing these challenges, notably in the current geopolitical context, through customised financial programmes, risk-sharing mechanisms and targeted financial instruments, while ensuring the additionality of public resources for these purposes and avoiding the crowding out of private capital; notes that different instruments to support lending to businesses can be combined depending on the context, and that different EIB Group instruments target different market failures and firm types; stresses the need to provide technical assistance to SMEs before project approval, in order to improve access to EIB funding;

36. Notes that the development of a well-functioning securitisation market can be a key first step towards establishing a strong Capital Markets Union (CMU); believes that the CMU will benefit consumers and SMEs by offering high-yield investment opportunities in the real economy and will eventually boost the venture capital market by improving access to diversified funding sources; believes that financing European scale-ups with European capital should be a priority, as exemplified by the European Tech Champions Initiative, which was launched in February 2023 to finance promising European tech companies and prevent the sale of businesses to foreign investors because of the lack of European investment; encourages the EIF to explore establishing the second generation of this initiative; observes that the European Tech Champions Initiative is complemented by the European Scale-up Initiative, which aims to provide crucial financing for Europe’s high-tech companies in their late-stage development; notes that these investments should be in line with policy actions at EU and national level; is aware of the comparative weaknesses of the European venture capital market in respect of other competitors’ markets, and that European start-ups and scale-ups are often obliged to relocate or search for foreign buyers or rely on sources of financing other than venture capital, hence less suited to high-growth;

37. Acknowledges the mission of the EIF to support access to financing for European micro, small and medium-sized enterprises; believes that the EIF should significantly step up its activities for the development of the European venture capital ecosystem, while maintaining a geographical balance; calls for the EIF’s activities to be strengthened, enabling increased investment in high-growth sectors, enhancing risk-sharing between public and private investors, and promoting innovation throughout Europe; considers it necessary to monitor the rate of increase in support for micro, small and medium-sized enterprises;

38. Encourages the EIF to further develop its monitoring tools to better track the long-term performance of venture capital funds and SME financing operations, especially in terms of job creation, innovation diffusion and regional impact; stresses also the critical role of large European companies in Europe’s economic structure, particularly those operating in essential sectors such as energy, defence and infrastructure; calls for a balanced approach that ensures the EIB continues to support large European companies in securing investment capital for major projects and research and development initiatives, thereby enhancing Europe’s global competitiveness;

39. Praises the support provided by the EIB Group to about 400 000 SMEs and mid-caps in 2023 alone, with EUR 31.1 billion in financing, including loans and guarantees for businesses (of which EUR 14.9 billion was deployed by the EIF), resulting in the mobilisation of over EUR 134 billion, and notes that it teamed up with almost 300 partner institutions across Europe to this end; encourages the EIB to continue its role in improving access to financing for SMEs, which often face barriers to funding from traditional financial institutions, providing targeted financing to ensure sufficient resources to grow and thrive; welcomes and calls for the constant expansion of the number of partner institutions to reach a wide geographical and sectoral coverage;

40. Recalls that the deployment of the European Guarantee Fund ended in 2023 and that its disbursements to help SMEs to recover from the adverse impact of the pandemic reached approximately 200 000 SMEs across the EU; recalls the concerns expressed in previous resolutions about the transparency of the decision-making processes and information about final recipients;

41. Welcomes that EIF measures on anti-money-laundering, countering the financing of terrorism and tax avoidance encompass risk assessments for products and transactions, thorough due diligence on counterparties and screening the ownership structures and key individuals against sanctions and adverse media; welcomes the introduction of mandatory staff training and the conclusion of an agreement with the Financial Intelligence Unit of Luxembourg on the reporting of and follow-up on any suspicious transactions detected;

Key policy areas of cohesion, climate action and environmental sustainability, and digitalisation

26.42. Appreciates that in its 2021-2027 Cohesion Orientation, the EIB committed to dedicating at least 40 % of its total financing in the EU between 2022 and 2024 to projects in cohesion regions,regions; andnotes thatthat, in 2023, such financing accountedamounted forto 42EUR %29.8 ofbillion, totalequivalent EUto lending45 (compared% toof 40the %Bank’s total signatures in 2022);the EU; underlines that the share of EIB financing allocated to less developed regions increased from 24 % in 2022 to 26 % in 2023, for an amount oftotalling EUR 17.2 billion, well above the 21 % target set in the EIB Cohesion Orientation for 2023; reiterates itsthe call for the EIB to continue monitoringmonitoring, analysing and analysingaddressing the shortcomings preventingthat prevent certain regions or countries from taking fullfully advantagebenefiting offrom the EIB’s financial support and assistance;

27. Acknowledges that over the last 15 years, EIB Advisory has supported more than 1 000 projects in cohesion regions; maintains that there should be more focus on reaching out and actively promoting financing opportunities in less developed and transition regions;

43. Acknowledges the role played by the EIF in contributing to economic and social cohesion in the Union through a wide range of financial instruments; notes that EIF commitments to credit guarantees, venture capital and private equity investments for cohesion regions in 2023 stood at EUR 6.8 billion, representing 48 % of total EIF commitments in the EU; notes that in 2023, the EIF was especially active in Central and Eastern Europe;

