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89-678: The ABE-EBA was founded in Paris in 1985 by 18 commercial banks and the European Investment Bank . The European Commission as well as the Bank for International Settlements (BIS) supported the founding of the ABE-EBA. Since then, the number of members has risen to almost 200. The institutions come from all member states of the European Union as well as from Norway, Switzerland, Australia, China, Japan,

178-654: A coordinated trade policy. As a result, its member states have jointly concluded free trade agreements with the EU and a number of other countries. To participate in the EU's single market, Iceland, Liechtenstein, and Norway are parties to the Agreement on a European Economic Area (EEA), with compliances regulated by the EFTA Surveillance Authority and the EFTA Court . Switzerland has a set of multilateral agreements with

267-418: A payment service for single euro payments of high priority and urgency for small and medium-sized banks; and STEP2, a Pan-European Automated Clearing House which processes euro retail payments. EURO1 and STEP2 are designated as Systemically Important Payment Systems . In 1986, the ABE-EBA appointed Gilbert Lichter as its secretary-general, a position he held until 1989 and again from 1992 to 2016. Since 2016,

356-493: A portion of possible losses from a portfolio of loans and sets the ground for additional financing. A guarantee is a legal contract with which a third party (guarantor) promises to assume a borrower's debt or other liabilities in the event of default . The European Investment Bank's advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside

445-518: A project's overall cost, for the public and the private sector, and for small and medium-sized businesses through intermediated lending partners. The EIB's private sector financing of single large investment projects or investment programmes start from €25 million. It offers framework loans starting from €100 million to public sector entities for investment programmes that consist of a number of smaller projects. Loans for both private and public sector projects have to be aligned with one or more priorities of

534-641: A trillion euros. The European Investment Fund (EIF) is the European Union's venture capital arm. It also provides guarantees for small and medium-sized enterprises (SMEs). In 2018, 25 million SMEs in the EU made up 99.8% of all non-financial enterprises, employed around 97.7 million people (66.6% of total employment) and generated 56.4% of total added value (EUR 4,357bn). The EIF supports businesses through all their stages of development; pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance, early stage venture capital) to

623-596: A wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers. Within the European Commission's Investment Plan for Europe , the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing

712-562: A €25 billion fund which was endorsed by the European Council as part of the overall European Union COVID-19 response package . All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from

801-559: Is a not for profit organisation and provides long-term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds. The bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including

890-754: Is affiliated to the EFTA Secretariat in Brussels. EFTA also originated the Hallmarking Convention and the Pharmaceutical Inspection Convention , both of which are open to non-EFTA states. EFTA has 29 free trade agreements with non-EU countries as well as declarations on cooperation and joint workgroups to improve trade. Currently, the EFTA States have established preferential trade relations with 40 states and territories, in addition to

979-559: Is granted after preliminary screenings of the viability and the carbon emissions associated with the projects. The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus. On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF),

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1068-451: Is limited. Through intermediaries, the EIB finances micro-enterprises (0–9 employees), small enterprises (10–49 employees), medium-sized enterprises (50–249 employees), mid-caps (250-3 000 employees). In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million. As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within

1157-703: Is not an EEA member, it does not participate in these institutions. The EFTA Surveillance Authority performs a role for EFTA members that is equivalent to that of the European Commission for the EU, as "guardian of the treaties" and the EFTA Court performs the European Court of Justice -equivalent role. The original plan for the EEA lacked the EFTA Court: the European Court of Justice was to exercise those roles. However, during

1246-493: Is not funded through the budget of the EU . Instead, it raises money through the international capital markets by issuing bonds. The EIB is rated triple-A, the most credit-worthy rating on the bond market, by "the Big Three" credit rating agencies: Moody's, Standard and Poor's, and Fitch. Each member state pays capital into the EIB's reserves which is broadly in line with their share of EU gross domestic product. The EIB

1335-808: Is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020 ). Through it the EIB Group provides direct financing to mid-caps . The group also offers venture debt financing under the European Growth Finance Facility, backed by the European Fund for Strategic Investments . The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance

1424-759: Is the European Union's bank and is owned by the Member States of the European Union. Its role is to fund projects that achieve the aims of the European Union. Most of the EIB's activity (90%) takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the EU's development aid and cooperation policies. It is active in 140 countries which are grouped into: Enlargement countries, European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa , Caribbean and Pacific, Asia and Latin America, Central Asia and

