(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Dec 1 (KUNA) -- The European Investment Bank (EIB) will be able to increase its lending to projects outside the EU that address migration issues, the EU announced in a statement on Friday.
An additional 3.7 billion euro (USD 4.4 billion) will be earmarked for projects addressing the long-term economic needs of refugees, migrants and host and transit communities.
The announcement came after a meeting today of EU ambassadors who endorsed an agreement with the European Parliament on a mid-term review of the EIB's external lending.
"By providing extra guarantees for public and private sector lending, this proposal will enable the EIB to rapidly contribute to the EU's external investment plan," said Toomas Toniste, Minister for Finance of Estonia, whose country currently holds the EU presidency.
"The plan sets out to tackle the root causes of migration, helping the beneficiary countries to achieve the sustainable development goals," he said.
The EIB, based in Luxembourg, is the only bank owned by and representing the interests of the EU member states. It works closely with other EU institutions to implement EU policy. (end) nk.hm
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