EIB should increase its support for businesses in Europe.

During the plenary session of the European Parliament in Brussels on 29 March, MEPs approved the Annual Report on the activities of the European Investment Bank in 2010. The Vice-Chairwoman of the Committee on Budgetary Control, Iliana Ivanova MEP, was the Rapporteur for this dossier. The President of the EIB, Werner Hoyer, and the European Commissioner for Economic and Monetary Affairs took an active part in the discussion.

"The financial crisis has put great pressure on the access to financing for SMEs in the EU and many companies are experiencing difficulties. It is therefore necessary for the European Investment Bank to effectively support this sector, which accounts for 99% of all enterprises in Europe. Small and medium-sized businesses are those that create jobs and stimulate economic growth. This is why my colleagues and I supported the texts, calling for greater support for SMEs by the bank", said Iliana Ivanova.

The Report criticised the Bank for its insufficient control and supervision systems, pointing out the need for clear performance indicators. "In some of the existing programmes, there are weaknesses related to the assessment of the achieved effects and results. The observations made have been backed by a Special Report of the European Court of Auditors, which examines the SME guarantee facility", said the Bulgarian MEP.

Another important part of the Report concerns the Structural Programmes Loans (SPLs). "The Report urged the bank to continue offering these instruments not only to countries experiencing financial difficulties, but also to Member States that maintain good financial discipline despite the difficulties. These programmes provide an opportunity for additional funding, which is crucial for countries in this period of austerity. I am glad that my Report was approved with a considerable majority in Plenary", concluded Iliana Ivanova.

Iliana Ivanova's Report examines the activities of the EIB in 2010 and is the result of a thorough analysis of the bank's operations. The texts include recommendations for improving the bank's work and ideas for the future of the financial institution. The Report focuses on particular issues related to financing for SMEs, financial instruments of the bank, external policy programmes, optimisation of systems, audit and control of spending, improving transparency, among others.