28. Notes the many measures fostered by the EIB in the cohesion regions in support of the healthcare sector, including HERA Invest, a EUR 100 million guarantee established in partnership with the Commission to support advanced research and development investments; encourages the EIB to promote targeted investments in cohesion regions’ key systemic enablers, such as access to healthcare and education, social and affordable housing, digital connectivity and local financing for cities and regions, either via direct lending (such as the Urban Framework Loan) or via financial instruments, and to build on the synergies between EU grants and EIB loans to sustain cross-border rail connectivity, which is crucial for better integration within the EU single market;

44. Notes that the EIB Environmental and Social Sustainability Framework includes revised environmental and social policy and standards promoting an integrated approach to impact and risk assessment and management;

29. Emphasises that in 2023 alone, the EIB signed EUR 41.8 billion in financing for climate action and EUR 25.1 billion for environmental sustainability (EUR 35.1 billion and EUR 15.9 billion, respectively, in 2022); notes that EIB financing for climate change adaptation totalled EUR 2.7 billion in 2023, corresponding to 6.4 % of its total climate action (compared to EUR 1.9 billion, or 5.4 %, in 2022); stresses that climate action and environmental sustainability financing, as a whole, accounted for 60 % of EIB financing in 2023;

45. Acknowledges that over the past 15 years, EIB Advisory has supported over 1 000 projects in cohesion regions; calls on the Bank to actively promote financing opportunities in less developed and transition regions, including by boosting the presence of advisory services in EIB local offices; considers it necessary to also take into account the geographical distribution of EIB support for increasing social cohesion;

30. Welcomes the EIB’s inclusion of agriculture and bioeconomy among its key priorities; reiterates that the agricultural sector faces increasing challenges, and that EU farmers are being required to adapt to the objectives of the European Green Deal, cope with the disruption caused by the effects of the energy crisis and adjust to rising inflation; calls on the EIB Group to increase its involvement in the agricultural sector;

46. Highlights the EIB’s initiatives in cohesion regions to support the healthcare sector, including the HERA Invest programme, a EUR 100 million guarantee established with the Commission to support research and development in addressing pressing cross-border health threats; encourages the EIB to promote targeted investments in key systemic enablers such as healthcare, education, social housing, digital connectivity and local financing for cities and regions, ensuring a better geographical balance, either through direct lending or financial instruments, and to leverage synergies between EU grants and EIB loans to enhance cross-border rail connectivity, which is crucial for better integration within the EU single market;

31. Appreciates that the EIB is one of the key supporters of digitalisation in the EU; encourages the EIB to enhance its support for digital networks and to foster the EU’s autonomy in key technologies;

47. Acknowledges the EIB’s strategic orientation since 2019 to be the EU Climate Bank; emphasises that in 2023 alone, the EIB signed EUR 41.8 billion in financing for climate action and EUR 25.1 billion for environmental sustainability (EUR 35.1 billion and EUR 15.9 billion respectively in 2022); notes that EIB financing for climate change adaptation totalled EUR 2.7 billion in 2023, corresponding to 6.4 % of its total climate action (compared to EUR 1.9 billion, or 5.4 %, in 2022); welcomes that climate action and environmental sustainability financing, as a whole, accounted for 60 % of EIB financing in 2023; calls for maintaining technological neutrality in its investment strategy in climate and sustainable financing;

32. Observes that the cybersecurity sector plays a crucial role in safeguarding businesses and governments against increasingly advanced digital threats; welcomes the increase in security investments from EUR 6 billion to EUR 8 billion, financed via the Strategic European Security Initiative to address security challenges, including in the New Space industry;

48. Recalls that the EIB Energy Lending Policy (ELP), adopted in 2019, established a ‘phase out support to energy projects reliant on unabated fossil fuels’ and introduced a transition period during which the Bank could continue to approve projects already under appraisal, but the Board of Directors did not approve any such project after the end of 2021; remarks that, in 2022, the EIB Group introduced a temporary and exceptional extension of the exemptions to the Paris Alignment for Counterparties Framework (so-called PATH) in support of REPowerEU, to cover projects with high innovative content and renewable energy projects and electric vehicle charging infrastructure in the EU; observes that, in 2023, the EIB Group decided to apply the same temporary and exceptional extension also for projects in the spirit of REPowerEU outside the EU; notes that such temporary and exceptional extensions are expected to run until 2027, subject to a Climate Bank roadmap review expected in 2025; recalls its previous resolution and maintains that PATH offers the appropriate framework for supporting counterparties on their pathways to align with the Paris Agreement objectives; emphasises that the EIB is expected to intensify its engagement with all of its clients to foster the development of their decarbonisation plans;

49. Notes the EIB Group Climate Bank Roadmap mid-term review, approved in 2023, which includes a simplified Paris Alignment framework for microenterprises, the revision of the PATH framework’s disclosure requirements for financial intermediaries and a temporary extension of the list of countries in which the EIB can act as a sole financier of climate adaptation projects due to their particular vulnerability to climate change;

50. Welcomes the EIB Group’s inclusion of agriculture and bioeconomy among its key priorities, but notes that agriculture, fisheries and forestry received only 1.1 % of the EIB’s lending stock in 2023; considers it important for the EIB to programme significant amounts for financing the agricultural sector and through simplified procedures;

