Assembly Committee to begin inquiry into European Investment Bank

The National Assembly’s European Committee is to begin an inquiry into the European Investment Bank, aiming to discover whether opportunities to use potential funding from the bank are being properly exploited in Wales. The European Investment Bank is the EU’s financing institution and was established to provide financing for capital investment furthering European Union policy objectives, including regional development, transport, development and innovation, environmental improvement and protection, health and education. The “One Wales” coalition agreement makes a commitment to explore options for a public sector investment agreement with the European Investment Bank. The previous Welsh Assembly Government considered that it was not eligible to borrow money directly from the EIB. It appears that Section 71 of the GoWA 2006 gives the new Government sufficient legal authority to borrow from the EIB. In practice, however, it is likely that approval would be required from HM Treasury, which controls overall government borrowing. The Committee agreed the following terms of reference for the inquiry:

• To explores the opportunities offered by the European Investment Bank (EIB) for funding infrastructure projects in Wales; and
• Make recommendations to the Welsh Assembly Government to facilitate EIB investment in Wales.

Sandy Mewies AM, Chair of the Committee, said: “I am very pleased that the Committee is to undertake this inquiry. We want to look at the extent to which the Welsh Assembly Government can work with the EIB, and how other organisations in Wales are benefiting from this source of funding.  We will be identifying the opportunities this funding offers to Wales, and also any obstacles that exist.” The Committee will now take written and oral evidence and will present a report to the Assembly next spring. Full details about the Committee