The need to strengthen attachments in Europe, especially for the green transition, the continued support of Ukraine and the growing international economic presence of the EU. were among the central themes of the first forum of the European Bank Group, which ended yesterday in the Grand Duchy.

In his opening remarks at the forum, Mr. EIB President Werner Hoyer, whose term expires at the end of 2023, said the European Investment Bank is ready to increase the additional financing it provides for the energy transition under the RePowerEU program from 30 to 45 billion euros. Mr Hoyer even mentioned that there is a desire for even more funding if the Member States support the project with the right measures. It is recalled that the bank has decided to stop financing projects related to fossil fuels from 2019.

The EIB President said that “we continue to explore all the possibilities of supporting Ukraine in 2023, combining our own resources with EU guarantees.” and Member States. Just two weeks ago, we were authorized by our shareholders (ie Member States) to start raising funds for a new trust for the country.

It has often been mentioned that Europe is losing its most innovative companies due to the lack of investment tools to finance their growth (scaling).

On February 13, the EIB, together with five member states (France, Germany, Italy, Spain, Belgium), launched European Tech Champions, a new fund of funds to finance the development of technology companies with an initial budget of $3.75 billion. Euro.

According to the bank’s annual investment report released yesterday by chief economist Deborah Revoltella, there has been a steady investment gap between the US and the EU of 2% of GDP a year since the start of the euro crisis. The gap is also widening in private investment in innovation, with 52.7% of US businesses investing in innovation, compared with 34% in the EU, according to a 2022 report. Ms. Revoltella identified three key deterrents. for investment activity in the EU: uncertainty, energy costs and skill shortages.

Finally, a panel on the broader economic context outside the EU generated a lot of interest. and especially in Africa. Luxembourg Prime Minister Xavier Bethel spoke of unfulfilled promises to Africa and the need to support democratic forces on the continent, otherwise the influence of Russia and China will spread. Referring to the tragedy that killed at least 63 migrants off the coast of Calabria, Mr Bettel made it clear: “When we build fences, the only way to arrive is by sea.”

On the same panel, Senegal’s Economy Minister Ulimata Sara outshone everyone. Ms Sara highlighted her government’s efforts to achieve “food sovereignty” in a country with a very high degree of dependence on Russia and Ukraine for food and fertilizer. He also called Africa “Europe’s natural market”, urging European businesses to invest in the African economy.