51. Underlines that agriculture is a key driver of growth and development in rural areas; acknowledges the increasing challenges faced by the agricultural sector and the need for EU farmers to adapt to the European Green Deal objectives, cope with the energy crisis and manage rising inflation; calls on the EIB Group to enhance support and foster innovation for this vital sector, which plays a significant role in ensuring food security, leveraging the EU’s One Health approach by integrating human, animal, plant and environmental health to create sustainable, resilient and productive agri-food systems; highlights the financial challenges faced by farmers, particularly young and small operators, noting that farmers and the enterprises in this sector experience lower success rates when applying for financing;

52. Stresses that EIB support should have a just transition approach in order to achieve sustainable agriculture that protects the environment, human health and animal welfare, while improving farmers’ livelihoods, in particular for small and medium-sized farms; maintains that supporting rural areas is essential for promoting balanced and inclusive development, generational renewal and equal access to financial opportunities for women and men; reiterates its call on the EIB Group to increase its involvement in the agricultural sector by improving access to funding;

53. Appreciates that the EIB Group is one of the key supporters of digitalisation in the EU, particularly in financing digital infrastructure and supporting innovative digital start-ups; encourages the EIB to enhance its support for digital networks strengthening the EU’s technological autonomy and innovation in key technologies;

54. Believes that reducing digital inequality and preventing social exclusion requires significant public investment in telecommunications infrastructure, particularly in rural areas; encourages the EIB to support European citizens in acquiring adequate digital literacy to fully participate in society, with a special focus on the elderly and those with disabilities;

55. Recognises the critical role of the cybersecurity sector in protecting businesses and governments from advanced digital threats and foreign influence; welcomes the increase in security investments from EUR 6 billion to EUR 8 billion, financed through the SESI to address security challenges, including those in the New Space industry;

56. Welcomes the EIB’s focus on gender equality and women’s economic empowerment, resulting in a total of EUR 5.8 billion in investment in this field in 2023 (compared to EUR 5.1 billion in 2022); believes that the EIB could further increase microfinance loans to women-led businesses, which still face discrimination in access to financing;

57. Highlights that the security of supply of critical raw materials is crucial for both the green and digital transitions, as well as for the defence sector and the EU industrial base in general; calls on the EIB to increase investments in the CRM sector to help diversify the supply of both primary and secondary raw materials and to develop circular economy solutions, in particular R&D for alternative materials, such as bio-based materials; welcomes, in this regard, the adoption on 21 March 2025 of a new CRM strategic initiative, with an expected EUR 2 billion in financing for CRM investment in 2025, a new CRM Task Force and a dedicated one-stop shop to build and manage a pipeline of CRM operations and advisory activities and increased technical expertise and partnerships;

The EIB’s activities outside the EU

33.58. Underlines that in EIB Global’s second year of existence, it provided financing amounting to EUR 8.4 billion (compared to EUR 9.1 billion in 2022); notes that, as EIB Global financing is limited to 50 % of the total cost of a project, investment co-financing with development finance institutions and multilateral development banks is recurring; calls on the EIB and the Commission to invest in internal audit and independent control functions to guarantee the integrity and soundness of operations involving non-EUall partners;operations;

34. Stresses that all EIB interventions in Ukraine must be guided by the priorities for reconstruction and be fully aligned with the priorities and methods laid out in the Ukraine Plan; notes that the EIB is further enhancing its efforts to prevent, deter and investigate fraud and corruption in relation to EIB Group projects implemented in Ukraine; reiterates its call for strict conditionality to be ensured with regard to the financial assistance provided to Ukraine, which should allow clear oversight through policy clauses including visit rights and access to information and premises;

59. Recalls that EIB Global is among the key implementing actors of the European Global Gateway and, as such, is expected to apply the highest standards of transparency and accountability;

35. Believes that a greater role for the EIB will bring added value for both the reconstruction of Ukraine and the enlargement process and for prospective partnerships under the EU’s Global Gateway agenda and neighbourhood policy and in support of the Sustainable Development Goals; encourages the Commission to maximise cooperation with the EIB to leverage the EU’s strategic autonomy, particularly on energy and raw materials;

60. Notes the adoption by the EIB Board of Directors of the EIB Global Strategic Roadmap and its commitment to respect and promote human rights and the rule of law in the projects it supports;

36. Stresses that, in order to support Ukraine, the EIB has built up a loan portfolio of over EUR 7 billion since the beginning of the conflict with Russia in 2014; underlines that, as at 31 December 2023, the EIB’s exposure (disbursed and not yet disbursed) amounted to EUR 5.750 billion, predominantly covered by EU guarantees under the External Lending Mandate;

61. Highlights the importance of ensuring that the EIB Group’s interventions in Ukraine are guided by the priorities for the country’s reconstruction agreed with the EU, and are consistent with the methods and frameworks laid out in the Ukraine Plan and with the provisions of the EU Treaties; notes that the EIB is further enhancing its efforts to address fraud and corruption in relation to the EIB Group projects implemented in Ukraine; calls for the continued application of appropriate conditionality on the financial assistance provided to Ukraine, with a focus on ensuring effective oversight mechanisms, such as access to information and premises, and the monitoring of visits, and calls for conditionality to be extended to all non-EU countries for which it provides financing;

