European Investment Bank (EIB) 1
European Investment Bank (EIB) 1 : Set up by the Treaty of Rome (1957), the EIB is the European Community's financial institution. Its task is to contribute to the balanced development of the Community by way of economic integration and social cohesion. The EIB's shareholders are the Member States of the European Union (EU). The bank is administered by the Board of Governors, which consists of finance ministers from each of the 25 EU Member States. It has legal personality and is financially independent. It provides long-term financing for practical projects of which the economic, technical, environmental and financial viability is guaranteed. It grants loans essentially from resources borrowed on capital markets, to which is added shareholders' equity. In March 2000 the conclusions of the Lisbon European Council called for a strengthening of support for small and medium-sized enterprises (SMEs). The "EIB Group", which comprises the EIB and the European Investment Fund (EIF), was thus created with a view to boosting European competitiveness. The Corporate Operational Plan (2002-04) defined medium-term policy and set priorities: regional development and economic and social cohesion within the EU; implementation of the "Innovation 2000 Initiative"; environmental protection and improving the quality of life; preparing the accession countries for EU membership; and community development and cooperation with partner countries
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