European Investment Bank
Aid in the development of the community
The European Investment Bank (EIB) was established under the Treaty of Rome in 1958 for the purpose of providing mid- and long-term co-financing of capital investments to help create a balanced development of the European Community. It is an autonomous institution integrated into the structure of the European Union (EU). It has its seat in Luxembourg.
The main objective of the European Investment Bank is to provide aid to less developed areas, to strenghten the development of transport, telecommunications and energy networks, to ensure protection of the environment and quality of life, to provide aid to municipal development and protection of the architectural heritage of the EU, to develop a competitive industry and integrate it on a pan-European level as well as to provide aid to small and medium-sized enterprises.
Management of the Bank
The highest body of the Bank is its Board of Governors, which consists of Ministers (usually the Finance Ministers) of the individual Member States. The Governors are responsible for defining the general regulation of the credit policy, approving the balance sheet and the annual report of the EIB and appointing the members of the other managing bodies of the Bank. The Board of Directors consists of the representatives appointed by the Member States and one member appointed by the European Commission. The Board is responsible for the management of the Bank and decides on the provision of loans. The Board is presided over by the EIB President, who at the present time is Mr. Philippe Maystadt. The Managing Committee is the standing executive body of the Bank which manages all operations of the Bank. It has nine members appointed by the Board of Governors and is presided over by the EIB President. The Audit Committee controls all operations and is responsible for verifying that the operations of the Bank have been conducted and that its books are kept in a proper manner. The Committee consists of three members and three observers.
Last update: 16.8.2011 16:02