1513-448: Is the process of improving a company's creditworthiness by taking internal and external measures. The EIB increases the protection of the senior debt, enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors. By offering guarantees to small and medium-sized enterprises or mid-caps , the Bank covers

1602-817: The Aftenposten newspaper: "It's not certain that it would be a good idea to let a big country into this organization. It would shift the balance, which is not necessarily in Norway's interests." In late 2016, the Scottish First Minister said that her priority was to keep the whole of the UK in the European single market but that taking Scotland alone into the EEA was an option being "looked at". However, other EFTA states have stated that only sovereign states are eligible for membership, so it could only join if it became independent from

1691-563: The COVID-19 pandemic and the financial crisis of 2007–2008 . Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states. The bank aims to support sustainable economic growth both within

1780-529: The Carnation Revolution and the consequential restoration of democracy and the decolonization of the country's overseas possessions. This followed a period of economic sanctions by most of the international community, which left Portugal economically underdeveloped compared to the rest of the western Europe . When Portugal left EFTA in 1985 in order to join the EEC, the remaining EFTA members decided to continue

1869-1010: The European Regional Development Fund (ERDF), the European Agricultural Fund for Rural Development (EAFRD), the European Social Fund Plus (ESF+), the European Maritime, Fisheries and Aquaculture Fund (EMFAF), and the Asylum, Migration and Integration Fund (AMIF). Apart from financing projects using its own resources, the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants ; which are disbursed funds or products that do not require repayment. Mandates can also involve financial investment and can be based on technical and financial advice. The EIB has partnerships with organisations across

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1958-694: The European Union (EU), and all four member states participate in the European single market and are part of the Schengen Area . They are not, however, party to the European Union Customs Union . EFTA was historically one of the two dominant western European trade blocs , but is now much smaller and closely associated with its historical competitor, the European Union . It was established on 3 May 1960 to serve as an alternative trade bloc for those European states that were unable or unwilling to join

2047-477: The European Union (EU). EFTA nationals and EU citizens are not only visa-exempt but are legally entitled to enter and reside in each other's countries. The Citizens' Rights Directive (also sometimes called the "Free Movement Directive") defines the right of free movement for citizens of the European Economic Area (EEA), which includes the three EFTA members Iceland , Norway and Liechtenstein plus

2136-659: The Faroe Islands from 1968. In mid-2005, representatives of the Faroe Islands raised the possibility of their territory re-joining the EFTA. Because Article 56 of the EFTA Convention only allows sovereign states to become members of the EFTA, the Faroes considered the possibility that the "Kingdom of Denmark in respect of the Faroes" could join the EFTA on their behalf. The Danish Government has stated that this mechanism would not allow

2225-550: The Isle of Man , Turkey , Israel , Morocco , and other European Neighbourhood Policy partners were discussed. In November 2012, after the Council of the European Union had called for an evaluation of the EU's relations with Andorra, Monaco, and San Marino , which they described as "fragmented", the European Commission published a report outlining the options for their further integration into

2314-687: The United Arab Emirates and the United States. In its early years, the agenda of the ABE-EBA included the promotion of the European Monetary Union (EMU) and the development and management of a private industry ECU clearing system stretching across Europe. Through its affiliate EBA Clearing , the ABE-EBA has developed significant market infrastructures of its own. These include EURO1, a real-time gross settlement -equivalent large-value payment system for single euro transactions; STEP1,

2403-605: The " Outer Seven ", as opposed to the Inner Six of the then European Economic Community (EEC). Finland became an associate member in 1961 and a full member in 1986, and Iceland joined in 1970. The United Kingdom and Denmark joined the EEC in 1973 and hence ceased to be EFTA members. Portugal also left EFTA for the European Community in 1986. Liechtenstein joined the EFTA in 1991 (previously its interests had been represented by Switzerland). Austria, Sweden, and Finland joined

2492-642: The 2004 enlargement of the European Economic Area (EEA), which brought together the EU, Iceland, Liechtenstein and Norway in the Internal Market. In the period from 2004 to 2009, €1.3 billion of project funding was made available for project funding in the 15 beneficiary states in Central and Southern Europe. The EEA and Norway Grants are administered by the Financial Mechanism Office, which

2581-477: The 27 member states of the European Union . EFTA's interactive Free Trade Map gives an overview of the partners worldwide. Signed: Concluded: Negotiations: Negotiations currently on hold Declarations on cooperation The following agreements are no longer active: EFTA member states' citizens enjoy freedom of movement in each other's territories in accordance with the EFTA convention. EFTA & EEA nationals also enjoy freedom of movement in

