Dear European Investment Bank,

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

1. Policies and/or Guidelines adopted by the EIB pertaining to ECU based lending to ACP borrowers outside the EU from January 1, 1996 to January 1, 1999. This would include any policies or guidelines applied to determine the currency the borrower received or currency which borrowers could have used to make repayments prior to January 1, 1999 given the status of the ECU as an accounting currency
2. Policies, transition plans and/or Guidelines adopted by the EIB for use of the Euro or other substitute currency in lending to ACP borrowers from January 1, 1999 to January 1, 2002
3. Policies, transition plans and/or Guidelines adopted by the EIB for use of the Euro in lending to ACP borrowers from January 1, 2002 and beyond

Thank you,

Yours faithfully,

Mike Maina

EIB Infodesk, Banque européenne d'investissement

Dear Sir/Madam,

Thank you for contacting the European Investment Bank (EIB).
Your request was assigned the following Reference Number [IFD000010239589]. Please retain this number for any future communication.

Please note that your request has entered a queuing system and will be treated in the shortest possible time.

Yours faithfully,
EIB Infodesk team
_______________________
For more details concerning EIB procedures for handling information requests, please refer to the EIB Group "Transparency Policy": (http://www.eib.org/infocentre/publicatio...). If you have any questions, do not hesitate to contact us.

Afficher les sections citées

EIB Infodesk, Banque européenne d'investissement

Dear Mr. Maina,

Thank you for your e-mail and interest in the European Investment Bank
(EIB), the long-term financing institution of the European Union.

We hereby confirm receipt of your query, which is being handled in line
with the provisions of the EIB Group Transparency Policy. We will revert
to you as soon as possible.

Many thanks for your kind understanding.

Yours sincerely,
Infodesk Team
European Investment Bank
[EIB request email]
_______________________
For more details concerning EIB procedures for handling information
requests, please refer to the EIB Group "Transparency Policy": (
[1]http://www.eib.org/infocentre/publicatio...
). If you have any questions, do not hesitate to contact us.

___________________________________________________________
From: [FOI #7453 email]
To: [email address]
Cc:
Sent: 11/13/2019 2:31:47 AM
Subject: access to documents request - Currency Policies between 1996 and
2002

Dear European Investment Bank,

Under the right of access to documents in the EU treaties, as developed in
Regulation 1049/2001, I am requesting documents which contain the
following information:

1. Policies and/or Guidelines adopted by the EIB pertaining to ECU based
lending to ACP borrowers outside the EU from January 1, 1996 to January 1,
1999. This would include any policies or guidelines applied to determine
the currency the borrower received or currency which borrowers could have
used to make repayments prior to January 1, 1999 given the status of the
ECU as an accounting currency
2. Policies, transition plans and/or Guidelines adopted by the EIB for use
of the Euro or other substitute currency in lending to ACP borrowers from
January 1, 1999 to January 1, 2002
3. Policies, transition plans and/or Guidelines adopted by the EIB for use
of the Euro in lending to ACP borrowers from January 1, 2002 and beyond

Thank you,

Yours faithfully,

Mike Maina

-------------------------------------------------------------------

This is a request for access to information under Article 15 of the TFEU
and, where applicable, Regulation 1049/2001 which has been sent via the
AsktheEU.org website.

Please kindly use this email address for all replies to this request:
[FOI #7453 email]

If [EIB request email] is the wrong address for information requests to European
Investment Bank, please tell the AsktheEU.org team on email
[email address]

This message and all replies from European Investment Bank will be
published on the AsktheEU.org website. For more information see our
dedicated page for EU public officials at
[2]https://www.asktheeu.org/en/help/officers

-------------------------------------------------------------------

______________________________________
EIB Request Reference: IFD000010239589

Afficher les sections citées

References

Visible links
1. http://www.eib.org/infocentre/publicatio...
2. https://www.asktheeu.org/en/help/officers

InfoDesk, Banque européenne d'investissement

4 Attachments

 

Dear Mr Maina,

We refer to your message of 13 November 2019 sent to the European
Investment Bank (EIB) via the AsktheEU.org website, requesting access to
policies, transition plans and/or guidelines adopted by the EIB concerning
the choice of currency in lending operations to borrowers in the African,
Caribbean, and Pacific Group of States (ACP countries) from 1996 onwards.
We also refer to our acknowledgement of receipt of 15 November 2019. Your
request has been handled in line with the EIB Group Transparency Policy
(EIB-TP),[1]^[1] which applies to disclosure requests addressed to the
EIB.

