Hoyer calls for increased support
Posted on 20 October, 2015 by Mark Chatterley, reporter
European Investment Bank ups its support for those likely to be affected by climate change and calls for the Deauville Partnership to increase its assistance to the Middle East and North Africa region.
Werner Hoyer, president of the European Investment Bank made two major statements at the IMF – World Bank annual meetings held in Peru last week.
At the meeting of finance ministers and multilateral financial institutions, Hoyer announced that the bank would increase its funding of climate-related projects in developing countries from 25% to 35%.
The funding will be focused on those countries identified by United Nations Framework Convention on Climate Change and OECD as being most vulnerable to the effects of climate change.
Hoyer said: “The EU Bank will provide well over $110bn for climate action projects around the world over the next five years. We must do all we can to unlock new investment in countries especially vulnerable to climate change, including those with low-lying coastal areas and regions exposed to desertification, drought, and flooding.”
Secondly, Hoyer spoke about the need to increase the Deauville Partnership support for investments in the Middle East and North Africa region. The Deauville Partnership was launched by the G8 in May 2011 to support transition countries in the region to overcome economic and political tension.
He said this support should, among other things, include supporting job creation and mitigating the economic impact of violent conflict.
Hoyer added: "Since the start of the Arab Spring the Deauville Partnership has helped the international community support economic recovery and job creation across the Middle East and North Africa.”
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