2670-399: The Bank offers Green Bonds and Sustainability Awareness Bonds. The European Investment Bank issued the first Green Bond in 2007, called a Climate Awareness Bond. The EIB is the global leader of Green Bonds issuance with over EUR 30.8bn raised in 2020 across 16 currencies. With the money raised through Green Bonds, the EIB exclusively supports projects that contribute to climate action in

2759-675: The COVID-19 pandemic It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the World Health Organization to finance health care projects in 10 African countries. Since its foundation in 1958,

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2848-451: The EFTA countries (but for voting and working in sensitive fields, such as government / police / military, citizenship is often required, and non-citizens may not have the same rights to welfare and unemployment benefits as citizens). The Portugal Fund came into operation in February 1977 when Portugal was still a member of EFTA. It was to provide funding for the development of Portugal after

2937-451: The EIB Group invested €36.2 billion in cohesion-related initiatives. European Free Trade Association in Europe  (green & dark grey) The European Free Trade Association ( EFTA ) is a regional trade organization and free trade area consisting of four European states : Iceland , Liechtenstein , Norway and Switzerland . The organization operates in parallel with

3026-422: The EIB provides direct quasi-equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences , software and ICT , engineering and automation , renewables and clean technology . These investments, which are a relatively recent addition to the bank's work, tend to be smaller than its previous limits on

3115-730: The EIB. Besides direct debt financing or project finance for the private sector, the EIB makes loans to intermediaries including Groupe BPCE (France), Deutsche Bank AG (Germany), or Intesa Sanpaolo (Italy) that provide small and medium-sized businesses with local and targeted funds up to €12.5 million and below the EIB's threshold for direct private financing of €25 million. The European Investment Bank invests and co-invests in companies and funds that focus on infrastructure, environment, or small- and medium-sized enterprises and mid-size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long-term financial goals. In some cases,

3204-574: The EU (popularly referred to as " Brexit "), resulting in a 51.9% vote in favour of withdrawing. A 2013 research paper presented to the Parliament of the United Kingdom proposed a number of alternatives to EU membership which would continue to allow it access to the EU's internal market , including continuing EEA membership as an EFTA member state, or the Swiss model of a number of bilateral treaties covering

3293-424: The EU . They adopt almost all EU legislation related to the single market, except laws on agriculture and fisheries. However, they also contribute to and influence the formation of new EEA relevant policies and legislation at an early stage as part of a formal decision-shaping process . One EFTA member, Switzerland, has not joined the EEA but has a series of bilateral agreements, including a free trade agreement , with

3382-640: The EU and its member states instead. On 12 January 1960, the Convention establishing the European Free Trade Association was initiated in the Golden Hall of the Stockholm City Hall . This established the progressive elimination of customs duties on industrial products, but did not affect agricultural or fisheries products. The main difference between the early EEC and the EFTA was that

3471-570: The EU in 1995 and thus ceased to be EFTA members. Twice, in 1972 and in 1994 , the Norwegian government had tried to join the EU (still the EEC, in 1973) and by doing so, leave the EFTA. However, both the times, the membership of the EU was rejected in national referendums, keeping Norway in the EFTA. Iceland applied for EU membership in 2009 due to the 2008–2011 Icelandic financial crisis , but has since dropped its bid. Between 1994 and 2011, EFTA memberships for Andorra , San Marino , Monaco ,

3560-542: The EU. The following table summarises the various components of EU laws applied in the EFTA countries and their sovereign territories. Some territories of EU member states also have a special status in regard to EU laws applied as is the case with some European microstates . A Joint Committee consisting of the EEA-EFTA States plus the European Commission (representing the EU) has the function of extending relevant EU law to

3649-531: The EU. Unlike Liechtenstein, which is a member of the EEA via the EFTA and the Schengen Agreement , relations with these three states are based on a collection of agreements covering specific issues. The report examined four alternatives to the current situation: However, the Commission argued that the sectoral approach did not address the major issues and was still needlessly complicated, while EU membership

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3738-495: The EU. The last two governments of Norway have not advanced the question, as they have both been coalition governments consisting of proponents and opponents of EU membership. Since Switzerland rejected the EEA membership in a referendum in 1992 , more referendums on EU membership have been initiated, the last time being in 2001 . These were all rejected. Switzerland has been in a customs union with fellow EFTA member state and neighbour Liechtenstein since 1924. On 16 July 2009,