37. Takes note of the many actions carried out in Moldova to mitigate the effects of the economic downturn and the energy crisis and to support the country’s path towards EU accession, and in the Western Balkans, where EIB Global invested EUR 1.2 billion in 2023, plus an additional EUR 700 million to enhance road safety and improve railway networks; welcomes the adoption of the Reform and Growth Facility for the Western Balkans in 2024;

62. Urges the strengthening of the administrative and audit capacity of Ukrainian authorities responsible for implementing, monitoring, controlling and supervising funded actions, in particular for the prevention of fraud, corruption, conflicts of interest and irregularities; reiterates that the EIB should have clear and unrestricted oversight at all times;

63. Believes that a greater role for the EIB will bring added value for both the reconstruction of Ukraine and the enlargement process and for prospective partnerships under the EU’s Global Gateway agenda and neighbourhood policy and in support of the Sustainable Development Goals; encourages the Commission to maximise cooperation with the EIB to leverage the EU’s strategic autonomy, particularly on energy and raw materials;

64. Welcomes the adoption, in 2024, of the Ukraine Facility, which follows the EIB’s EU for Ukraine (EU4U) initiative and establishes a support mechanism based on EU budget resources; encourages the Member States to ensure that solid support continues to be provided to the country, in line with its needs;

65. Stresses that, in order to support Ukraine, the EIB has built up a loan portfolio of over EUR 7 billion since the beginning of the conflict with Russia in 2014; underlines that, as of 31 December 2023, the EIB’s exposure (disbursed and not yet disbursed) amounted to EUR 5.750 billion, predominantly covered by EU guarantees under the External Lending Mandate; notes that, in addition, the Bank also granted financial guarantees on exposures to counterparties located in Ukraine, fully covered by EU Comprehensive Guarantees, for a signed amount of EUR 388.7 million at the end of 2023 (compared to EUR 478.8 million at the end of 2022);

66. Notes the growing financial engagement of the EIB in Ukraine; calls on the Bank to provide regular, detailed updates to the budgetary authority and relevant audit bodies regarding the disbursement and implementation of funds covered by EU guarantees;

67. Underlines the disproportionate impact of the Russian war of aggression against Ukraine on eastern EU regions bordering Russia and Belarus; draws attention to the costs borne by these regions and Member States as a result of their shared border with hostile neighbouring countries, notably their need to increasingly redirect public funds towards security, defence and preparedness, while dealing with severely reduced resources due to a disruption in economic activities, cross-border trade and other exchanges, and in cohesion programmes; calls on the EIB to take this into account in its financing decisions;

68. Welcomes the significant investments made in Moldova to support economic resilience, improving energy security, enhancing infrastructure and aiding the country’s progress towards EU integration; acknowledges that in the Western Balkans, EIB Global invested EUR 1.2 billion in 2023, plus an additional EUR 700 million to enhance road safety and improve railway networks; welcomes the adoption of the Reform and Growth Facility for the Western Balkans in 2024 and the Reform and Growth Facility for Moldova approved by the European Parliament;

69. Recognises the role played by the EIB in supporting the Western Balkans on their path to Union membership, in line with the EU’s enlargement policy; observes that EIB Global invested EUR 1.2 billion in the Western Balkans in 2023, mobilising a total of over EUR 6 billion in investments; notes that the majority of the financing was allocated to sustainable connectivity, followed by credit lines for SMEs, infrastructure projects in the healthcare, education and skills sectors, and water supply and sanitation;

70. Asks the EIB to collaborate with other bilateral and multilateral institutions to develop and apply common methodologies for development impact analysis, with a view to ensuring added value and long-term, positive impacts;

EIB accountability architecture

38.71. Recalls that internal oversight at the EIB is headed by the Inspectorate General (IG), which comprises three accountability-related divisions – operations evaluation, the complaints mechanism,mechanism and fraud investigation – that hold complementary roles, contributing to the consistent handling of allegations and complaints;

39.72. Observes that the EIB Complaints Mechanism (EIB-CM) handled a total of 104 cases in 2023 (97 in 2022); notes that 60 new complaints were received in 2023 (54 in 2022), of which 44 were considered admissible and 29 were related to EIB-financed projects, of which 27 were located outside Europe;

40.73. Notes that the EIB Procurement Complaints Committee is the independent EIB committee handling complaints about project procurement procedures relating to EIB-financed projects outside the EU;

41.74. Welcomes the efforts of the Investigative Division (IG/IN) to cooperate and coordinate efforts with the other components of the EU’s anti-fraud architecture, in particular the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office,Office (EPPO), which received 37 % of the referrals made for investigations in 2023 (27 cases out of 74); encourages the IG/IN to strengthen its cooperation with all components of the EU’s anti-fraud architecture;

42.75. Notes that the IG/IN carries out proactive fraud detection activities using the Fraud and Integrity Risk Scoring Tool and the Corruption Risk In Procurement robot and that, in 2023, 24 reviews identified targets for three full and in-depth proactive integrity reviews; invites the Bank to assess how these digital tools could be further enhanced to support transparency and financial accountability;