The EIB is the lending arm of the European Union (EU). The EIB has
provided finance to foster and sustain economic development in ACP
countries since 1963 under the framework of successive international
agreements.[2]^[2] Currently, the EIB’s activities in ACP countries are
carried out under the ACP-EC Partnership Agreement (Cotonou
Agreement).[3]^[3] Our activities in the region aim to promote private
sector development and conditions that will improve vital infrastructure,
address climate action and support regional integration, in line with EU
external and development policies[4]^[4] as well as the specific
objectives of the Cotonou Agreement.

The EIB uses several financing instruments to pursue these priorities. In
general, we use our own resources under the Cotonou mandate for public
sector operations, mainly in the infrastructure sector. We mainly support
the private sector through the ACP Investment Facility (IF), a revolving
fund financed by EU Member States under the European Development Funds.

Normally operations will be made in Euros. However, if required by the
projects’ characteristics, they will be extended in other international
currencies. Examples could include projects located in a particular
monetary area, or projects generating revenues in another international
currency. These currencies would normally be any widely traded currency
for which the Bank is or would be running a treasury (e.g. USD, ZAR, GBP,
JPY, CHF).

If deemed appropriate, the IF will also have the possibility of extending
loans in local ACP currencies and, de facto, take the foreign exchange
risk. This option will mostly cater for funding investment by local
enterprises which do not trade internationally. It will therefore be
particularly relevant to the promotion of SMEs and very small businesses.
Such operations will be commercially priced on the basis of a relevant
local interest rate or other acceptable benchmark substitute and can
consequently only be undertaken in countries implementing sound
macro-economic policies and where interest rates are market determined.

In the case of ordinary loans and risk capital[5]^[5] financing for SMEs,
the Cotonou Agreement stipulates that the foreign exchange risk is to be
shared by the EU and the other parties, on average equally[6]^[6] (Annex
II, Art 5(b)). Extending loans denominated in local currency in countries
implementing sound macro-economic policies will be the preferred way to
implement this rule and is consistent with Articles 5.b and 5.c of Annex
II of the Cotonou Agreement.

You may find additional information about the EIB’s recent and current
activities in ACP countries, including detailed information about the
products we offer, on our website[7]^[7] and in our publications.[8]^[8]

An approach similar to that described above also prevailed during the
earlier period covered by your request. For example, the attached
documents of 1998 and 2002 provide historical information about EIB
financing in ACP countries, including as regards choice of currency (pp.
6-7 and pp. 7-8). They state the EIB could provide own resource loans in
ECU/EUR, in other EU Member States’ currencies and other major currencies.
Under risk capital operations, the currencies disbursed were ECU/EUR or
other currencies; the exchange rate risk could be shared or, in some
cases, borne by the EU.

The attached documents EIB Information and EIB Lending and Borrowing
during the Changeover to the Euro: An operational guide provide
information about the transition from ECU to EUR.

Please note that:

o The EIB does not determine monetary policy. The choice of the default
currency for the EIB’s activities is determined by law, not by
measures adopted by the EIB.
o EIB local currency lending has a notional nature.[9]^[9]

 

We hope that this information is useful to you and remain at your disposal
should you need further clarifications.[10]^[10]

 

Yours faithfully,

EIB Infodesk team

 

 

^1
[11]http://www.eib.org/infocentre/publicatio...

^2 1^st Yaoundé Convention (1963-1969); 2^nd Yaoundé Convention
(1969-1975); 1^st Lomé Convention (1975-1980); 2^nd Lomé Convention
(1981-1985); 3^rd Lomé Convention (1986-1990); 4^th Lomé Convention (1^st
Financial Protocol: 1990-1995; 2^nd Financial Protocol: 1996-2000);
Cotonou Agreement (see next footnote).