3827-489: The European Commission or other public authorities, from the European Investment Bank or at its own risk. In 2012, the EIB Institute was created to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It works on community and citizenship for the EIB Group. The EIB Institute is an integral part of the EIB and does not have a separate legal personality. The EIB

3916-402: The European Investment Bank (EIB) and the European Investment Fund (EIF) and the EIB Institute. 90% the European Investment Bank's activity takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the European Union's development aid and cooperation policies. It is active in some 140 countries throughout

4005-446: The European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects. The EIB supports infrastructure projects involving; sustainable transport ; energy efficiency , urban development, digital networks, social housing and key public buildings, cultural heritage and water and wastewater management. The bank

4094-593: The European Union (EU), including Croatia which the agreement is provisionally applied to, pending its ratification by all contracting parties. It was established on 1 January 1994 following an agreement with the European Economic Community (which had become the European Community two months earlier). It allows the EFTA-EEA states to participate in the EU's Internal Market without being members of

4183-472: The European Union at the time of the country's accession to the European Union. Following Brexit and the withdrawal of the United Kingdom from the European Union, the European Investment Bank's board of governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital (EUR 243.3 billion). As of March 2020,

4272-474: The European Union. Besides advice on specific investment mechanisms or market development, the services can involve strategic and technical guidance on completing a project. Prior to a funding agreement with the EIB or other investors, future clients can make use of the bank's expertise in the fields of financial structuring, procurement and regulation, or impact assessment, e.g. regarding a project's implications on climate change. It does not offer advice related to

4361-588: The Faroes to become a member of the EEA because Denmark was already a party to the EEA Agreement. The Faroes already have an extensive bilateral free trade agreement with Iceland, known as the Hoyvík Agreement . The United Kingdom was a co-founder of EFTA in 1960, but ceased to be a member upon joining the European Economic Community. The country held a referendum in 2016 on withdrawing from

4450-439: The Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates. The bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice. The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with

4539-409: The Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union. The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and EFTA countries which amounted to €16.13 billion in 2019. In 2023,

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4628-469: The UK, unless the solution scouted for the Faroes in 2005 were to be adopted (see above). In early 2018, British MPs Antoinette Sandbach , Stephen Kinnock and Stephen Hammond called for the UK to rejoin EFTA. In 1992, the EU, its member states, and the EFTA member states signed the Agreement on the European Economic Area in Porto , Portugal. However, the proposal that Switzerland ratify its participation

4717-550: The Union. Financial instruments co-funded by EU shared management funds, such as loans, guarantees, and equity investments, are efficient ways to invest in growth and development across the European Union. These instruments leverage public funding to attract additional private investments, contributing to EU policy objectives like economic growth, job creation, and social cohesion. fi-compass offers tailored advice on using financial instruments under various EU shared management funds, including

4806-540: The United Kingdom, had joined the EU at some point in the intervening years. The initial Stockholm Convention was superseded by the Vaduz Convention, which aimed to provide a successful framework for continuing the expansion and liberalization of trade , both among the organization's member states and with the rest of the world. While the EFTA is not a customs union and member states have full rights to enter into bilateral third-country trade arrangements, it does have

4895-546: The United Kingdom. As an independent body the bank takes its own borrowing and lending decisions. It cooperates with other EU institutions, especially the European Commission , the European Parliament , and the Council of the European Union . The EIB lends to both the private and the public sector through various financial products: Financing is the Bank's main activity, it also provides guidance on how to utilise additional sources of investment. The European Investment Bank provides long-term loans , typically up to 50% of

4984-424: The aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries. Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the Western Balkan countries recover from

5073-514: The development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market. The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with

5162-440: The end of 2013 detailing the implications of the two viable alternatives and recommendations on how to proceed. As EEA membership is currently only open to EFTA or EU member states, the consent of existing EFTA member states is required for the microstates to join the EEA without becoming members of the EU. In 2011, Jonas Gahr Støre , then Foreign Minister of Norway which is an EFTA member state, said that EFTA/EEA membership for

5251-537: The first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5 °C by the end of the decade, fight environmental degradation , stop biodiversity loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change. Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019. This support targeted/aimed at;

5340-438: The goals and principles of the Paris Agreement by the end of 2020. In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021–2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects. The EIB contributes to the European Green Deal which aims for Europe to become

