Working Luncheon with Guest Speaker Professor Plutarchos Sakellaris Vice President European Investment Bank
With the economic situation of Greece on everybody's mind, the CCG 1972 took some time to look at the broader picture. Prof. Ploutarchos Sakellaris, Vice President of the European Investment Bank (EIB), yesterday gave a speech at the University Club of Athens on how the developing countries are coping with the financial crisis.
In a time where there is a danger that funds for development cooperation might be cut, the European Union, through the EIB, has made available additional resources of 60 billion € over the next two years.
While the EIB cannot directly support monetary liquidity, one of the strategic objectives is to strengthen the financial sector in its partner
The good news is that most banks e.g. in the ACP (African, Caribbean and Pacific) countries are not as highly exposed to "toxic" assets as some banks in the developed countries.
The EIB is the European Union's house bank. High quality and oversight standards as well as a highly flexible mix of instruments such as loans and grants that can be tailored to the individual needs of partner countries allow the EIB to successfully pursue its mission to cooperate with EU partners (such as the ACP countries) in their development.
Infrastructure projects such as transportation networks and energy supply play a major but not exclusive role.
Greece itself - as an EU member - has absorbed a total of over 19 billion € of EIB funds over the years.
It has always been prominently represented on the EIB staff, and former member of the EIB Board of Directors Dr. Sotiris Mousouris spoke briefly about the bank's history and current structure.
In the subsequent discussion, and over a glass of wine during the following reception, participants had the opportunity to further discuss application mechanisms and possible projects."