^3 See
[12]https://ec.europa.eu/europeaid/regions/a...
the text of the Cotonou Agreement is available at
[13]https://eur-lex.europa.eu/legal-content/...
the latest consolidated version, for information purposes only, is
available at
[14]https://eur-lex.europa.eu/legal-content/...

^4 See
[15]https://ec.europa.eu/europeaid/regions/a...

^5 Defined in the Cotonou Agreement to include equity participation,
quasi-capital assistance – shareholder’s advances, convertible bonds,
conditional, subordinated and participating loans – and guarantees or
other credit enhancements.

^6 N.B.: this rule does not apply to ordinary loans in Euro.

^7 [16]https://www.eib.org/en/projects/regions/...

^8 For example:
[17]https://www.eib.org/en/publications/inve...

^9 The EIB does not disburse local currencies. Local currency loans are
granted in EUR/USD and converted into local currency. Repayments are
converted back into EUR/USD using the prevailing foreign exchange rate at
the time of repayment (independent of what the exchange rate was at the
time of disbursement).

^10 In line with Article 5.31 of the EIB Group Transparency Policy, please
be informed that, should you consider this reply as unsatisfactory, you
have the right to make a confirmatory application or lodge a complaint
with the EIB Complaints Mechanism.

 

_______________________

For more details concerning EIB procedures for handling information
requests, please refer to the EIB Group "Transparency Policy":
([18]http://www.eib.org/infocentre/publicatio...
If you have any questions, do not hesitate to contact us.

___________________________________________________________
From: [19][FOI #7453 email]
To: [20][email address]
Cc:
Sent: 13/11/2019 02:31:47
Subject: access to documents request - Currency Policies between 1996 and
2002

Dear European Investment Bank,

Under the right of access to documents in the EU treaties, as developed in
Regulation 1049/2001, I am requesting documents which contain the
following information:

1. Policies and/or Guidelines adopted by the EIB pertaining to ECU based
lending to ACP borrowers outside the EU from January 1, 1996 to January 1,
1999. This would include any policies or guidelines applied to determine
the currency the borrower received or currency which borrowers could have
used to make repayments prior to January 1, 1999 given the status of the
ECU as an accounting currency
2. Policies, transition plans and/or Guidelines adopted by the EIB for use
of the Euro or other substitute currency in lending to ACP borrowers from
January 1, 1999 to January 1, 2002
3. Policies, transition plans and/or Guidelines adopted by the EIB for use
of the Euro in lending to ACP borrowers from January 1, 2002 and beyond

Thank you,

Yours faithfully,

Mike Maina

-------------------------------------------------------------------

This is a request for access to information under Article 15 of the TFEU
and, where applicable, Regulation 1049/2001 which has been sent via the
AsktheEU.org website.

Please kindly use this email address for all replies to this request:
[21][FOI #7453 email]

If [22][EIB request email] is the wrong address for information requests to
European Investment Bank, please tell the AsktheEU.org team on email
[23][email address]

This message and all replies from European Investment Bank will be
published on the AsktheEU.org website. For more information see our
dedicated page for EU public officials at
[24]https://www.asktheeu.org/en/help/officers

-------------------------------------------------------------------

______________________________________
EIB Request Reference: IFD000010239589

------------------------

------------------------

[25][1]
[26]http://www.eib.org/infocentre/publicatio...

[27][2] 1^st Yaoundé Convention (1963-1969); 2^nd Yaoundé Convention
(1969-1975); 1^st Lomé Convention (1975-1980); 2^nd Lomé Convention
(1981-1985); 3^rd Lomé Convention (1986-1990); 4^th Lomé Convention (1^st
Financial Protocol: 1990-1995; 2^nd Financial Protocol: 1996-2000);
Cotonou Agreement (see next footnote).

