The initiative is approved by the EU Member States in 2016, consists of an integrated package of loans, concessional finance and innovative instruments designed to enable financing of an additional EUR 15 billion of investments on top of schemes already planned. The fund respond to the challenges in the Southern Neighborhood and Western Balkans, such as forced displacement and migration, economic downturns, political crises, droughts and flooding. The fund creates jobs and economic growth in the region by investing in key infrastructure and in private sector development. It also may help migration flows.
Launched in 2016, ERI is part of the European Union’s response to the challenges in the Southern Neighbourhood and Western Balkans, such as forced displacement and migration, economic downturns, political crises, droughts and flooding.
ERI creates jobs and economic growth in the region by investing in key infrastructure and in private sector development. It also may help migration flows.
ERI offers a package of loans and innovative financial products, while blending funds from the donor community with EIB financing. The initiative is implemented in close cooperation with EU countries, the European Commission and other partners. Croatia, Italy, Lithuania, Luxembourg, Poland, Slovakia, Slovenia and the United Kingdom were the first EU countries to contribute to ERI.
Under ERI, more than 50 projects have been approved for a total of €4.75 billion in investment. The initiative is expected to provide a total of €15 billion in extra financing. Lebanon, for example, will receive up to €800 million in public sector investments by 2020 through ERI.
The Economic Resilience Initiative forms part of the joined up EU response to the challenges posed by forced displacement and migration, and is implemented in close cooperation with EU member states, the European Commission, donors and other partners.
Croatia, Italy, Lithuania, Luxembourg, Poland, Slovakia, Slovenia and the UK have become the first EU Member States to pledge contributions for the Economic Resilience Initiative.
To make a difference in the partner countries, the EIB is building on over three decades of experience supporting investment projects in the region. Given the urgency and importance for the EU, the EIB has started stepping up its support to the two regions in late 2016 as part of its own commitment to the Economic Resilience Initiative. With the arrival of the first donor contributions towards the end of 2017, the Bank has also started preparations on high-impact projects, which depend on support from donor resources.
Information and photo source:
https://www.eib.org/en/projects/initiatives/resilience-initiative/