European Investment Bank returns to invest in Israel

Sunday, December 31, 2006 |  by Staff Writer
After an absence of 11 years, the European Investment Bank, the investment bank of the European Union, has decided to renew its activities in Israel and has announced it will give out loans totaling 275 million euros for environmental development projects, and small and medium businesses.

Vice President of the bank, Philippe de Fontaine Vive, who visited Israel over the weekend, had announced the renewed investments and signed the loan agreements. De Fontaine Vive said during the signing that with these loans the bank is renewing its operations in Israel. He also emphasized that the contracts signed signify the bank’s commitment to reducing environmental pollution and its support of small and medium businesses.

The first loan agreement worth 200 million euros will be signed along with the Finance Ministry and will help protect the environment through municipal programs for sewage treatment. The second loan agreement worth 75 million euros, was signed to support projects for small and medium size businesses, and will be signed with Hapoalim Bank.

De Fontaine Vive will also meet with Vice Premier Shimon Peres who is responsible for the development of the Negev and Galilee regions, Foreign Minister Tzipi Livni, Finance Minister Avraham Hirchson, Infrastructure Minister Binyamin Ben-Eliezer, and Transportation Minister Shaul Mofaz. He will also meet with senior figures from the financial sector including head of Israel’s central bank, Stanley Fischer and leading industrialists.

De Fontaine Vive said that the bank will continue to develop the bank’s activities in Israel and will focus on key infrastructure projects, especially those connected with regional development and cooperation.

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