43.76. Regrets the fact that, despite repeated calls by Parliament, the IG/IN annual report does not provide adequate information about the financial magnitude of the cases it handles, the funds or mandates affected, the kinds of projects concerned, the mitigating measures adopted, the role of the EIB services and of the intermediaries or partners in the cases, or even the Member States concerned; invites the representatives of the IG/IN to increase the level of engagement, interactions and transparency with Parliament, especially regarding the control of the financial activities; reiterates its call to the IG/IN to go beyond providing a mere narrative description of a few case studies instudies, orderand to provideperiodically report valuable insights into the extent to which financial interests are safeguarded; suggests that the IG/IN adopt a reporting model similar to those used by other investigative bodies, such as EPPO and OLAF, where a proper balance between transparency and duty of confidentiality or of professional secrecy is pursued;

44.77. Is aware that the EIB Exclusion Policy provides for an autonomous exclusion process that is not fully equivalent to the Commission’s Early Detection and Exclusion System in terms of decision-making standards, results and remedies; reiterates its call on the EIB Group and the Commission to identifycooperate in identifying the potential gaps and to proposeproposing remedies, including an expedited procedure to enforce EIB exclusion decisions via the Early Detection and Exclusion System; observes that in 2023, exclusion proceedings based on IG/IN findings excluded five companies from participating in any EIB-financed activity for a period of five years;

45.78. Welcomes the approval, in 2023, of the EIB Group’s Internal Control Framework Policy; encouragesacknowledges the Bankresults toof actthe ongroup alignment process between the EIB and the EIF insofar as they reflect the different business models and governance structures of the two entities; refers, in particular, to the Audit Committee’s remarks that both internal audit and the internal control framework should evolve to become group functions;

46.79. Notes that the EIB’s independent external auditor is the third line of defence; points out that the regular rotation of auditors and assignments allows fresh perspectives, and therefore observes that the EIB external auditor should be rotated periodically, yet its mandate was extended until 2027 and it has been the auditor of the EIB Group since 2009;

47.80. Appreciates that the EIB Group Risk Management Framework and EIB Group’s semi-annual Risk Management Disclosure Reports are effective and are aligned with the requirements and technical standards of the European Banking Authority;

48. Understands that, in line with the EU’s evolving needs, the EU institutions approved, in 2024, the change in statute proposed by the EIB Board of Governors by amending the statutory limit on its gearing ratio and raising it from 250 % to 290 %, to enable the EIB to invest more without increasing its equity base;

81. Stresses that, in 2023, despite difficult market conditions, the EIB’s portfolio continued to exhibit very low levels of non-performing exposures (NPEs); takes the view that even if a significant portion of the Bank’s loan portfolio benefits from credit enhancements or from EU Member State guarantees, the high quality of the EIB’s portfolio results from the diligent implementation of very effective EIB lending policies;

49. Takes the view that the amended gearing ratio paves the way for increased risk-taking; acknowledges that investments in renewable energy and sustainable infrastructure and investments in innovative technologies are essential for the EU’s competitiveness, but often involve greater risk because of the uncertainty of returns; points out that increased risk-taking may increase the volatility of the EIB’s returns, but observes that the EIB has capital buffers (reserves of over EUR 56 billion in 2023, compared to EUR 36 billion in 2014) that would allow it to expand its own risk activities;

82. Highlights that the EIB does not fall within the scope of application of the EU’s legislation applicable to credit institutions, in particular the Capital Requirements Regulation and Directive (CRR, CRD), thus the Bank is entitled to determine its capital and liquidity requirements in a manner that is adequate and appropriate to its activities, its mission and the market conditions; points out that the EIB Group is committed to conform to the best banking and market practices and can determine their applicability in line with the proportionality principle; stresses that the implementation of these norms should not create unwarranted burden; welcomes the fact that the EIB Group voluntarily performed the Review and Evaluation Process; points out that this should be in line with the EIB’s governance structure and mission;

50. Is concerned by the situation of Northvolt AB, a battery maker whose activities had been considered key in the green transition process; notes that Northvolt benefits from a significant EIB lending package of slightly over EUR 942.6 million as part of the debt financing raised to expand a gigafactory site;

83. Understands that, in line with the EU’s evolving needs, the EU institutions approved, in 2024, the change in statute proposed by the EIB Board of Governors by amending the statutory limit on its gearing ratio and raising it from 250 % to 290 %, to enable the EIB to invest more without increasing its equity base;

51. Stresses that the expansion of the gigafactory site was expected to increase the annual output capacity for battery production and was of strategic importance for global competitiveness; believes that EIB’s intervention in this operation was in line with its mission and was consistent with the EU’s strategies in the sector;

84. Notes that the amended gearing ratio paves the way for increased risk-taking; acknowledges that investments in renewable energy, sustainable infrastructure and innovative technologies are crucial for the EU’s competitiveness, but often carry greater risk because of the uncertainty of returns; points out that increased risk-taking may increase the volatility of the EIB’s returns, but observes that the EIB maintains capital buffers that would support expanded risk activities;

52. Calls on the Commission to launch an internal review to verify the reasons for and the background to the failure of this flagship project and to learn from this experience in order to prevent the recurrence of a similar situation or enable the early detection thereof;