5429-440: The government of Iceland formally applied for EU membership, but the negotiation process was suspended in mid-2013, and in 2015 the foreign ministers wrote to withdraw its application. Denmark was a founding member of EFTA in 1960, but its membership ended in 1973, when it joined the European Communities . The autonomous territories of the Kingdom of Denmark were covered by Denmark's EFTA membership: Greenland from 1961 and

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5518-408: The growth and development segment (formal venture capital funds, mezzanine funds, portfolio guarantees/credit enhancement). The European Investment Bank is the EIF's majority shareholder, holding 62% of shares. The other main shareholder is the European Commission, which holds 29% of shares. The EIF operates on the basis of specific mandates from the European Council and the European Parliament, from

5607-401: The international capital markets. The EIB issues bonds to borrow money on capital markets which it then lends to its clients, which is a common way for governments and corporations to borrow money. Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate. The EIB's bonds are purchased by retail investors and institutional investors around

5696-404: The latter did not operate common external customs tariffs unlike the former: each EFTA member was free to establish its individual customs duties against, or its individual free trade agreements with, non-EFTA countries. The founding members of the EFTA were: Austria, Denmark, Norway, Portugal, Sweden, Switzerland and the United Kingdom. During the 1960s, these countries were often referred to as

5785-403: The member states of the EU . Switzerland , which is a member of EFTA but not of the EEA, is not bound by the Directive but rather has a separate multilateral agreement on free movement with the EU and its member states. As a result, a citizen of an EFTA country can live and work in all the other EFTA countries and in all the EU countries, and a citizen of an EU country can live and work in all

5874-408: The microstates provided their joining did not impede the functioning of the organization. However, he suggested that the option of direct membership in the EEA for the microstates, outside of both the EFTA and the EU, should be considered. On 18 November 2013, the EU Commission concluded that "the participation of the small-sized countries in the EEA is not judged to be a viable option at present due to

5963-437: The microstates was not the appropriate mechanism for their integration into the internal market due to their different requirements from those of larger countries such as Norway, and suggested that a simplified association would be better suited for them. Espen Barth Eide , Støre's successor, responded to the commission's report in late 2012 by questioning whether the microstates have sufficient administrative capabilities to meet

6052-475: The negotiations for the EEA agreement, the European Court of Justice ruled by the Opinion 1/91 that it would be a violation of the treaties to give to the EU institutions these powers with respect to non-EU member states. Therefore, the current arrangement was developed instead. The EEA and Norway Grants are the financial contributions of Iceland, Liechtenstein and Norway to reduce social and economic disparities in Europe. They were established in conjunction with

6141-441: The non-EU members. An EEA Council meets twice yearly to govern the overall relationship between the EEA members. Rather than setting up pan-EEA institutions, the activities of the EEA are regulated by the EFTA Surveillance Authority and the EFTA Court . The EFTA Surveillance Authority and the EFTA Court regulate the activities of the EFTA members in respect of their obligations in the European Economic Area (EEA). Since Switzerland

6230-418: The obligations of EEA membership. However, he stated that Norway would be open to the possibility of EFTA membership for the microstates if they decided to submit an application, and that the country had not made a final decision on the matter. Pascal Schafhauser, the Counsellor of the Liechtenstein Mission to the EU, said that Liechtenstein, another EFTA member state, was willing to discuss EEA membership for

6319-504: The policy aims of the European Union through loans, equity and guarantees. The EIB focuses on the areas of climate, environment, small and medium-sized enterprises (SMEs), development, cohesion and infrastructure. It has played a large role in providing finance during crises including the 2008 financial crash and the COVID-19 pandemic. Over 60 years since its inception in 1958 to 2018 the EIB has invested over 1.1 trillion euros. It primarily funds projects that "cannot be entirely financed by

6408-432: The political and institutional reasons", and that Association Agreements were a more feasible mechanism to integrate the microstates into the internal market. The Norwegian electorate had rejected treaties of accession to the EU in two referendums. At the time of the first referendum in 1972, their neighbour, Denmark joined. Since the second referendum in 1994, two other Nordic neighbours , Sweden and Finland, have joined

6497-425: The private sector. European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances. In December 2019, the European Investment Bank signed a €50 million loan to help BioNTech work on cancer treatments. A new loan worth €100 million

6586-610: The provisions of the single market. In the first meeting since the Brexit vote, EFTA reacted by saying both that they were open to a UK return, and that Britain has many issues to work through. The president of Switzerland Johann Schneider-Ammann stated that its return would strengthen the association. However, in August 2016 the Norwegian Government expressed reservations. Norway's European affairs minister, Elisabeth Vik Aspaker , told