[28][3] See
[29]https://ec.europa.eu/europeaid/regions/a...
the text of the Cotonou Agreement is available at
[30]https://eur-lex.europa.eu/legal-content/...
the latest consolidated version, for information purposes only, is
available at
[31]https://eur-lex.europa.eu/legal-content/...

[32][4] See
[33]https://ec.europa.eu/europeaid/regions/a...

[34][5] Defined in the Cotonou Agreement to include equity participation,
quasi-capital assistance – shareholder’s advances, convertible bonds,
conditional, subordinated and participating loans – and guarantees or
other credit enhancements.

[35][6] N.B.: this rule does not apply to ordinary loans in Euro.

[36][7] [37]https://www.eib.org/en/projects/regions/...

[38][8] For example:
[39]https://www.eib.org/en/publications/inve...

[40][9] The EIB does not disburse local currencies. Local currency loans
are granted in EUR/USD and converted into local currency. Repayments are
converted back into EUR/USD using the prevailing foreign exchange rate at
the time of repayment (independent of what the exchange rate was at the
time of disbursement).

[41][10] In line with Article 5.31 of the EIB Group Transparency Policy,
please be informed that, should you consider this reply as unsatisfactory,
you have the right to make a confirmatory application or lodge a complaint
with the EIB Complaints Mechanism.

Afficher les sections citées

References

Visible links
1. file:///tmp/foiextract20191203-7344-ocily#_ftn1
2. file:///tmp/foiextract20191203-7344-ocily#_ftn2
3. file:///tmp/foiextract20191203-7344-ocily#_ftn3
4. file:///tmp/foiextract20191203-7344-ocily#_ftn4
5. file:///tmp/foiextract20191203-7344-ocily#_ftn5
6. file:///tmp/foiextract20191203-7344-ocily#_ftn6
7. file:///tmp/foiextract20191203-7344-ocily#_ftn7
8. file:///tmp/foiextract20191203-7344-ocily#_ftn8
9. file:///tmp/foiextract20191203-7344-ocily#_ftn9
10. file:///tmp/foiextract20191203-7344-ocily#_ftn10
11. http://www.eib.org/infocentre/publicatio...
12. https://ec.europa.eu/europeaid/regions/a...
13. https://eur-lex.europa.eu/legal-content/...
14. https://eur-lex.europa.eu/legal-content/...
15. https://ec.europa.eu/europeaid/regions/a...
16. https://www.eib.org/en/projects/regions/...
17. https://www.eib.org/en/publications/inve...
18. http://www.eib.org/infocentre/publicatio...
19. mailto:[FOI #7453 email]
20. mailto:[email address]
21. mailto:[FOI #7453 email]
22. mailto:[EIB request email]
23. mailto:[AsktheEU.org contact email]
24. https://www.asktheeu.org/en/help/officers
25. file:///tmp/foiextract20191203-7344-ocily#_ftnref1
26. http://www.eib.org/infocentre/publicatio...
27. file:///tmp/foiextract20191203-7344-ocily#_ftnref2
28. file:///tmp/foiextract20191203-7344-ocily#_ftnref3
29. https://ec.europa.eu/europeaid/regions/a...
30. https://eur-lex.europa.eu/legal-content/...
31. https://eur-lex.europa.eu/legal-content/...
32. file:///tmp/foiextract20191203-7344-ocily#_ftnref4
33. https://ec.europa.eu/europeaid/regions/a...
34. file:///tmp/foiextract20191203-7344-ocily#_ftnref5
35. file:///tmp/foiextract20191203-7344-ocily#_ftnref6
36. file:///tmp/foiextract20191203-7344-ocily#_ftnref7
37. https://www.eib.org/en/projects/regions/...
38. file:///tmp/foiextract20191203-7344-ocily#_ftnref8
39. https://www.eib.org/en/publications/inve...
40. file:///tmp/foiextract20191203-7344-ocily#_ftnref9
41. file:///tmp/foiextract20191203-7344-ocily#_ftnref10

Dear Infodesk Team,

Thank you for providing the detailed information in response to my request. I will consider the request as having been completed.

Yours sincerely,

Mike Maina