#flashinfo, 23 juin. The European Investment Bank response to the COVID crisis

On 11th June, CCIFER organized a new edition of Matinal Digital, a meeting dedicated to discussions on the response of the European Investment Bank to the COVID crisis, the and the support instruments offered by the bank and the dynamic of the partnership with Romania.

Guest speaker: Flavio Schiavo Campo, general Director of EIB in Romania

Moderator: Tana Foarfă, Affiliated expert at Europuls, European Affairs Counsellor, European Parliament

 

Main ideas:

  •  Impact of the pandemic and reaction
    • For EIB this period represented a mix of a transformations
    • The sanitary crisis created a big revolution inside the bank: EIB will be more selective in choosing investments
    • EIB participated greatly in the response to the pandemic. The Guarantee Fund provides a guarantee to the financial intermediary. The call to members state and European institutions will be open soon for the €25 billion in the form of cash payments and guarantees. If Romania does not contribute, the guarantee fund will not support project investments in Romania
    • EIB is becoming a more climate bank, with a clear selection of projects
  • EIB and Romania:
    • The relationship between Romania and EIB is solid and reliable on both sides.
    • EIB focus is on innovation, climate action and job preservation post-recovery and any corporate investment towards the economic improvement of the country, less carbon related and exploring technological advances
    • They address to those companies who have the competences to bring diversification on their business.
    • EIB will no longer finance Transgaz and will no longer support investments in gas transport, electric – investments with a strong carbon content.
    •  Green Deal has started to become a centre of interest for the Romanian authorities given the current development in toward green transition.
  • Windows of opportunity:
    • One of the main weakness of Romania is the lack of governmental stability and hence the long-term vision and commitment for strategic projects. Political calendars are not good references for big investments for the country
    • Political calendars are not good references for big investments for the country
    • In some member states, projects jump on you and they know exactly if you are competitive or not. In Romania, this spirit is low. It is a strong effort to talk to people, to intermediate institutions
    • Romania should focus on the infrastructure and environmental gap further on
    • The absence of a national promotional institution in Romania (these are financial institutions; public institutions own by private institutions that take care of the priorities of the country).
    • There is the need the support of local commercial institutions and the support of the technical institutions (the National promotion bank/ institution) that Romania doesn’t have yet. France, Italy already have these kinds of institutions, this is an urgent matter for Romania.
    • The national promotion institution must be independent in making choices.
    • Is important for Romania to get all possible advice and practical support from the other EU institutions.

 

 

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