Changes from report parliamentary committee draft to plenary report

Change 52

AddedEXPLANATORY STATEMENT

AddedThis report on the control of the financial activities of the European Investment Bank in year 2023, emphasises the prominent role of the EIB Group in the European Union’s investment strategy and policy delivery.

AddedThe report reflects Parliament’s close monitoring of the EIB Group’s financial performance, policy alignment, risk management and governance practices. It is the outcome of an in-depth analysis and review of a multifaceted organisation whose success in pursuing its mandate is crucial. It is also intended to outline the Parliament's vision, shaped thanks to the contributions from representatives across the political spectrum, for a modernised EIB Group that fits for purpose in a rapidly evolving world.

AddedWithout neglecting the need to maintain effective scrutiny of the traditional areas of activity of the EIB Group, this year particular attention has been devoted to energy independence and strategic autonomy, defence and security, social housing and social infrastructure, and to the analysis of the risk-taking approach adopted by EIB Group.

AddedConsistently with the previous years' analyses, we ask the EIB Group to invest in achieving better economic growth and regional cohesion while also supporting the EU's sustainability objectives. We also call for tailored and flexible financing, to support in particular less developed regions, the most vulnerable communities and economic operators’ categories such as farmers. In a similar way, the activities carried out by the EIB as a global actor, through EIB Global, have been assessed in respect of their impacts to ensure coherence and compliance with development effectiveness principles in pursuing the Union’s objectives.

AddedThe Report acknowledges that the security dimension of EU financing has gained momentum. We welcome the EIB’s targeted investments in both defence and civilian infrastructure and emphasize the need for strategic investment in technologies that serve both civilian and defence purposes, in line with the EU’s broader goals of promoting innovation and enhancing the Union's security. We call on the EIB Group to conduct a review of the impact of the extension of its new dual-use goods policy, departing from the revenue test, believing that the Bank will be able to respond to the investment needs in security and defence, while safeguarding its operations and strong financial position.

AddedThe report also underlines EIB's effort in substantially increasing investments in energy efficiency, energy storage, and cross-border energy infrastructure, contributing to the REPowerEU objectives. We also ask the EIB Group to focus on sustainable urban development and inclusive growth by ensuring that the EU’s housing and infrastructure needs are met.

AddedThe report acknowledges the benefit of simplification and the existing opportunities to ease the bureaucratic and administrative load that burdens the activities of the EIB Group. It also stresses that in the current landscape, taking more risk appears as a strategic necessity.

AddedFinally, analysis of EIB's governance and accountability, scrutiny, transparency and oversight includes calls for enhanced transparency of decision-making and accessibility to documents and information, clearer impact reporting, and stronger internal controls.

AddedTo conclude, the year 2023 marks a turning point for the EIB Group. In a context of current geopolitical and economic challenges, the Bank is being called upon to enhance its successful business model expanding its role and assuming greater responsibility in areas of strategic importance for the Union’s sovereignty, resilience and development. The EIB is more than a bank; it is a public institution with a mandate to serve the Union’s strategic goals. If the EIB is asked to contribute to keeping Europe competitive, cohesive, and secure, then it must be empowered - politically, financially, and operationally - to act boldly and to deliver long-term value for European citizens.