EIB President Werner Hoyer makes case for an EU development bank
Werner Hoyer, the President of the European Investment Bank, says the European Union needs to reinforce its development financing activities in order to level the playing field with the United States and China. Establishing its own development bank would have an immediate, significant, and resource-efficient impact, he says.
He says the new institution would not replace Europe’s involvement with global and regional multilateral banks, nor would it weaken the robust and diverse array of national development institutions. Rather, its role would be to give the EU a stronger voice on issues where member states share a common ambition that is not sufficiently considered at the global and regional levels, such as supporting societal resilience in fragile countries and promoting climate action.