85. Is alarmed by the situation of Northvolt AB, a battery manufacturer considered pivotal in the green transition; stresses that Northvolt has benefited from a substantial EIB lending package of slightly over EUR 942.6 million as part of the debt financing to expand a gigafactory site; notes that Northvolt filed for bankruptcy in March 2025; calls on the EIB to provide details about the evaluation and decision-making process to fund Northvolt AB and the causes that led to the failure of the project;

53. Maintains that the greatest added value of EU support lies in fostering higher-risk investments in innovative companies, scaling up EU strategic companies and enabling long-term transition projects that cannot get funding from the private sector; believes that to effectively pursue its targets in innovation and competitiveness, the InvestEU programme should focus on financing higher-risk and more scale-up investment and that the EIB Group should take on more and larger high-risk projects, combining a more risk-absorption-oriented deployment of InvestEU resources with an equivalent orientation in the use of the EIB Group’s own financial resources;

86. Stresses that the expansion of the gigafactory site was expected to increase the annual output capacity for battery production and was of strategic importance for global competitiveness and was consistent with the EU’s strategies in the sector;

54. Is aware that members of the EIB’s Management Committee are often civil servants in their countries of origin before beginning their terms at the EIB, which typically last for two to six years, and that they are therefore entitled to pursue professional development opportunities subject to certain conditions during the cooling-off period (which has been extended to a period of 24 months after the end of their term at the EIB); notes that Management Committee members are asked to inform the Ethics and Compliance Committee and seek approval as soon as possible for any negotiations regarding prospective employment;

87. Calls on the Commission and the EIB Board of Directors to launch an in-depth internal review without undue delay to verify the financial damage, the reasons for and the background to the failure of this flagship project and to learn from this experience in order to prevent the recurrence of a similar situation or enable the early detection thereof;

55. Recalls Parliament’s repeated calls to beef up the mechanism to prevent conflicts of interest within the EIB and improve how such cases are handled, and to provide a better definition of the terms under which EIB vice-presidents can take part in decisions about operations in their countries of origin, and insists that these matters be addressed in a future revision of the Management Committee code of conduct;

88. Maintains that the greatest added value of EU support lies in fostering higher-risk investments in innovative projects, scaling up EU strategic goals and enabling long-term transition projects that cannot get funding from the private sector; believes that to effectively pursue its targets in innovation and competitiveness, the InvestEU programme should focus on financing higher-risk and more scale-up investment and that the EIB Group should take on more and larger high-risk projects, which should involve primarily and preferentially European investors, combining a more risk-absorption-oriented deployment of InvestEU resources with an equivalent orientation in the use of the EIB Group’s own financial resources; urges the EIB to introduce stricter conditions to prevent EU public financing from being used to subsidise companies relocating production outside Europe, ensuring that all EIB-funded projects contribute to long-term European industrial resilience;

56. Points out that, with the decision of 31 October 2023 on Case 611/2022/KR, the European Ombudsman found that a former vice-president had participated in approving financing agreements between the EIB and a national promotional bank in his country of origin in the weeks before his appointment as Chief Executive Officer of that national promotional bank, despite the advice of the EIB’s Chief Compliance Officer to avoid any business with that bank while his appointment procedure was under way; understands that this case dates back to a time before the entry into force of the current Management Committee code of conduct, which now includes specific provisions on the prospective employment of Management Committee members;

89. Is aware that members of the EIB’s Management Committee are often civil servants in their countries of origin before beginning their terms at the EIB, which typically last for two to six years, and that they are therefore entitled to pursue professional development opportunities subject to certain conditions during the cooling-off period (which has been extended to a period of 24 months after the end of their term at the EIB); notes that Management Committee members are asked to inform the Ethics and Compliance Committee and seek approval as soon as possible for any negotiations regarding prospective employment;

57. Observes that mitigating measures, such as ring-fencing and cooling-off periods, are the most common precautionary clauses to be used when handling a revolving-doors case and understands that such measures are implemented and are complied with by the members of the Management Committee, including those recently reported on in the media;

90. Strongly echoes Parliament’s repeated calls to strengthen the mechanism to prevent conflicts of interest within the EIB and to improve the handling of such cases, and to better define the terms under which EIB vice-presidents can participate in decisions about operations in their countries of origin, and insists that these matters be addressed in a future revision of the Management Committee code of conduct;

91. Highlights that on 31 October 2023, the European Ombudsman ruled in Case 611/2022/KR that a former vice-president had participated in approving financing agreements between the EIB and a national promotional bank in his country of origin just weeks before becoming the Chief Executive Officer of that national promotional bank, despite the EIB’s Chief Compliance Officer advising against such actions during the appointment process; understands that this case predates the entry into force of the current Management Committee code of conduct, which now includes specific provisions regarding the prospective employment of its members; notes that, in the future review of the rules applicable to its Ethics and Compliance Committee, the EIB has committed to consider the European Ombudsman recommendation to make public the Committee’s decisions;

92. Observes that mitigating measures, such as ring-fencing and cooling-off periods, are the most common precautionary clauses to be used when handling a revolving-doors case and understands that such measures are implemented and are complied with by the members of the Management Committee, including those recently reported on in the media;

