Establishing Euro-Mediterranean investment facility within the European Investment Bank

The EU Council of Ministers for Economic and Financial Affairs on 14 March agreed conclusions to the effect that "the most efficient option for immediate implementation" to stimulate private sector development in the Mediterranean Partners "is establishing a reinforced Euro-Mediterranean Investment Facility within the European Investment Bank (EIB)."

This should be "complemented with the Euro-Mediterranean Partnership arrangement and an EIB representative office located in the area." "On the basis of an evaluation of the Facility"s performance, and taking into account the outcome of consultations" with the Partners, "a decision on the incorporation of an EIB majority owned subsidiary"dedicated to the region "will be taken one year after the launching of the Facility."

The Barcelona European Council on 16 March welcomed this decision by the EU Council of Ministers while it reiterated ?the crucial importance of the Mediterranean region and its determination to develop the Euro-Mediterranean Partnership."