Press Release: European Commission proposes creation of a Euro-Mediterranean Bank as an EIB subsidiary

A Report to the Council proposing the creation of a Euro-Mediterranean Bank (EMB) as an EIB subsidiary was adopted by the European Commission on 27 February 2002. The Report responds to the request of the Laeken European Council held in December 2001. The European Commission's proposal is consistent with the principles of ownership and partnership with the Mediterranean partner countries at the heart of the Euro-Mediterranean policy - while at the same time ensuring a realistic and operational approach that can deliver results in terms of increased investment and growth as soon as possible. Beyond support to investment in infrastructure the EMB should play an important role in supporting the private sector development in the region and actively enhance the partnership with Mediterranean Countries.