93. Shares the view of the European Ombudsman that the role of the EIB Ethics and Compliance Committee should be strengthened when it comes to overseeing the intended new jobs of Management Committee members and that it should be able to impose and enforce risk-mitigating measures; understands that the role of the Ethics and Compliance Committee has become more prominent in recent years and that internal discussions are ongoing on how to enhance its efficiency;

94. Invites the Bank to boost the participation of European companies in procurement processes launched for projects financed by the EIB; encourages the Bank to advise borrowers to prioritise eligibility for European companies in order to strengthen European competitiveness;

95. Reiterates its call on the EIB to ensure proper geographical representation, including at middle and senior management levels, and calls on it to publish an annual breakdown of the gender and nationality for middle and senior management positions;

Scrutiny, transparency and oversight

58.96. RegretsStrongly regrets the fact that the European Court of Auditors (ECA) is still prevented from havinglacks full access to all the data relating to EIB operations; maintainsacknowledges that not all the ECAactivities shouldof bethe entitledEIB are directly financed by the EU and, therefore, not all activities are automatically accessible to the ECA; insists that the ECA should have access to all the informationnecessary neededinformation to comprehensively and exhaustively assess all EIB operations thatinvolving areEU designedfunds, andincluding carriedthose outconducted through financial intermediaries, designed to implement any EU policy;policies; calls on the ECA to fully scrutinise, to the best of its capacities,abilities, all operations that involveinvolving the EU budget to any degree;

59.97. Observes that the main relevant audit tasks are entrusted to the EIB Audit Committee, which is a fully independent body; believes that the participation of qualified external representatives in specific Audit Committee tasks could enhance the objectivity of the Audit Committee’s analyses;

60.98. Notes that the EIB’s Transparency Policy strikes a compromise between the principle of openness and the need to safeguard sensitive information; observes that the policy indicates what information should be published proactively and when – stipulating, for instance, that project summaries should be published at least three weeks before the project’s financing is considered for approval by the EIB Board of Directors – and sets out the relevant derogations; calls for these summaries to provide meaningful information to stakeholders;

61.99. Notes that in 2023, 449 projects were approved by the EIB Board of Directors and that almost all (94 %) of the project summaries were published, in the majority (57 %) of cases before approval; observes that all EIB operations conducted through financial intermediaries are published on the EIB’s website and that the EIB provides details on request;

62.100. Recalls that all EIB documents are accessible to anyonethe public in line with the presumption in favour of disclosure; emphasises that all applicants should be informed in advance about public access to documents, and any refusals should be based solely on specified exceptions; stresses that the publicEIB willshould beconsider grantedpublishing, in a timely manner, information regarding the widestrationale possibleand accesscontext tofor documents,projects and thatthe anyexplanation reasonsof fortheir refusalalignment shouldwith beand basedcontribution solelyto EU policy goals; calls on the exceptions;EIB to systematically publish audit results of its largest financial operations, ensuring independent scrutiny of its risk management and impact assessments; expects the EIB to limit non-disclosure to the applicable exceptions listed in Regulation (EC) No 1049/2001 and Regulation (EC) No 1367/2006; calls for the full implementation of the Ombudsman’s recommendations issued following its inquiries into EIB disclosure policy and related requests for access to documents;

63. Reiterates that more structured dialogue between Parliament and the EIB would be enhanced by the adoption of a memorandum of cooperation; praises, in this connection, the EIB’s unprecedented cooperation with Parliament for the preparation of this resolution, noting that it is a tangible expression of openness and transparency;

101. Recalls that all recipients of EU funding have a general obligation to acknowledge its origin and ensure the visibility of any EU funding received; calls on the EIB Group to ensure that final recipients comply with the visibility criteria of the EU’s financial support;

102. Highlights that the Bank is working to reduce the time needed to bring a product from conception to market availability (time to market) by fully digitising its project cycles; calls for the Bank to intensify its efforts in the digitalisation of its operations;

103 Reiterates its call on the EIB to strengthen and fully implement its policy on tax fraud, evasion and avoidance, including by refraining from funding beneficiaries or financial intermediaries which have been found to be, or are at high risk of being, involved in such practices;

104. Reiterates that more structured dialogue between Parliament and the EIB would be enhanced by the adoption of a memorandum of cooperation; praises, in this connection, the EIB’s unprecedented cooperation with Parliament for the preparation of this resolution, noting that it is a tangible expression of openness and transparency;

Follow-up on Parliament’s recommendations

64. Calls105. onUrges the EIB to continue reporting on the status of the previous recommendations issued by Parliament, especially with regardparticularly toregarding the resultsoutcomes achieved and the impact of the actionactions taken to implement its priorities and the EU’s policies, and to the measures adopted to enhance the countering of conflicts of interest, fraud, corruption and other potential formsespecially ofas misconduct;regards:

(a) impact (economic, environmental and social) of its investment strategy and results achieved in contributing to the balanced and steady development of the internal market in the interests of the Union;

(b) actions adopted to enhance the prevention and countering of conflicts of interest, fraud, corruption and other potential forms of misconduct;

(c) new measures to strengthen transparency;

(d) measures to strengthen support for SMEs and eligible economic operators during the implementation of EU policies;

(e) follow-up on the calls and requests adopted via the present resolution;

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65.106. Instructs its President to forward this resolution to the Council and the Commission, and asks that the Council and the EIB Board of Directors hold a debate on Parliament’s positions presented herein.