6675-405: The purchase or sale of securities or any advisory services regarding project evaluation and audit. fi-compass is a comprehensive advisory service platform developed by the European Commission and the European Investment Bank (EIB) Group. It supports EU shared management managing authorities and other stakeholders by providing practical know-how and learning tools on financial instruments across

6764-496: The renewable energy sector (including wind , hydroelectric , solar and geothermal energy production) and the energy efficiency sector (e.g. projects for district heating , co-generation, and building insulation). The European Investment Bank's has capital from its shareholders, the Member States of the European Union. Each Member State is subscribed in capital based on its economic weight (expressed in Gross domestic product ) within

6853-400: The secretary-general of the ABE-EBA has been Mr Thomas Egner. European Investment Bank The European Investment Bank (EIB) is the European Union 's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt solutions companies and projects that achieve

6942-678: The size of its deals, because they are aimed at startups and growth companies. The European Investment Fund (EIF) supports the EIB by working with SMEs and related financial partners (Banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds etc.). The EIB's investments in equity and debt funds usually cover 10% to 20% of the fund size (with a maximum of 25%) and address climate action, infrastructure, or private sector development and social impact goals. The EIB provides credit enhancement of senior debt using subordinated financing , funded or unfunded guarantees and contingent credit lines. Credit enhancement

7031-401: The subscribed capital of the EIB has increased by an additional EUR 5.5 billion, following the decision by two Member States to increase their capital subscriptions ( Poland and Romania ). The EIB's total subscribed capital now amounts to EUR 248.8 billion. The departure of the UK from the EU did not impact the EIB Group's AAA credit rating. The EIB Group was formed in 2000. It is composed of

7120-630: The then European Economic Community (EEC), the main predecessor of the EU. The Stockholm Convention (1960), to establish the EFTA, was signed on 4 January 1960 in the Swedish capital by seven countries (known as the " Outer Seven ": Austria , Denmark , Norway , Portugal , Sweden , Switzerland and the United Kingdom ). A revised Convention, the Vaduz Convention, was signed on 21 June 2001 and entered into force on 1 June 2002. After 1995 only two founding members remained, namely Norway and Switzerland. The other five, Austria, Denmark, Portugal, Sweden and

7209-420: The various means available in the individual Member States". The EIB is one of the biggest financiers of green finance in the world. In 2007, the EIB became the first institution in the world to issue green bonds . In 2019 it committed to stop funding fossil fuel projects by the end of 2021. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . The EIB

7298-414: The world in the following geographical areas: Enlargement countries , European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom. It is one of the largest supranational lenders in the world. Since its establishment in 1958, the European Investment Bank has invested over

7387-588: The world, including the European Commission and European External Action Service , the United Nations (e.g. Sustainable Energy for All ) or the International Fund for Agricultural Development . The European Investment Bank is a not for profit organisation. While it is a European Union body, none of the European Investment Bank's funds come from the European Union budget, the bank is financially autonomous. It has its own resources and money raised through

7476-421: The world. The EIB focuses on long-term investment and is triple-A rated by Moody's , Standard and Poor's , and Fitch . This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives. In addition to benchmark bonds, public bonds, and private placements that vary in terms of size, currencies, maturities, and structures,

7565-496: The world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies. The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegetarian and vegan values, tax avoidance, and staff harassment. The European Investment Bank

7654-702: Was approved in June 2020 to support the company's vaccine trials and manufacturing. BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020. The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with

7743-461: Was dismissed in the near future because "the EU institutions are currently not adapted to the accession of such small-sized countries". The remaining options, EEA membership and a FAA with the states, were found to be viable and were recommended by the commission. In response, the Council requested that negotiations with the three microstates on further integration continue, and that a report be prepared by

7832-475: Was founded by the Treaty of Rome , which came into force on 1 January 1958. It was the first of the world's regional development banks and is sometimes referred to as the largest multilateral development bank (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout

7921-482: Was rejected by referendum. (Nevertheless, Switzerland has multiple bilateral treaties with the EU that allow it to participate in the European Single Market , the Schengen Agreement and other programmes). Thus, except for Switzerland, the EFTA members are also members of the European Economic Area (EEA). The EEA comprises three member states of the European Free Trade Association (EFTA) and 27 member states of

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