EXPLANATORY STATEMENT

This report on the control of the financial activities of the European Investment Bank in year 2023, emphasises the prominent role of the EIB Group in the European Union’s investment strategy and policy delivery.

The report reflects Parliament’s close monitoring of the EIB Group’s financial performance, policy alignment, risk management and governance practices. It is the outcome of an in-depth analysis and review of a multifaceted organisation whose success in pursuing its mandate is crucial. It is also intended to outline the Parliament's vision, shaped thanks to the contributions from representatives across the political spectrum, for a modernised EIB Group that fits for purpose in a rapidly evolving world.

Without neglecting the need to maintain effective scrutiny of the traditional areas of activity of the EIB Group, this year particular attention has been devoted to energy independence and strategic autonomy, defence and security, social housing and social infrastructure, and to the analysis of the risk-taking approach adopted by EIB Group.

Consistently with the previous years' analyses, we ask the EIB Group to invest in achieving better economic growth and regional cohesion while also supporting the EU's sustainability objectives. We also call for tailored and flexible financing, to support in particular less developed regions, the most vulnerable communities and economic operators’ categories such as farmers. In a similar way, the activities carried out by the EIB as a global actor, through EIB Global, have been assessed in respect of their impacts to ensure coherence and compliance with development effectiveness principles in pursuing the Union’s objectives.

The Report acknowledges that the security dimension of EU financing has gained momentum. We welcome the EIB’s targeted investments in both defence and civilian infrastructure and emphasize the need for strategic investment in technologies that serve both civilian and defence purposes, in line with the EU’s broader goals of promoting innovation and enhancing the Union's security. We call on the EIB Group to conduct a review of the impact of the extension of its new dual-use goods policy, departing from the revenue test, believing that the Bank will be able to respond to the investment needs in security and defence, while safeguarding its operations and strong financial position.

The report also underlines EIB's effort in substantially increasing investments in energy efficiency, energy storage, and cross-border energy infrastructure, contributing to the REPowerEU objectives. We also ask the EIB Group to focus on sustainable urban development and inclusive growth by ensuring that the EU’s housing and infrastructure needs are met.

The report acknowledges the benefit of simplification and the existing opportunities to ease the bureaucratic and administrative load that burdens the activities of the EIB Group. It also stresses that in the current landscape, taking more risk appears as a strategic necessity.

Finally, analysis of EIB's governance and accountability, scrutiny, transparency and oversight includes calls for enhanced transparency of decision-making and accessibility to documents and information, clearer impact reporting, and stronger internal controls.

To conclude, the year 2023 marks a turning point for the EIB Group. In a context of current geopolitical and economic challenges, the Bank is being called upon to enhance its successful business model expanding its role and assuming greater responsibility in areas of strategic importance for the Union’s sovereignty, resilience and development. The EIB is more than a bank; it is a public institution with a mandate to serve the Union’s strategic goals. If the EIB is asked to contribute to keeping Europe competitive, cohesive, and secure, then it must be empowered - politically, financially, and operationally - to act boldly and to deliver long-term value for European citizens.

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

Entity and/or person

European Investment Bank

European Investment Fund

EIB Global

The list above is drawn up under the exclusive responsibility of the rapporteur.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that he has submitted to the concerned natural persons the European Parliament's Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

MINORITY POSITION

pursuant to Rule 56(4) of the Rules of Procedure

Vlad Voiculescu

Renew Europe abstained on the vote concerning the report “Control of the financial activities of the European Investment Bank - annual 2023 report”. While the report included a number of constructive elements, due to the broader context in which it was developed, we were unable to support the text.

Our abstention should not be interpreted as opposition to the EIB or to deeper cooperation with the institution. On the contrary, Renew Europe remains fully committed to strengthening the relationship between the EIB and the European Parliament. We believe in a partnership based on trust, transparency, accountability, and shared commitment to delivering results for European citizens.

We look forward to continuing a constructive dialogue with the EIB to ensure our shared goals are pursued in a spirit of openness, mutual respect, and democratic oversight.

INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

Date adopted

8.4.2025

Result of final vote

+:

–:

0:

17

9

3

Members present for the final vote

Georgios Aftias, Arno Bausemer, Gilles Boyer, Joachim Stanisław Brudziński, José Cepeda, Olivier Chastel, Caterina Chinnici, Dick Erixon, Daniel Freund, Gerben-Jan Gerbrandy, Esteban González Pons, Niclas Herbst, Monika Hohlmeier, Virginie Joron, Ondřej Knotek, Kinga Kollár, Marit Maij, Claudiu Manda, Csaba Molnár, Fidias Panayiotou, Jacek Protas, Julien Sanchez, Jonas Sjöstedt, Carla Tavares, Pasquale Tridico, Tomáš Zdechovský

Substitutes present for the final vote

Erik Marquardt, Bert-Jan Ruissen, Şerban Dimitrie Sturdza, Annamária Vicsek

Members under Rule 216(7) present for the final vote

Andrey Novakov, Raffaele Topo

FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

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